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|Product||Premium(G.S.T. @ 18%)||Quote ID||Date||Proceed to pay|
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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.
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.
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.