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Marine Cargo Business is not constrained by borders, and goods are shipped around the world. The transit from its “Origin” to “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:
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.
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.
Based on the type of cover selected, it covers “All Risk” to “Fire only” risk or named perils:-
A(All Risk Cover)
B(Wider Cover)
C(Basic Cover)
Transit insurance covers goods and/or merchandise while in ordinary course of transit from one location to another location.
The Marine Cargo Insurance policy can be taken by Sellers, Buyers, Import/Export merchants, Contractors, Banks or anyone engaged in the import and export of goods or transportation of it within the country or who has a insurable interest in it.
The types of shipments includes the following:
Following types of cover are available:
Perils of the seas” means fortuitous accidents or casualties of the seas, but does not include ordinary action of the wind and waves.
Incoterms are a collective of international commercial terms published by the International Chamber of Commerce. These terms are widely used in international commercial transactions, to distinguish the rights, risks and obligations of both parties (Seller/Consignor and Buyer/Consignee) concerning the transportation of goods.
There are a number of Incoterms which apply to all types of transportation and some terms are specified for one type of transportation.
Rules for Any Mode (or modes) of Transport
Rules for Sea and Inland Waterway Transport Only
Note: New Incoterms 2020 has been published recently.
Sum insured is the total value of the goods including freight, taxes and any other port handling charges. This is the maximum amount which is payable in the event of a total loss of the insured cargo. The sum insured will comprise of the following:-
Cost of the goods & Freight
Following documents are required to lodge the claim:
Additional documents depending on the nature of the claim
The types of cargo are :
General Cargo : Eg., Furniture, Spare Parts, Leather goods, footwear, etc
Machineries : Eg., Standard size in Containers. Oversize in Bulk or Open Top containers.
Liquid Bulk Cargo : Eg., Crude Oil, Edible Oil, etc
Dry Bulk Cargo : Eg., Coal, grain, ore and other similar products in loose form
Loss damage or expense attributable to wilful misconduct of the Assured
Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject matter insured
Loss damage or expense caused by insufficiency or unsuitability of packing or preparation of
the subject-matter insured
Loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against
Loss damage or expense caused by inherent vice or nature of the subject-matter insured
Loss damage or expense directly or indirectly caused by or arising from the use any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter
*Note - Can be bought back, however, war coverage on land is an excluded peril.
The Inland transit/domestic transits covers shipments via land conveyances and/or air within the country.
Ocean Cargo provides coverage for international ocean and/or air shipments on a warehouse to warehouse basis (including the land connecting conveyance transits).
The Inland transit /domestic transits covers shipments via land conveyances and/or air within the country.
