AIG MEMSA Marine writes various types of Cargo Insurance.
They have one thing in common; they all provide protection for loss and / or damage during the movement of cargo from one port/ country to another. Sendings can be by Sea, Air or within Land. Policies are tailored to suit individual Insured's needs. Coverage can be provided for "all risks" or named perils basis.
Cargo Insurance - Major Cargo / Middle Market Cargo Program
Our Marine Cargo program can be specially tailored to meet the requirements of major customers or for the specific considerations of mid-market sized companies. Both in coverage quality and service standards, you get the best of AIG Marine.
Both the Major and Middle Market Cargo policy can provide worldwide coverage of goods in transit from warehouse to warehouse with tailor-made coverage's to fit the most diverse insurance needs.
• Coverage for goods moving by land, sea or air can be expanded to include inland transit movements, warehouse, storage or consolidation risks as well as coverage for war, strikes, riots and civil commotion.
• Provides warehouse to warehouse coverage for physical loss of or damage to goods from an external cause.
• Provides coverage for General Average losses and General Average contributions.
• Provides coverage for sue and labor expenses incurred to prevent or mitigate a loss.
• Provides coverage for import duty.
• Provides coverage for loading, warehousing and forwarding charges incurred as the result of an insured peril.
• Can provide coverage for return shipments in the event of the refusal or inability of the assured or consignee to accept delivery at destination.
• Can be extended to cover loss or damage resulting from war risks.
• Can be extended to cover loss or damage resulting from strikes, riots and civil commotion.
• Can provide coverage for theft and hijacking.
• Can provide coverage for shortage and non-delivery.
Cargo Insurance - Stock Throughput Policy
Standard Marine Cargo policies cover goods in the ordinary course of transit from warehouse to warehouse. If at any intermediate point, the goods come under the control of the insured for allocation, redistribution, processing, etc. the normal transit policy would cease to operate and further transit will be treated, as a fresh transit. Risks during storage at such intermediate points will be considered as a separate non-marine risk. To effect a continuous comprehensive cover, the Stock Throughput policy has been developed to provide a "one stop shopping" for clients with multiple storage and processing locations. The concept is simple: one policy covers all transportable assets involved in a manufacturing chain. A Stock Throughput policy can not be a standardized product; it has to be tailor-made to suit each particular client's specific coverage needs.
Cargo Insurance - Seller's Interest Insurance
Given freedom of choice, most exporters would prefer to trade under CIF contracts of sale, under which they retain full personal control over the insurance component of the transaction. FOB/CFR terms of sale, on the other hand, leave the buyer to arrange the insurance of the overseas transit for their own account. In fact, there is an increasing number of highly active importing countries whose governments, either through economic necessity or to encourage development of an indigenous insurance industry, have legislated for obligatory local insurance of all imports, thereby enforcing FOB/CFR terms of trade. In all such trading, the seller is technically relinquishing control of the goods without personal possession of insurance protection, despite which they must still ride out other uncertainties:
• Deferred payment of the contract price, a standard contractual provision usually set beyond the expected date of delivery of the goods.
• Non-acceptance by the buyer, through faulty documentation, failure to meet contract specification or delivery timetable, or unsatisfactory condition of the goods on arrival.
• Non-payment for any other reason, e.g. insolvency or collapse of the buyer's anticipated market outlets.
It is no comfort to the exporter that failure to pay for the goods may render the buyer liable for breach of contract. Should the contract fail at any stage, the risk in the goods will revert to the seller. It is this contingency which Seller's Interest insurance is specifically designed to accommodate, i.e. the risk of physical loss or damage. Non-payment per se will be of no concern to us, as cargo insurers. A seller's interest contingency policy will specify full normal conditions of cover but for seller's interest only. Such a policy would also have provisions to hold covered at rates to be arranged for storage, return voyage, or transit to alternative destinations, any of which are likely to arise from the circumstances envisaged.
Cargo Insurance - Sales Turnover Policy (STOP)
STOP is a designer product for the discerning customer; it is an annual policy providing automatic insurance protection for the full year for all your marine needs with premium chargeable on your Sales Turnover only.
STOP would cover:
• All raw materials whether imported or procured locally including Import Duty, if payable.
• It could include movements to and from contract manufacturers and / or inter-factory movements and / or inter-warehouse movements of raw materials or semi-finished goods including temporary storages at contract manufacturer's / factory premises.
• All finished products, exported and / or sold locally, domestic sales.
• It could also include intermediate storages during domestic sales, multi-transits.
STOP ensures a seamless cover.
Cargo Insurance - Project Cargo / Advance Loss of Profits (ALOP)
Provides transports risk cover and advance loss of profit/consequential loss cover for large infrastructure construction projects such as: Power Generation facilities; Liquid and Gas Pipeline projects; Telecommunications Installations. (including those involving fiber optic networks, satellite ground stations, mobile phone cellular networks); Highway, Bridge and Tunnel Construction; Seaport and Airport Development and Improvement Projects; Liquefied Natural Gas (LNG) and Petrochemical Processing Facilities.
Coverage is suited for Project Contractors; Project Equipment Suppliers; Project Investors and Operators.
Our policies are tailored for each project, each insured's unique exposures, and specific contract demands. Our capacity for these risks is among the largest of any international insurance organization. With local representatives in approximately 130 countries and jurisdictions and experienced Senior Marine Insurance officers at the regional and New York Headquarters level, we have the ability to provide coverage virtually anywhere in the world.
Cargo Insurance - Logistics
Insurance coverage designed for companies engaged in multiple service activities related to transportation. Coverage is tailored to the assured's operational exposures.
Cargo Insurance - Multinational Cargo Transport Program
MEMSA Marine's Multinational cargo programs are designed for manufacturers, importers, exporters and distributors with foreign branches, subsidiaries, affiliates, or joint ventures.
The program is basically a Master Open Cargo policy negotiated in the language and country of the assured with a local AIU Marine underwriter offering control of global transport risk and admitted policies issued in key markets outside of the assureds own country. Can provide DIC (difference in conditions). Can cover shipments between subsidiaries. Provide information on the assured's movements on a global basis. Provides all the advantages of AIU's Cargo/Transport risk policy. Target Customers: Companies with existing or planned distribution, manufacturing or processing in two or more international areas. For firms based outside of the USA and Canada, coverage may be written on a worldwide basis, including the jurisdictions of the USA and Canada. For USA and Canadian companies, coverage plans are offered for foreign operational exposures and for liabilities arising from products exported from the home country.