What Is It and Who Is It For?
For shops, offices, warehouses, manufacturers and businesses sending or receiving goods. The right cover depends on your property, stock and transit risks.
Fire and Property Insurance
Helps protect listed buildings, equipment or stock against insured events. Fire and other covered perils depend on the product selected.
Marine / Cargo Insurance
Covers insured loss or damage to goods in transit. Despite the name, marine cargo cover can apply to road, rail, air or sea journeys.
What Does It Usually Cover?
- Insured physical damage to the business property listed in a fire or property policy.
- Specified additional events, such as certain storm or flood risks, where included.
- Insured loss or damage to cargo during the declared transit, under the selected clauses.
These are general examples. Benefits, eligibility, limits and exclusions depend on the policy you choose.
Key Terms, Simply Explained
- Sum Insured and Valuation
- The declared insured value. Check whether buildings, equipment and stock are valued on the basis required by the policy.
- Underinsurance
- Insuring for less than the required value may reduce a claim payment where an average clause applies. Some products have different provisions or waivers.
- Transit Scope
- The goods, route, mode of transport and start and end points covered by a cargo policy.
- Single Shipment and Ongoing Cover
- A specific voyage policy covers a declared shipment. Open or annual arrangements can cover recurring shipments, subject to declarations and agreed terms.
What Should You Check?
- List the premises, assets, stock and values accurately.
- Check covered events, exclusions, deductibles and valuation rules.
- For cargo, confirm packing, routes, transport modes and clauses.
- Ask separately about burglary, machinery breakdown or loss of income; do not assume they are included.
Common Limits and Exclusions
- Ordinary wear, gradual deterioration and other excluded causes.
- Cargo loss from inadequate packing or inherent characteristics where excluded.
- Loss of profit, burglary or other risks unless the policy specifically includes them.
A Simple Example
Stock at your shop and stock on the road
Goods are insured at your shop under a property policy. They may need separate cargo cover while being delivered to a customer. Check both covers so the location and transit risk are addressed.
Illustrative only. This is not a quote or a promise of claim payment.
Details and Documents to Keep Ready
- Business activity, premises address and property or stock values.
- For cargo: goods description, invoice value, route, packing and transport details.
- For claims: invoices, evidence of loss and the insurer's requested survey or incident documents.
The insurer may ask for additional information depending on the application or claim.
Frequently Asked Questions
Does marine cargo insurance only cover sea transport?
No. Suitable cargo policies may cover road, rail, air and sea transport. The journey and mode must be included in the agreed cover.
Does a fire policy cover theft?
Do not assume this. Burglary or theft may require separate cover, an extension or specific conditions in the selected product.
Will a property policy cover lost business income?
Not automatically. Business interruption or consequential loss cover must be checked separately and may depend on an insured physical damage event.
What should I share with YFB for a quote?
Tell us your business activity, location, assets and stock values. For transit cover, include the goods, invoice value, route and frequency of shipments.
Get Help from Your Financial Buddy
YFB helps you understand options, organise documents and follow up on claims. The insurer assesses applications and decides claims under the policy terms.
References and Information Notes
General educational information reviewed on 6 October 2026. Insurer examples explain concepts and are not a recommendation of a specific product. Always read the current policy wording and benefit illustration where applicable.