DBS Marine Insurance

Marine Insurance

Protect your cargo from ocean and inland risks

Marine Insurance

Protect your cargo from ocean and inland risks

Marine Cargo Insurance

Protect your cargo against ocean, inland, and air transit risks

When goods move across borders or between locations, they face risks that are often beyond our control. Marine cargo insurance protects your shipments against physical loss or damage while in transit by sea, land, and air. Without it, any compensation you receive for lost or damaged cargo is limited to just your transport operator's standard trading conditions.

Designed for businesses that import, export, distribute, or transport goods, DBS provides solutions for a variety of ocean and inland marine risks, underwritten by Chubb Insurance Singapore Limited and distributed by DBS Bank Limited, with coverage options that fit how your business moves goods.

At a Glance

Plans for different shipping needs

Choose from annual, open, or short-term cargo insurance options for domestic and international shipments.

Coverage for more than standard cargo

Get protection for simple, complex, non-hazardous, higher-hazard, non-standard, or unusual cargo risks, including fine art and valuable goods.

High-limit protection available

Enjoy high-limit coverage through Chubb, available upon request and subject to terms and conditions.

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Who Is This Insurance For?

Marine Cargo Insurance is designed for Singapore corporations that rely on the secure movement of goods as part of their business. This includes:

  • Importers and exporters
    Businesses that ship goods across borders and need cover against goods lost/damaged between dispatch and delivery
  • Manufacturers and distributors
    Businesses transporting raw materials, components, or finished products domestically or internationally
  • Retailers
    Businesses that receive regular supplier shipments and need consistent, reliable coverage
  • Businesses with specialist freight needs
    Includes businesses handling luxury items, fragile goods, or shipments with very specific storage or transit conditions (like perishables or hazardous materials)
What Does It Cover?

Underwritten by Chubb Insurance and distributed by DBS Bank Limited, Marine Cargo Insurance helps safeguard your cargo against insured loss or damage during transportation. Chubb draws on experienced marine underwriters and an in-house risk management team comprising specialist surveyors, loss control advisers, and claims adjusters to offer solutions across a wide range of shipping needs.

Coverage under the insurance includes:

  • Tailored solutions for cargo across simple and complex risk categories
  • Dedicated cover for high-value or irreplaceable items
  • Marine storage insurance during transit
  • Shipment insurance for higher-volume and lower-value deliveries
  • Transport operators' freight liability with cargo protection options
  • Truck cargo insurance

Chubb also offers a web-based system to quote for and/or issue cargo insurance. In addition, it can also provide a high limit protection, with additional capacity made available through other members of Chubb.

Types of Cargo Cover

Annual cargo insurance

A policy arranged for a year, usually for businesses with regular shipments. Instead of buying cover shipment by shipment, the business has ongoing cover during the policy period, subject to agreed terms, limits, and declarations.

Open cargo insurance

A standing arrangement for multiple shipments, often used by importers, exporters, or traders with recurring cargo movements. It can cover shipments as they happen, with details declared under the policy. This is useful when shipment dates, routes, or volumes vary.

Short-term cargo insurance

A policy for a specific shipment or shorter period. It is usually more suitable for one-off, occasional, or project-based shipments where the business does not need year-round cover.

Eligibility

Marine Cargo Insurance is available to businesses that regularly transport goods by sea, land, and air. 

To apply, you will need to be:

  • A Singapore-registered business
  • Engaged in importing, exporting, manufacturing, distribution, or logistics
  • Able to provide details of your cargo type, shipment value, and trade routes

Documents to Prepare

When enquiring about insurance coverage, please provide the following information:

  • Business registration documents
  • Description and declared value of goods to be insured
  • Shipping route, mode of transport, and shipment frequency
  • Commercial invoice and packing list
  • Previous claims history, if applicable
How Much Does This Insurance Cost?

Insurance premiums can vary because each shipment, route, and business need is different. Premiums are usually assessed based on the nature of the cargo being insured, level of shipment risk, and the type of cover selected.

Get in touch with DBS for a customised quote for your business.

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What Affects Your Premium?
Factor How this changes your premium
Type and value of cargo Higher-value or hazardous goods typically carry higher premiums.
Policy type Premium structures differ by policy type; annual and open cover spreads cost across multiple shipments, while short-term cover is priced per consignment.
Mode of transport Sea, land, and air shipments carry different risk profiles. Sea freight carries the highest weather and piracy exposure; land transport is subject to road conditions, accidents, and theft. Air transit is exposed to risks such as turbulence, handling damage, and delays due to weather or operational disruptions.
Route and destination Certain trade routes may attract higher premiums due to weather, political, or piracy risk.
Packing standards Adequate packing reduces damage risk and may influence your premium.
Shipment frequency Annual open policies for regular shippers are structured differently from single-shipment cover.
How DBS Supports Your Marine Insurance Needs

After assessing your requirements, DBS connects you with product experts from Chubb for tailored marine cargo insurance solutions. This includes options spanning routine domestic trade to complex or high-volume shipping operations. And if you already use DBS trade services or import services, it’s worth considering managing cargo movement and shipment risk together.

You can also explore other DBS business insurance solutions to build broader protection for your operations, assets, and people.

How to Apply
  1. Submit your enquiry using the Contact Us link below.
  2. A DBS Corporate Bancassurance Manager will get in touch with you to discuss your shipping needs and coverage options.
  3. Review the coverage recommendation and confirm your policy details.

You can also contact your DBS Relationship Manager directly for assistance.

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Frequently Asked Questions

Are my goods covered during loading and unloading?
Cover during loading and unloading depends on the policy you choose. Losses from packages dropped or lost overboard during loading and discharge are usually included only under the broadest level of cover.
Does the policy cover goods stored at a port or warehouse during transit?
Yes. Cover extends to transit storage during and related to your insured journey for up to 30 days. Goods held at a port, warehouse, or interim storage facility as part of the journey remain protected within this period. Storage unrelated to the insured transit, such as long-term warehousing, falls outside the scope of standard cargo cover.
What is not covered under marine cargo insurance?
Marine cargo insurance excludes losses from willful misconduct, ordinary wear and tear, insufficient or unsuitable packing, natural deterioration of goods, and carrier insolvency. War, strikes, riots, and civil commotion are also excluded unless extended as part of your policy.
How much is marine cargo insurance?

Premiums depend on factors including cargo type, value, policy type, mode of transport, and trade route. Contact a DBS Corporate Bancassurance Manager for a quote tailored to your shipping needs.
Is marine cargo insurance compulsory?
Marine cargo insurance is not required in Singapore. However, without cover, compensation for lost or damaged cargo is subject to your carrier's standard liability terms, which may only reimburse a fraction of your goods' value or reject the claim entirely for certain types of losses.

Disclaimers:

All benefits and coverages are subject to the terms and conditions of the relevant policy. Please refer to the relevant Policy Wording for the full insuring clauses, definitions, schedule, extensions, terms, conditions, exclusions, and limits of the relevant policy.

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