Marine Cargo Insurance

Marine Cargo Insurance

The movement of goods, capital or traded by all modes of conveyance i.e. by road, rail, sea, air including couriers can be covered under the Marine Insurance policies. The policy thus covers transits both domestic as well as international i.e. imports and exports. In fact, this is the most ancient forms of insurance policy facilitating the existence and growth of trade and commerce in the international trade. The international insurance market has also standardised set of clauses to be incorporated in the marine policies covering transit between two countries. In India, the Marine Insurance Act, 1963 spells out the law relating to the various aspect of Marine Insurance business.

We arrange insurance solutions which cover
  • The loss or damage of the cargo, whilst the goods are being transported from one destination to another by rail, road, sea, air or by post. The cargo would be covered from the time the goods leave the warehouse at the place of despatch until it reaches the warehouse at the final destination point.
  • Widest cover under the “ALL RISKS” terms and if required even a basic cover such as loss by FIRE can be made available. The Policy is assignable and is an Agreed Value Policy.

We can arrange different types of insurance policies depending on the voyage/transit, values.
  • Annual Policy
  • Annual Turnover Policy
  • Increased Value Policy
  • Open Cover Agreement Policy
  • Sellers Interests Policy
  • Tea Crop Policy

Transits within the country (Inland Transit)
  • Where only one transit is required to be covered – Specific Policy is suggested.
  • For regular transportation of consignments such as for businesses and Corporates an Open Policy can be availed of by estimating the value of such consignments in transit over this period of cover and premium paid in advance. This provides assured cover for all the insured transits.
  • Care should be taken to see that all the transits are declared as stipulated and the SI is adequate to take care of such transits. If required the SI can be increased during the period of cover.
  • A Special Declaration Policy is also be made available where the Total value of consignments under transit is high (above Rs 2 crores) – and attractive discount in premium could be worked out.
  • Where the goods are expected to undergo multiple transits including intermediate storage and processing – a Multi Transit Policy is made available.
Where goods are being Imported or Exported-
  • Specific Policy or Open Policy as above can be arranged.
  • In addition the Customs Duty can also be insured under a separate cover in conjunction with the basic transit cover.

Inland transit policies are commonly extended to cover perils of Strike riot and Civil commotion (SRCC) and Export/Import Policies for the perils of War and SRCC on payment of additional premium.

We can arrange for hassle-free cover most suitable to the client's requirements.