We live in an interconnected world where your goods, the lifeline of your business is subject to forces beyond your control!!!
MARINE CARGO INSURANCE
- Transit of goods such as raw materials, semi finished, finished goods and inter depot movement of goods expose the goods to various perils during such transits.
- There is a need to have such risks covered under an insurance Policy so that any loss / damage / destruction of goods whilst they are in transit are compensated.
- An excellent financial security for international trade in particular.
- A must have insurance protection for business houses such as traders, exporters and importers, manufacturers, distributors and wholesalers.
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MARINE CARGO INSURANCE
ABOUT
All types of goods, plant, machinery equipment, spares, electrical, electronic, glass, porcelain, marble and granite, FCL/LCL cargoes, ODC engines, bulk cargoes like oils, natural gases, grains, ores, fertilisers, food items, peas, cereals, pulses, etc., can be covered under the Policy.
Exposure to risks in transit by sea, coastal movements, air, land (rail, road, courier, postal) and in multi-transits/transhipment, etc., are covered by this policy. Standard coverages from Basic cover to All risk cover are available for different modes of transit. Policy covers entire transit from warehouse (origin of goods) to warehouse (destination place), including transhipments in between and temporary storage(incidental to transit) during voyage subject to international commercial terms.
This insurance is necessary for providing financial security for all trading and manufacturing industries.
MARINE CARGO INSURANCE
BENEFITS
- Proposal form giving details of exposure, values in transit and maximum limit in a single transit would help realise maximum indemnity.
- Compensation for damage/loss is on agreed value basis, and so sum insured can be equal to invoice price + incidental charges up to certain percentage of the invoice value.
- Cover is available for the goods at destination port for a period up to 60 days for ocean transit, destination airport up to 30 days for Air transit and at destination railway station or destination town up to 7 days.
- General Average Sacrifice, General Average Contribution, Salvage Charges are available.
- Staggered payment of premium under open covers/open policy agreements are available.
ADD ON COVERS
- Special Policies for Stocks on Cargo Declaration basis or Sales Turnover basis are available.
- Customs Duty can also be covered if necessary.
- Policy could be designed to cover additional value of import goods arising out of its increased value at the destination enabling such value to be realised in case of loss or damage.
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