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Marine Insurance

Who should take Marine Insurance Policy?

Marine insurance policy is a necessity for both importers and exporters who deal in domestic and international transfer of goods. Such a policy provides comprehensive cover for risks, from the time the shipment leaves the sellers warehouse and reaches its destination, which is usually the buyer’s warehouse.

Is it just about ships?

Absolutely NOT !
It is about all modes of transport

Rail

Road

Air

River

Lakes

Sea

Types of Marine Policies :-

  • Specific Policy
  • Open Policy
  • Open cover
  • Annual Turnover Policy
  • Sales Turnover Policy

Marine Cargo Insurance

  • What Does It Cover?
        Movement of goods from one place to another
  • Within the country (Inland)
  • Between India and other countries (Overseas)
  • Between any two countries outside India

Specific Policy :-

The policy issued for a specified transit. The coverage under the policy will cease on completion of the transit contemplated

Open Policy :-

This is a policy intended to cover Inland movement of consignments for specified period of time which is usually one year. This policy is suitable for insured with numerous transactions throughout the year. The availability of the open policy facilitates the insured in having automatic and continuous cover and the insured is free to declare the consignment movement subject to the terms and conditions of the policy. The open policy is issued with an initial sum insured which can be enhanced at policy rate any time during the currency of the policy.

How is the Premium for Marine Insurance Policies decided ?

  • Details of transit (both sea and land transits).
  • Description of Goods to be sent.
  • Vessel details.
  • Claim experience.
  • Packing details.
  • Transshipment/ additional storage.
  • Type of coverage.

Exclusions

  • willful misconduct of assured.
  • Ordinary leakage, loss of weight / volume, wear & tear .
  • Insufficiency / unsuitability of packing.
  • Inherent Vice / Nature.
  • Delay.
  • Insolvency / financial default of carriers.
  • Deliberate / malicious damage.
  • Nuclear weapons and contamination.
  • Unseaworthiness / unfitness of vessel etc.
  • War / war like operations.

Benefits

  • Cargo policies are freely assignable.
  • Existence of Insurance Interest needs to be established only at the time of loss.
  • Most of the marine policies are agreed value policies.
  • An element of profit can also be included in the sum insured which is allowed by the insurers. This is referred to as mark up in Marine Insurance parlance.
  • Marine policies are transit / voyage policies and not limited to any specific period.