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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. This policy covers the interest in the cargo and also extends to cover the interests of any third party who has acquired interest subsequently, as determined by the Terms of Sale.

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

The goods and cargo move 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 in 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. In view of the nature of the policy, the wordings terms, coverage, and exclusions are standardized and followed across the globe. This is a comprehensive policy that 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 the 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 be customized based on the subject matter to be insured, their properties, values, packing, origin & destination, storage at intermediate points, storage at the 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 the machinery of the 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, shipbuilding 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 be 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.

 

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