Total Loss Marine Insurance:

Usually used when client is not concerned about partial theft, loss or damage. It is more of a catastrophic type coverage because there has to be 70% damage to the entire contents of the shipment for the claim to be paid. The advantage is a low cost policy which covers your shipment against the following.

• Stranding
• Sinking
• Burning
• Collision
• Fault of vessel management
• Bursting of boilers
• Latent defects in hull
• Explosion

Premium is 3% of Declared Value. Deductible is $500.00 for declared values under $30,000.00  The deductible becomes $1,000.00 for declared values over $30,000.00.