Marine Insurance

Marine Cargo Insurance Policy Features

Business is no longer constrained by borders and goods are shipped around the world. It's very crucial to protect these goods from various possible mishaps. Marine Insurance Policy is one of the best cargo insurance covers, which will help you protect your valuable cargo literally anywhere in the world. Our insurance policy will provide full cover against damage or loss to cargo sent by sea, road, rail or air.

Key Benefits of Marine Insurance

  1. Comprehensive all-risk coverage.
  2. Flexible coverage options available.
  3. Worldwide claims survey and settlement assistance.
  4. Extensions for riots and strikes, perils etc.
  5. Customized covers suitable for your needs.
  6. Attractive discounts.

Covers loss or damage to cargo in relation to and in connection with its carriage by:

  1. Land (whether by motor vehicle or by railway).
  2. Waterways (by ship, which includes every description of vessel used in navigation).
  3. Air (by aircraft used for the transport of cargo, among others); and government or private postal services.
  4. Provides cover against loss or damage to cargo during transit from one place to another.
  5. Coverage provided under Marine Cargo policies range from a restricted form of cover, e.g., fire and lightning perils only, to the widest available form of cover, namely, all risks, at the option of the insured.

Special Features:

  1. Worldwide claims survey and settlement assistance.
  2. Network of surveyors all over the country.
  3. Customized and innovative covers based on your needs.
  4. Extensions for multi-transit, incidental storage, FOB, riot and strikes perils etc.
  5. Discounts for voluntary higher excess, lesser distance, etc.

Marine Cargo Insurance Exclusions

The policy does not cover loss or damage to cargo insured due to:

  1. Willful misconduct of the insured.
  2. Insufficiency or unsuitability of packing or preparation of the cargo insured.
  3. Ordinary leakage, ordinary loss in weight or volume, ordinary wear and tear, and inherent flaws in the cargo insured.
  4. Delay.
  5. Insolvency and financial distress of the carriers.
  6. Un-seaworthiness of the vessel.

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.


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.

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.

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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