Marine Cargo Insurance
In every business where products are shipped whether inland or overseas there is a risk of loss/damage of goods during transit due to several reasons. Accidents are very common due to congestion, poor infrastructure, natural calamities, etc. For people involved in export-import business also there is a requirement to ensure goods during transport. The Marine Cargo /Marine Export & Import Policy covers goods, freight, and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air.
With ongoing innovations in logistics, the risks that can occur while merchandise is transported between buyer and seller are becoming more complex, here shipping Insurance or Cargo policy is ideal.
- The policy covers goods, freight, and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air.
- Different policies are available depending on the type of coverage required ranging from an all-risk cover to a restricted fire risk only cover.
- This policy is freely assignable and is basically an agreed value policy.
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Transportation of goods can be broadly classified into three categories.
- Inland Transport:
This policy broadly covers the risk of physical loss or damage to the insured’s goods (machinery, raw materials, finished goods, etc.) during transit under a contract of affreightment.
- Import/Export:
The coverage is generally defined by reference to clauses known as Institute clauses. The ICC ( C ), ICC (B) and ICC (A) clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses. The type of policy available is the specific policy to cover single consignment or an open policy.
- Type of Policies:
While the movement of cargo within the country is covered under inland policies, cargo going out of India/ cargo coming to India from broad are covered under overseas policies. - One has the option of covering the voyage under a specific policy. However, if the voyages are frequent and it is difficult/ cumbersome to take specific policies, an option is also available to obtain cover of all despatches under an open policy.
- This policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strike, riot and civil commotion.
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