Marine Cargo Insurance for Supercars from Korea: What Is Not Covered
Marine cargo insurance can protect a six-figure vehicle, but the wrong policy creates false confidence. Policy summaries from major insurers show common exclusions such as insufficient packing, inherent vice and loss caused by delay. Exact wording controls the claim.
Common gaps
Pre-existing damage: a scratch visible before loading is not a transit loss.
Mechanical or electrical failure: a warning light after arrival may not result from insured physical damage.
Insufficient packing or securing: a claim can fail if the loading method was unsuitable.
Ordinary wear and tear: minor deterioration is not an accident.
Delay or loss of market: missed sale, depreciation and storage caused by delay are commonly excluded.
Unlisted accessories: spare wheels, chargers, keys or parts may need to be declared.
War, strikes or route changes: coverage can be excluded, suspended or separately priced.
Deductible: small scratches may fall below the excess.
Questions to ask in writing
Is coverage warehouse-to-warehouse or port-to-port?
Are inland Korean transport and destination delivery included?
Is RoRo theft or missing loose equipment covered?
Is the insured value the invoice alone, the customs value, or the customs value plus a percentage?
Who is the insured and who may claim?
Which surveyor must be appointed and within what deadline?
Are loading by the exporter and third-party lashing covered?
What geographic, sanctions and transshipment limits apply?
Evidence is part of the insurance product
A policy without condition evidence can be hard to enforce. Preserve the signed inspection, time-stamped photographs, loading report, seal number, bill of lading, commercial invoice, payment proof, insurance certificate, delivery exceptions and survey report.
CIF does not guarantee broad coverage
ICC explains that CIF’s default insurance level remains closer to Institute Cargo Clauses (C), while CIP requires a higher default level. The parties can agree to better coverage, but it must be written. Do not read “insurance included” as comprehensive protection.
Buy a vehicle from South Korea
To source, inspect and export a vehicle from South Korea, contact KingStone Motors:
English WhatsApp: +82 10-3410-7410
Russian WhatsApp: +82 10-5956-5094
Sources
ICC — Incoterms 2020 insurance levels
Chubb — cargo protection comparison and exclusions