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Export Import Insurance

Get mutliple deeply-researched insurance options in less than 24 hours:

  • Cover any possible damage to the cargo: either onshore or offshore
  • Get quotes from the best Marine Insurance companies including Iffco Tokio, HDFC Ergo, ICICI Lombard and Tata AIG
  • Cover multiple export and import shipments
  • Cover damage resulting from named and unnamed perils.
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Advantages Of Export & Import Insurance

Meet Contractual Requirements
Export and Import cargo insurance meets contractual requirements that may oblige you to protect buyer's or their banker's interest. This is an important aspect while shipping goods CIF and CIP.
Limited Carrier Liability Cover
This Marine Insurance cover offers overall protection to your cargo because freight forwarder and carriers' liability in the event of loss is limited. Also, they are not legally responsible for the most common causes of loss.
Customised Policy
Export import cargo insurance can be customised specifically to your requirement. For instance, damage to cargo due to heating, breakage, leakage or damage due to extraneous causes can be covered.
Clear Loss Assessment
Export insurance follows internationally accepted principles of total and average loss while estimating loss value. Total loss is when the cargo is completely destroyed while the average is when a part of it is damaged.

Benefits of Export and Import Policy

Wide Risks Covered

  • The Marine cargo policy provides the international covers defined under Institute Cargo Clauses (ICC) as ICC (A), ICC (B) and ICC (C), which cover different levels of risks and are universally accepted.
  • Export cargo insurance covers perils like fire, lightning, stranding, grounding, sinking or capsizing of vessel etc.
  • Maritime, extraneous and strike perils can also be covered under the marine cargo insurance.

Covers Legal Requirement

  • Export and Import Marine insurance fulfils the obligation under the Letter of Credit as this insurance may need to be presented to the bank if requested in order to get your money.
  • This insurance may be demanded at the port by some countries during import operations in order to complete import procedures.
  • International cargo insurance takes the responsibility to expedite the release of cargo following the general average which is an internationally accepted principle.

Reduce exposure to financial loss

  • As an exporter or importer, you can reduce the risk of suffering a financial loss if the goods are lost or damaged during transit by rail, sea, road, air or damage while loading or unloading.
  • You can include add-ons like war and strike clauses, and theft cover, in order to protect your cargo.
  • Export and Import Marine policy will also pay for the customs duty, removal of debris and loss of documents.

FAQs

Generally, there are three types of covers, namely Institute Cargo Clause (C) - Named peril basis, Institute Cargo Clause (B) - Named peril basis and Institute Cargo Clause (A) - Unnamed peril basis. ICC (A) offers the widest form of cover under Marine Cargo Insurance because of the perils covered.

In the basic Export and Import policy loss due to terrorism is not covered. But you can include this as an extension under the policy by paying the marginally extra premium. It is advised to do this addition at the time of buying the policy. We’ll make sure that you include the necessary add-on coverages while buying the policy.

Institute cargo clause (C) also known as ‘named perils clause’ covers physical loss or damage to the cargo due to fire or explosion, discharge of cargo at the port of distress, vessel contact or collision, vessel or ship being stranded, grounded, sunk or capsized and overturning or derailment of conveyance other than water.

Marine Export and Import cargo policy does not cover ordinary leakage, wear and tear of cargo, improper packaging and any delay, howsoever caused. Any willful misconduct and illegal activities are excluded from the policy. Damage to the cargo due to war, riot, strike, and civil commotion are also not covered. Insolvency or default by the carrier is also excluded.

In order to file the claim under international cargo insurance, you should notify the insurer about the loss or damage to the cargo. Once intimated, you should take all the possible measures to minimise the loss of goods. The surveyor will be appointed by the insurance company who will inspect the loss, outward damage and missing packages. You have to submit all claim documents within a specified time limit in order to get a claim paid.

