MARINE CARGO INSURANCE

Movement of goods is one of the most essential aspect of trade

– Its all about sharing resources and risk

 

Ideal Advantage

 

  • Lowest Premiums
  • Complete claims assistance
  • All Risk Cover including War and SRCC across the world
  • Complete Policy Management
  • On line facility for certificate issuance
  • Survey and Inspection facility
  • Best Product
  • Renewals from any Company
  • Quick Claim Settlement
  • 24 Hr Service Helpline
  • Timely Renewals

 

Marine Insurance or Transit Insurance With the globalization of the economy, supplier, linkages span oceans, but still require goods to be, delivered to the concerned party in a pristine state, just-in-time.


For that kind of criticality, who do you trust for your Marine Insurance? Our marine cargo policies are indispensable for any corporate engaging in trade and commerce. We cover your goods every step of the way.

 

Types of Marine / Transit Insurance

 

Export, Import, Inland Specific and Open Policies

 

  • Specific – One time policy for single risk. The policy ceases once the goods reaches its destination.
  • Open – It is an annual policy. The risk is covered for all transits for the whole year, on submission of declarations of consignments at regular intervals (For Export & Import as and when goods are consigned and for inland at fortnightly/monthly, as agreed). Annual Policy is most advantageous for regular, frequent and multiple risk.

    Widest Coverage

 

Institute Cargo Clause

 

 

Inland Transit Clause

 

 

Add On Covers

 

  • SRCC : Strike, Riots, Civil Commotions
  • WAR

Standard Exclusions

 

  • Willful Misconduct
  • Ordinary Losses
  • Insufficient / Unsuitable Packing
  • Inherent Vice
  • Delay
  • Insolvency
  • Malicious Damage ( B and C )
  • Unseaworthiness / Unfitness of vessel
  • SRCC and War

FAQS

 

1. Does Marine insurance cover Inland transit from the factory / inland warehouse to the load port?

 

Although the word Marine may appear to be synonymous with Ocean voyage, in actuality, the modern day Marine insurance policies covering exports are 'warehouse to warehouse' policies i.e. from the factory / inland warehouse of the Indian exporter to the inland warehouse of the overseas buyer and encompass transits by all modes of transportation.

 

2. What is an 'open' policy?

 

An 'open' marine cargo policy is a policy which remains open for 12 months from the date of its inception. The open policy is advantageous to an exporter with regular shipments. Under an 'open' policy, the exporter is not obliged to 'declare' the shipment in advance: the shipment could be declared, as per agreement, at a later date subject to maintenance of adequacy of premium.

 

3. What is a Certificate of Insurance?

 

A Certificate of Insurance certifies the existence of a marine insurance (open) policy. Under an open policy, it is the international practice to issue a Certificate for every shipment. A Certificate could be said akin to a Specific policy. In most cases, the open policy is adequately stamped and hence, individual Certificates need not be stamped. It is important to note that a Certificate has to be issued strictly as per terms and conditions of the corresponding open policy.

 

4. Could the exporter receive claim payment under an export policy covering CIF shipment?

 

Depending on the merits of a case an exporter could definitely have the right to claim, as an 'unpaid vendor'. There could also be cases when the importer who is the rightful claimant desires that the claim be settled with the exporter so that the latter could make early/immediate replacement. In such cases, claim payment to the exporter could be considered against an 'NOC' from the importer.

Be assure your consignments are in safe hands

 

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