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Marine Cargo Insurance Policy

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Marine Cargo Insurance Policy

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Reliance Marine Cargo Insurance Policy

​​​​​Marine Cargo Business is not constrained by borders, and goods are shipped around the world. The transit from its Originto Destination, is exposed to various risks. The domestic movement or importing and exporting of goods can expose you (Seller/Consignor) or (Buyer/Consignee) to massive financial losses in case shipments gets damage in transit or lost. It is crucial to protect these goods from the various possible mishaps, enabling you to run you trade/business smoothly.​

Special feature tailor-made for you:

 

​​Different typ​​es of shipments covered in cargo insurance:-​​

​​Dom​e​stic Shipment​​​Import ​​​Exp​ort
​Transportation of cargo between two places or states within the country​​​Importation of goods through Land, Sea or Air and payment done via foreign currency only

​Exportation of any goods from India by Land, Sea or Air and payment received via foreign currency only Coverages provided under these policies ranges 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, depends on the type of cover plan you opt for yourself.​

​​​

Types of marine cargo insurance policies are:​​

Specific Policy: Covers the single specific shipment only during the policy period.

Open Policy: The agreement between a proposer and an insurer to insure all goods in transit falling within that agreement for a period of time or even indefinitely until the agreement is cancelled by either party. Full premium is collected in advance and adjusted on annual declared value of annual shipments.

Open Cover: is an agreement between the Proposer and the Insurer, the Proposer agrees to buy cargo insurance for all their cargoes whenever they have an obligation to insure and the insurer agrees to provide cargo protection for the Proposer. Premium is charged as declarations of shipments are made.​

What peril does the policy cover?

Based on the type of cover selected, it covers “All Risk” to “Fire only” risk or named perils:-

Risk​​​​​​​​​Institute Cargo Clauses ​ ​
Loss ​or Damage arising out of following
(​​Proximate Cause)

​A​​
(All Risk Cover)​

​B
(Wider Cover)​​

​C
(Basic Cover)​

Fire or Explosion✔​✔​
Theft/ Pilferage
Malicious Damage
(Can be bought ​back)​

(Can be bought ​back)​
Washing Overboard (deck cargo)
Jettison✔​
Loss overboard during Loading/Discharge (TLO only)✘​
Earthquake, Volcanic Eruption or Lightning
Seawater entering Ship, Craft, Hold,
Conveyance Container Lift Van or Place of Storage
✘​​
Discharge of Cargo at  Port of Distress✔​
Overturning or Derailment of Land Conveyance
General Average Sacrifice
Stranding , Grounding, Sinking or Capsizing
Collision of Ship or Craft with another Ship or Craft
Contact of Ship, Craft or Conveyance with anything other than Ship or Craft (excludes Water but not Ice)✔​
War Risks / SRCC
(Can be bought ​back)​

(Can be bought ​back)​

​​(Can be bought ​back)​​


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