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MARINE CARGO INSURANCE
Provides insurance cover for damage or loss of goods in transit by rail, road, sea, air, post, courier, etc. and is divided into the following two sections:
Inland Transit Insurance
Covers risks ranging from the restricted risks of fire & lightening only to all risks of loss or damage (including the risk of strike, riot or civil commotion) subject to certain uninsurable exclusions, for transits within the country.
Cargo (Export & Import) Insurance
Covers damage to cargo during its transportation between different countries by, air, sea, courier, post etc. It covers risks ranging from damage caused by fire or explosion only to all risks of loss or damage subject to certain uninsurable exclusions. Cargo policies can be extended to include War & SRCC risk on payment of additional premium.
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Policy
Formats
1. Specific Policy: This policy covers specific single transit.
2. Open Policy: This is issued on annual basis and covers all dispatches sent from specified locations to specified destinations. Under this policy it is necessary to declare each and every consignment.
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Other Marine Policies available
1. Special Declaration Policy: This is an inland policy issued to clients with annual turnover exceeding Rs.2 crores. Under this cover individual dispatches’ declaration is not required and a quarterly declaration of value of goods transported suffices.
2. Multi Transit Policy: This policy covers multiple transits of material including processing and incidental storage from material procurement stage to delivery of finished product for a single value.
3. Increased Value Insurance: This policy covers the increased value of cargo, if the market value of the goods at the destination port, on the date of landing is higher than the CIF + Duty value of cargo.
4. Duty Insurance: This policy covers loss of custom duty value suffered on imported consignments damaged after payment of duty.
5. Advance Loss Of Profit /Delayed start up policy: Covers loss anticipated on account of delay in commencement of a project caused by damage to key machines and key components on account of operation of insured perils.
6. Sellers’ Contingency Policy: This policy covers the interest of the seller against the contingency of non payment of the value of a consignment by the buyer on account of its condition having changed due to damage etc. before retirement of documents.
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MARINE HULL INSURANCE
This policy covers interests of ship owners and charters’ against the risks of fire, explosion, stranding, sinking, piracy, collision, general average sacrifice and various other perils of the sea.
Policies are available for:
Ocean Going Vessels, Coastal Vessels, Inland Vessels, Port Crafts, Ship Building, Sailing Vessels, Charter’s Liability, Fishing Trawlers, etc. |
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