Export & Import Insurance

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Agreed Terms
Type of Open Marine Policy
Type Of Cargo To Be Insured
Sub commodity to be Insured
Sum Insured
(in Rs.)

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Export & Import Insurance Advantage

Standard International Covers
The export import policy provides the international covers defined under Institute Cargo Clauses (ICC). The covers called ICC (A), ICC (B) and ICC (C) clauses cover different levels of risks and are universally understood. The insurance plan covers Perils like fire, lightning, stranding, grounding, sinking or capsizing of vessel, earthquake and many more, under these clauses. Maritime, Extraneous and Strike perils can also be covered under the export import insurance policy.
Clear Loss Assessment
The export import insurance follows standard internationally accepted principles of total and average loss while estimating the loss value. The total loss can arise when the subject matter is destroyed or lost forever or the damage is so extensive that it is uneconomical to repair the same. Average loss occurs when a part of the subject matter is damaged.
Several Policy Types
You can opt between different export import policies like specific, open and duty policy according to your requirement. The specific policy is issued for a specific transit and the insurance expires once the transit is over. Open Policy covers all the shipments over a period. Duty policy covers custom duty incurred in case of import. Sales Turnover insurance provide an umbrella cover within a specific sales turnover limit. The export import insurance policies are easy to administer and covers raw material and finished goods.
Fast Covernote Issuance
Generally, it takes anywhere from 1 to 3 days to get a covernote in an export import insurance. But we use portals to do this within hours of instruction. The covernote can also include bill invoice and LC details for the sake of completion.

Why Claims Get Rejected?

Uncovered Perils

Typical examples include goods damaged during unloading and loading or while in storage; damage due to labour strike; and earthquake related damage. These perils can be covered if the Export Import insurance is placed properly.

Inherent Vice

This refers to damage caused by a product’s instability rather than external factors. For example coal tends to self-combust, some oils solidify, and paper can disintegrate. Inherent Vice is generally excluded but a discussion with experts like us can give a clear sense of how to reduce Inherent Vice risks.

Inadequate Packaging

Claims are often rejected if packaging material was sub-standard or not customary. This can be contentious in claim settlement. A good practice is to declare packaging upfront and agree with the insurer that this is sufficient.

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Quick Turnaround

Cover notes are issued within hours of request. This ensures that your goods don’t sit idle at any stage.

Strong Claim

We manage all aspects of your claim - from survey appointment to documentation to insurer follow-up.

Value Added

We will advice you on risk management best practices.

Policy Administration
System (PAM)

See all your contracts renewal information in one place. Place service requests on PAM.


Export & Import of goods is an integral part of the economy. When your precious high value cargo is out of sight, it is constantly on your mind. 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. By compensating against the loss of goods, the export & import insurance policy helps exporters and importers bear any losses incurred during transit. Thus, this policy protects the trade structure of every economy and is important.
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). ICC (A) offers the widest form of cover under Marine Cargo Insurance because of the perils covered. ICC (A) is an unnamed perils clause. 
Export & Import Insurance Policy is an agreed value policy. Normally, insurance is taken for CIF+10%.
Rate depends upon the factors such as nature of cargo, scope of cover, mode of conveyance, packing, distance, and past claims experience.
An Export & Import insurance policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strikes, riot and civil commotion.
Insured can opt for certain extensions to the existing cover under the policy on payment of additional premium. Extensions available include war, strike, riot and civil commotion.
The following documents are to be submitted by the insured:
1. Original insurance policy or certificate.
2. Copy of billing lading.
3. Survey report / missing certificate.
4. Original Invoice and packing list together with shipping specification or weight notes.
5. Copies of correspondence exchanged with the carriers or bailees.
6. Claim bill.

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