Marine Insurance is a type of insurance that provides coverage against the losses or damages of cargo or goods during transportation between the points of origin to the final destination. Marine insurance policy provides coverage for all means of transportation example road, railway, air, sea, couriers and postal service.
Marine Cargo insurance primarily covers loss during transit caused due to fire, explosion, hijacks, accidents, collisions, and overturning. We offer specially curated plans for covering the risk of theft, malicious damage, shortage, and non-delivery of goods, damages during loading and unloading, and mishandling of goods/cargo. The insured can choose the coverage based on specific business requirements. The policy is available for a variety of cargo/goods if you are dealing in or manufacturing them.
Having this policy is essential for businesses and individuals alike. Business shipments are usually high in value and any damage can directly impact business.
When it comes to an individual, relocation is regarded as one of the most stressful life events, be it for job change or marriage.
Whatever your reason may be for transporting your goods, our policy protects your goods against material damages.
As a businessperson your goods are of immense value to you. It’s your source of revenue. Insuring your goods against any untoward incident, while they are being transported, means securing your own future & business.
If you’re an individual and making a move due to personal or professional reasons, you’re likely to be worried about a lot of things already.
Your household items no doubt have memories attached to them and you have painstakingly collected each thing as you’ve moved ahead in life. Knowing that all your stuff is safe means you can breathe easy about this one thing at least.
Our marine insurance policy is comprehensive and flexible enough to fulfil your needs. We understand the importance of swift response and efficient service in handling claims, which makes it more practical to get marine insurance directly from us.
All the modes of transportation namely, air, water, rail & road are covered under this policy. Goods being transported via courier services are also insured.
Your goods in transit will be protected against vehicle collision, overturning, derailment, or accidents happening anywhere from the source to destination. This coverage can also be extended to loss or damage of goods due to theft, strike, riots, terrorism, and other hostile acts by human by opting for appropriate coverage as per one’s needs…
Following types of covers are available:
|Fire, Lightening or Explosion||Yes||Yes|
|Overturning or derailment of vehicle||Yes||Yes|
|Earthquake or Volcanic Eruption during transit||Yes||Yes|
|Collision between 2 Vehicles||Yes||Yes|
|River or lake water entering cargo||Yes||Yes|
|Damage/Loss to goods during loading & unloading||Yes||No|
|Damage/Loss to goods during handling of goods in transit||Yes||No|
|Theft or malicious damage||Yes||No|
|Shortage or non-delivery of goods||Yes||No|
|Hijack of goods||Yes||No|
|Any other risk not specifically excluded||Yes||No|
They determine the point of change of responsibility between the buyer and seller. Incoterms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer
Ex Works (EXW): Seller has to place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer
Free On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the buyer has to bear all costs &risks to the goods from that point
Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from seller to buyer
Rules for Any Mode (or modes) of Transport
Rules for Sea and Inland Waterway Transport Only
Below are some general conditions or warranties attached to a marine insurance policy:
Marine Cargo insurance / Transit Insurance covers the loss or damage of cargo / goods in ordinary course of transit between the points of origin and the final destination
Marine insurance covers Movement of goods from one place to another
Any person with insurable interest in the goods in transit can insure. Further the policy can be assigned freely to any person who acquires insurable interest during transit of the cargo.
The types of cargo / commodities are:
Above commodities / cargo can be covered depending on the risk involved in it
Per Sending limit represents the maximum sum insured amount that in the event of a claim of any one consignment or shipment whilst the goods are in ordinary course of transit
Sum insured is the total value of the goods in transit 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:
Perils of the sea means fortuitous accidents or casualties of the seas, but does not include ordinary action of the wind and waves
Partial Loss (Particular Average) : Particular Average means partial loss of the subject matter insured although not appearing in the Clauses directly, all three sets of ICC covers particular average in full
Total Loss : The goods are completely destroyed. The assured is irretrievably deprived of the goods. The goods are no longer the thing insured (loss of specie). The goods are on a ship that has been posted as missing. Total loss can be an Actual Total Loss or Constructive Total Loss
General Average (GA) : This occurs when the insured goods are partly or totally sacrificed in a general Average act. Provided the GA does not arise from any of the exclusions expressed in the Clauses, the underwriter is liable for the sum insured if the sacrifice results in a total loss of the goods or the proportion of the sum insured produced by applying the percentage of depreciation caused by the sacrifice to the SI (Sum Insured), if only part of the goods is sacrificed
GA (General Average) is a sacrifice or expenditure made or incurred by one of the parties to the maritime adventure for the purpose of saving all of the property insured in such maritime adventure”. All loss which arises in consequence of extraordinary sacrifice made or expenses incurred for the preservation of the ship and cargo comes within general average and must be borne proportionately by all who are interested