Marine Insurance
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Marine Insurance Advantage
Export & Import Insurance
Insure shipments exported and
imported. Leave no leg of the
transit uninsured. Cover several
risks and choose from a wide
variety of coverage options.
Cover notes universally
accepted as proof of insurance.
Inland Transit
Cover goods traveling within
India by any mode. Well defined
and standardized covers leave
little ambiguity. The insurance
covers domestic transit
including warehouse storage
for limited periods.
Marine Hull
Insure your ships and boats for
all risks. Covers large vessels.
These are complex risks where
options for piracy, sea
worthiness need to be
carefully assessed.
Specific Transits
Cover goods in transit for a
specific journey. Specify start
and end destination. Cover note
for such journeys issued within
hours. Pricing extremely
cost-effective.
Benefits Overview of Marine Insurance
Cover Any Commercial Arrangement
Marine cargo insurance covers several commercial arrangements. The most common forms of contract are FOB (Free on Board), C & F (Cost and Freight) and CIF (Cost, Insurance and Freight). If the contract type is FOB or C&F, the buyer is generally responsible for the insurance. And in the case of CIF, the seller is accountable for the insurance.
Multiple Insurance Structures
Based on how frequently you need marine insurance you can select a structure. These range from Annual Turn Over Policy (ATOP), Specific Voyage, Open Policy, and Annual Policy. The annual or sales turnover insurance is a simple way to insure your yearlong marine insurance requirements in one policy.
Progressive Levels Of Cover
Marine Insurance policy covers all risks included under Institute Cargo Class (A), (B) & (C). The Institute Cargo Class (C) provides limited risk cover as compared to Institute Cargo Class (A) that provides maximum risk cover." Notice the capitalisation of Cargo Class. transit are different but capture a similar progression of risk cover.
FAQs
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.
The premium of marine policy is determined by several factors such as type of cargo, duration of the trip, type of policy, countries visited and past claims.
The following are not covered by any of the institute cargo clauses –
Willful act of negligence and misconduct
Use of inadequate packaging material
Ordinary leakage or loss in weight of the goods
Financial default or insolvency
The sum insured under a standard marine insurance policy is an agreed value which is generally cost of insurance and freight (CIF) + 10%. Some insurances can also cover customs duty losses.
It is possible to get price estimates online and also use technology portals to issue the insurance.
Institute Cargo Clause (Air), covers cargo carried via aerial routes.
