Marine Insurance Policy

Marine Cargo:    

Buyers, Sellers, Import/Export merchants, Contractors and Banks etc are exposed to various business risks during transportation of goods in transit by rail, road, sea, air or by post etc., All business associates can take protection under Marine Insurance policy. Marine Cargo Policy basically cover the interest in the cargo and also extend to cover the interests of any third party who has acquired interest subsequently, as determined by the Terms of Sale.

The policy compensates you for the losses suffered and offers total financial protection during the transit of your goods.

The goods and cargo moves from one place to another by any single mode or combined modes of sea, rail, road, air, waterways, courier. The movement can be within the country, between India & other countries (export & import), between any two countries outside India. It encounters several risks during the journey resulting into loss or damage to goods in transit.

The marine cargo policy covers all risks of loss or damage other than those excluded. The exclusions are standard & national and international in nature. This is a comprehensive policy, covers all risks of physical loss or damage due to the causes, some are illustrated below, except for those excluded.

  • Fire, collision, explosion, overturning, stranding, sinking, capsizing etc.
  • Overturning, derailment ( of carrying land conveyance).
  • Discharge of cargo at port of distress.
  • Jettison
  • General average sacrifice, salvage charges.
  • Washing overboard.
  • Sea, lake or river water into lift van or container or vessel or carrying vehicle.
  • Total loss of package lost overboard or dropped in loading or unloading.
  • Theft, pilferage, burglary.
  •  Additional covers: War and Strike, Riot, Civil Commotion (SRCC).
  • The policy can customized based on the subject matter to be insured, their properties, values, packing, origin & destination, storage at intermediate points, storage at final destination etc and any other specific requirements to your business.

Marine Hull :                                 

Owners or Financiers of Ships or Vessels are exposed to maritime perils to a great extent during the voyage.

Any loss or damage to ships, tankers, bulk carriers smaller vessels fishing boats and sailing vessels are covered under Marine Hull Insurance. Marine (Hull) insurance covers the damage and losses to a machinery of vessel or the ship.

The types of vessels that are covered under this policy are:

  • Fishing Vessels.
  • Ocean Going Vessels.
  • Sailing Vessels.
  • Other Vessels.

The inland vessels, ocean going vessels, sailing vessels, dredgers, barges, dry docks, floating docks, ship building activities Ship Breaking activities etc can be covered under this policy. The policy covers loss/damage to the ship and machinery of vessel insured mainly due to:

  • Fire, collision, explosion, overturning, stranding, sinking, capsizing etc.
  • Collision.
  • General average sacrifice, salvage charges.
  • Additional covers: War.

The policy can customized based on the subject matter to be insured, their properties, values, trading warranties, flag, classification, ownership, management etc and any other specific requirements to your business.