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What does marine insurance cover me?
Firstly, I should explain exactly what marine insurance is before I divulge it’s impact on Japanese car import. Marine insurance is a type of property insurance that insures property in transit. Whilst the term marine implies that it only counts for travel over sea, and indeed the original Marine Insurance Act makes reference to ‘maritime perils’ marine insurance actually covers any property which is being transported whether it is transported by sea, air or road. For the purposes of this article, it will mostly entail shipping as importing a car by aeroplane would most likely incur astronomical costs. If your car is being imported via another method you will need to check your policy documents to ensure that it mentions this method of transport as without this mention it could be argued that marine insurance is only for maritime shipping. One interesting point about marine insurance is that the normal action of the waves and wind does not fall under the premise of ‘maritime perils’ and it is unusual for a policy to specify this as being covered under insurance. It does include sinking, stranding, fire, war, washing overboard and even piracy which I’m sure will set your mind at ease. On a serious note though, piracy is essentially theft at sea and doesn’t necessarily need to involve one legged, bearded men with an eye patch and a parrot so this could prove to be a useful clause. The insurance policy will cover anything that is considered to be in the process of being transported from one place to another although the act itself refers to it as the subject matter which is insured. As with a lot of insurance acts this a very loose fitting term steeped with ambiguity. Unfortunately, marine insurance only covers against the total loss of your vehicle that means if there is a fire onboard and your car has minor damage you won’t be covered for this damage under your marine insurance policy. If you want to be absolutely sure that you are covered for any eventuality then speak to your shipping company who will arrange extra cover for your vehicle and any circumstances you may envisage. This is easy for the shipping company to arrange and they will have had vast experience in doing so, so if you have any questions contact the shipping company. If you are unaware of who your shipping company would be then contact your import company in the first instance who should be able to find this information out for you.
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