A more adequate way to insure your cargo would be to request Marine Insurance, also called an Open Cargo Policy. We can work up the insurance cost as part of our rate quote if provided the invoice value. The international standard of adequate coverage would be to have “all risk” coverage in place on a warehouse to warehouse basis, for 110% of the invoice value.
Depending on your cargo, assuming adequate packaging and no inherent defects, the cargo could be insured on an “all risk” basis. Under an Open Cargo Policy, your shipment would have coverage including: stranding, sinking, burning, collision, faults and errors in management of the ship, explosions, general average, heavy weather, jettison, theft of entire shipment, non-delivery of the entire shipment, improper stowage, pilferage, leakage, and breakage. Premiums vary with intuitive estimates of the variable risk from seasons and pirates.
Maritime insurance was the earliest well-developed kind of insurance, with origins in the Greek and Roman maritime loan. Separate marine insurance contracts were developed in Genoa and other Italian cities in the fourteenth century and spread to northern Europe.