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commercial insurance

MARINE INSURANCE

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

Coverage Description
Open Cover
  • Open Cover is usually issues for Import / Export. The open cover is a contract for a
  • period of 12 Months. Its not a policy. It is an unstamped agreement. As and when
  • shipments are declared specific policies are issued.
Open Policy
  • The policy is issued for transit of goods within India. It is valid for 12 months and all
  • transits during the policy period are automatically covered subject to availability of
  • the Sum Insured. All the despatches to be declared periodically.
Specific Voyage Policy
  • The policy is valid for a single transit or voyage. The Policy will be issued before the
  • transit starts.
Sales Turn Over Policy
  • The policy can cover Domestic Purchase of raw material, consumable & stores,
  • Imports, Inter Depot transfer, Domestic Sales and Export Sales in single policy. The
  • sum insured in the policy is the expected annual sales turnover.

No- claim discounts are available on renewal of policy,
ranging from 20% to 50%

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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

  • Fire or explosion
  • Vessel or craft being stranded grounded sunk or capsized
  • Overturning or derailment of land conveyance
  • Collision or contact of vessel craft or conveyance with any external object other than water
  • Discharge of cargo at a port of distress and loss or damage caused by – General Average Sacrifice / Jettison.

Institute Cargo Clause (B): Named Peril Basis.

This cover is similar to ‘C’ Clause, but in addition covers:

  • Earthquake, volcanic eruption or lightning
  • Washing Overboard
  • Entry of sea, lake or river water into the vessel, craft, hold, conveyance, container, liftvan or place of storage
  • Total loss of any package lost overboard or dropped whilst loading onto, or unloading from, vessel or craft

Institute Cargo Clause (B): Named Peril Basis.

This cover is similar to ‘C’ Clause, but in addition covers:

  • Earthquake, volcanic eruption or lightning
  • Washing Overboard
  • Entry of sea, lake or river water into the vessel, craft, hold, conveyance, container, liftvan or place of storage
  • Total loss of any package lost overboard or dropped whilst loading onto, or unloading from, vessel or craft

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.

Exclusions

  • 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.