Ocean Marine Cargo

Much business in New Zealand is reliant on getting a product delivered to a customer, whether here in New Zealand or overseas.

If the product isn’t delivered due to pilferage, damage or other loss then the customer will often not make payment for the product. If raw materials or manufactured goods arrive in New Zealand in a damaged state (or don’t arrive at all), then there is the potential of financial loss to the purchaser and subsequent loss of sale.

Overseas (and local) customers nowadays want goods delivered in a much shorter period of time and if they cannot get those goods in the timeframe in a usable state then those customers will often look elsewhere for their supplies.

A large portion of New Zealand’s overseas trade is based on primary industry such as dairy, meat, timber and wool but growth has been substantial in manufactured goods and in mined product. These goods provide invaluable foreign trade and currency to the country and our reputation is based on providing high-quality goods in a reasonable time-frame, this despite our distance from the rest of the world.

There is a lot of terminology that can be confusing around Marine Cargo Insurance and there are different rules around the types of product, particularly with temperature controlled or bulk goods, but we can simplify these for you.

Apex can provide Marine Cargo insurance that will cover the costs of demolition, containers where you are liable for damage, General Average & Salvage, loss of profit and of course damage or loss to or of the product itself.

As with most insurance policies the idea is to protect the balance sheet of a business and ensure continuity and viability of that business. Should the business have to pay out of its own reserves or facilities then the balance sheet is weakened. Not insuring adequately or at all can potentially lead to the end of the business.

Apex can provide cover for all of your Business Insurance needs, whether Property, Liability, Motor, Accident & Health or Trade Credit.

We tailor-make to your requirements dependant on your business needs.

Claims examples:

– When the Rena became stuck on the Astrolabe reef off Tauranga in 2011 we had a number of clients with containers on that ship. Their Marine Cargo insurance provided cover for the product that was on the vessel along with the incurred freight costs plus an allowance toward additional costs in obtaining and re-sending product to their customers.

– When marble arrived in New Zealand ex-Italy some was broken and more was dust following poor packaging at the factory. The insurer paid for the loss to the client of the product.​

To discuss further or for any queries, please contact your Apex Broker or our Technical Manager, Mark Robb: markr@apexinsurance.co.nz