An essential trade insurance covering loss/damage to import/export cargo during sea, air and multimodal transport. Designed by the ICC(A)/(B)/(C) cover split, with 24-hour online enrolment available at cargoinsu.com.
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
An essential trade insurance covering loss/damage to import/export cargo during sea, air and multimodal transport. Designed by the ICC(A)/(B)/(C) cover split, with 24-hour online enrolment available at cargoinsu.com.
Choose the All-Risks-basis (A) or named-perils-basis (B)/(C) by the risk of the cargo and route.
Warehouse-port-ship-port-warehouse on a single policy; loss during transhipment is continuously covered.
War, strike and riot international-situation risk attached by additional clause — essential to review for designated-country transport.
Upload trade documents and get an instant policy. Per-shipment instant cover or open cover supported.
The insurance-duty party is set between seller and buyer by Incoterms (FOB, CIF, DAP).
Insuring on behalf of the shipper, or to hedge own cargo risk.
Small, frequent shipments run efficiently on an annual open cover.
| Policy period | Per shipment (voyage) or annual open cover |
|---|---|
| Insurers | AIG · Chubb · DB · KB · Meritz · Hyundai (compared) |
| Sum insured | CIF value + 10% (customary) |
| Online | cargoinsu.com — 24-hour instant enrolment |
| Channel | Individual consultation with our broker (010-5755-6465) |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Risk patterns that come up often in import/export transport — a five-scenario self-check
Cargo is exposed to loss/damage in transit, and the insurance-duty party is set by Incoterms.
Insuring on behalf of the shipper, or to hedge own carried-cargo risk.
Small, frequent shipments can be run efficiently on an annual open cover.
High-value air cargo also needs cover for accidental loss in transit.
War, strike and riot risk on certain routes needs a separate additional clause.
The first thing to settle in marine cargo insurance is "who has the insurance duty". Under Incoterms such as FOB, CIF and DAP, which of the seller or buyer must insure is decided, so the trade terms must be checked first. The cover scope is set to the risk of the cargo type and route, such as ICC(A) All Risks, and usually the whole route — from the origin warehouse through port and ship to the destination warehouse — is covered on a single policy. One caution: international-situation risk such as war, strike and riot is not base cover and must be attached separately by an additional clause. With many shipments, an annual open cover can replace per-shipment enrolment.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
Under Incoterms such as FOB, CIF and DAP, the insurance-duty party is set between seller and buyer. Check the trade terms so no cover gap arises.
International-situation risk such as war, strike and riot is not base cover. It must be attached separately by an additional clause, so check against the transport route.
Cover usually runs the whole route from origin warehouse to destination warehouse. Check that your cargo's actual transport span is fully included.
The questions decision-makers ask most when considering marine cargo insurance
It is a marine insurance covering loss or damage to import/export cargo during transport. It usually covers the whole route on a single policy, from the origin warehouse through port and ship to the destination warehouse.
Under the Incoterms — FOB, CIF, DAP — the party with the insurance duty is decided between seller and buyer. Confirm the trade terms first so no cover gap arises.
The ICC(A) All Risks condition broadly covers cargo loss/damage from an external, accidental event in transit. The cover condition is set to the risk of the cargo type and route.
War, strike and riot — international-situation risk — is not base cover; it must be attached separately by an additional clause (War / SRCC). Confirm it against the transport route.
You can insure per shipment immediately, or run small, frequent shipments efficiently on an annual open-cover basis.
The insurer assesses it on the cargo type and value, the route and mode, the cover condition (ICC condition, additional clauses) and past incident history. The exact premium and acceptance are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
