Marine Cargo Insurance Policy

Introduction

Welcome to the marine cargo insurance page of our site. This gives you a brief outline about what this policy covers and why we have it.

What does the policy cover?

This policy covers loss or damage to goods in transit from ports and/or places anywhere in the world, to and from:

Ports and/or places anywhere in Fiji.
Any USP operations within the Pacific Islands.

Why do we need this Insurance?

It covers us in case losses for goods in transit are not covered by the courier or the cover is not sufficient. We have it because it eliminates the need for the USP to negotiate terms on each shipment. This covers us both as an importer and an exporter.

What are we insured for?

It covers new and ‘second hand cargo’ associated with USP business.

What is meant by ‘second hand cargo’?

Items purchased that are not new.
Where we do not have goods shipped directly to the person ordering them. The following is an illustration of this.

USP orders equipment for a Regional Campus. It needs to come to Laucala first for some alterations to it before sending it on. When it comes to Laucala, it’s new. When it’s taken to the Regional Campus, it is considered ‘second hand’

The calculation for claim settlements is different for second hand items. This is because it considers factors like depreciation.

What are the liability limits?

Limit of Liability	Deductible
1,000,000 FJD for any one conveyance.	1,000 FJD for each and every claim

If the value of goods in your shipment (import/export) is above this limit you must contact the Risk and insurance Unit. We can then attempt to arrange further cover.

How do we set the premium?

The premium is calculated annually. It’s based on goods import and export actual values. This information is provided by the relevant USP departments.

Reporting incidents

All incidents must be reported to the Risk and Insurance Unit.

Date Reviewed: 02-January-2020