Yes, you can claim for partial loss which is considered of two types. A general average loss which is caused voluntarily to avoid danger. For instance, the cargo might be thrown out of the ship to save the crew and ship, if it is sinking due to overload. The second type of partial loss is a particular average loss in which damage is caused by covered marine peril.

While filing a claim, you should provide duly filled claim form with other required documents such as:
  • An original insurance policy or certificate.
  • Copy of billing of lading.
  • Survey report / missing certificate.
  • Original Invoice and packing list together with shipping specification or weight notes.
  • Copies of correspondence exchanged with the carriers or bailees.
  • Claim bill.

Claims arising from loss of cargo due to fire, explosion, earthquake, volcanic eruption, the collision of ships or overturning can be filed under this clause of international marine insurance. Apart from this, you can also file claims arising from washing overboard, jettison loss, or if the package is dropped while loading or unloading from the vessel.

The premium rate of export and import cargo insurance generally depends on various risks associated with the business. While calculating premium, some factors like the nature of the cargo, type of packaging, the scope of cover, navigational territory and mode of conveyance are considered. Past claim experience or history also plays a role while determining the premium.

In order to reduce the export marine insurance premium cost, you can opt for deductible, as this affects the premium directly. Higher the deductible, lower will be the premium. Also, you should make sure that you have taken appropriate measures to minimise the risk on the ship, such as installing safety equipment. You should also compare policies across different marine insurance companies in India.

While premium is important, the coverage provided by your Export and Import Marine insurance is the factor that you should consider first. While buying, you should look for a policy that covers all type of claims against various risks faced by your business. It is always recommended to buy adequate coverage regardless of premium in order to stay fully protected.

In order to buy Export & Import insurance, it is advised to take the help of insurance advisors such as SecureNow. We will help you to design a suitable policy, and provide you with multiple quotes from various insurers for comparison. We will be your one point of contact from buying the policy to filing the claim. To start just fill the contact details form above, and we will get in touch you in order to start the process.

Marine Export and Import insurance provides compensation to the exporter or importer for the loss or damage of goods whilst in transit due to perils associated with navigation. It is the contract between the insurer and the insured for the reimbursement of damages caused to cargo due to various covered perils.

With an export & import insurance policy, your goods and cargo are safe all along the way while being carried through various modes of transport and transit. Export & import insurance policy protects exporters and importers from any losses incurred during transit, by compensating for the same. Thus, this policy protects the trade structure of every economy and is very important.

There are three major types of marine cargo insurance policy:
1. Open Policy - This policy is designed to cover all cargo consignments for a period of 12 months.
2. Specific Policy - This policy is issued only for specified transit. Once the transit is completed and goods are delivered at the place of destination, the policy will terminate.
3. Duty Policy - This policy covers customs duty which is incurred in case of imports if goods are damaged.

The general average sacrifice is a principle of maritime law which is enforced during an accident wherein some part of cargo or ship has to be intentionally sacrificed in order to safeguard the ship in case of emergency. Generally, the loss incurred due to such events has to be proportionately shared by all parties in a sea venture.

Insuropedia

Can a Customs Duty cover be bought along with an Open Cover policy under export/import insurance?

Export and import insurance policies protect businesses and cover them against various risks. This policy helps the business owners to secure against a variety of perils involved in export and import transactions. An export and import insurance has various types of policies for different users.

And yes, a customs duty cover can be bought....
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What is a Cargo Insurance Policy?

The cargo insurance policy is specially designed insurance cover for goods in transit. It offers coverage to freight against all types of losses or damages from external causes during transportation whether by land, sea, or rail.

Usually, cargo insurance policies are freely assignable. However, in the case of insured goods being personal....
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What is Particular Average Clause in Marine Cargo Insurance?

It is referred to as the particular loss or damage which is caused to a cargo where the damages happen due to a particular peril and the loss is directly borne by the persons who are affected by the damages to the cargo. It means, in any situation, it is not possible to shift the burden of loss to other persons involved in the maritime....
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