Marine Insurance cover starts right from the moment the goods/ machinery/ raw material leaves the foreign/ Indian manufacturer’s warehouse & remains continuously in force during the voyage inland transit until delivery to the destination factory site/ warehouse.
However, when the goods come under the control of the insured at any intermediate point cover will cease.
If delivery is not taken within 60 /30 /7 days after arrival at the destination Port/ Airport/ Railways station or town in case of transits by Sea / Air/ Rail or Road and if extension of cover is not sought by the insured, cover under the policy shall automatically terminate.
TYPE OF POLICES
Specific Voyage Policy
Sales Turn Over Policy
The Marine Cargo Insurance offers
Institute Cargo Clause (C): Named Peril Basis.
This is the most restricted clause and covers only: loss or damage reasonably attributable to
Institute Cargo Clause (B): Named Peril Basis.
This cover is similar to 'C' Clause, but in addition covers:
Institute Cargo Clause (A): The widest form of cover under Marine Cargo Insurance in so far as it relates to the perils covered. ICC (A) is an unnamed perils clause.
This policy does not cover Loss or Damage due to Willful Misconduct, Ordinary Leakage, Improper Packing, Delay, Inherent Vice, War, Strikes, Riot and Civil Commotion.