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.
Absolutely NOT !
It is about all modes of transport
The policy issued for a specified transit. The coverage under the policy will cease on completion of the transit contemplated
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.