Marine InsuranceSingle Transit
Table of ContentsMarine Cargo Insurance
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Marine Cargo Insurance
Marine Cargo Insurance is a best protection for your cargo providing comprehensive coverage to international or domestic shipments protected from the time the goods leave the seller's warehouse until they reach the Buyer's warehouse. Mainly there are following three types of Transit:
- Marine Import Transit Insurance Policy for Import Cargo
- Marine Export Transit Insurance Policy for Export Cargo
- Marine Inland Transit Insurance Policy for Inland Cargo
- The insurance provides financial stability to the business
- It helps manage the risks and conduct business without much worries
- It compensates for any financial loss that one faces during the transit of goods
Goods (merchandise) dispatched by rail or road from any place in India to any place in India (not in conjunction with an overseas voyage) are subject to Inland Transit (Rail/Road) Clause A, B & C. The brief coverage is as under:
Inland Transit (Rail or Road) Clause -- A (All Risks): Covers All Risks of Physical loss or damage subject to exclusions
Inland Transit (Rail or Road) Clause -- B (Basic Cover): Covers Physical loss or damage caused by:
- Fire, Lightning, Breakage of Bridges
- Collision with or by the carrying vehicle, derailment or accidents of the like nature to the carrying railway wagon/vehicle.
Inland Transit (Rail or Road) Clause -- C: Covers Physical loss or damage caused by
Add on Cover
- Inland Transit: Strike, Riot and Civil Commotion
- Overseas Transit:
- War, Strike, Riot and Civil Commotion
- Duty and Increased Value Insurance (for Imports only)
- Seller's Interest Insurance (for Exports with C&F or FOB terms only)
- Willful misconduct
- Ordinary leakage/loss in weight or volume, wear and tear
- Improper packing
- Inherent vice
- Insolvency/financial default of carriers
- War, Strike, Riot and Civil Commotion if not opted as add -- on.
In the event of loss, the following are immediate actions to be taken
To intimate to the insurer the occurrence of loss, submit full statement in writing of the claim, provide the nature and extent of loss and also the estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express inability in accepting liability of the loss / damage.
- To take all steps to reduce and minimize the extent of loss / damage and liability.
- Proximate cause of the loss and assess the type/extent and whether it is within the scope of the policy.
- To extend full co-operation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
- Produce all such records and proof as may be required by the surveyor or the Insurer for arriving at the extent of loss and the liability under policy.
- Provide documents such as, claim form, copy of Policy, Incident note, COF, Monetary claim along with Speed post etc.
- Keep the damaged property under the safe custody until advised by the surveyor / insurer regarding its disposal.
- Identification of the subject matter insured.
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Questions You Might Have
The sum insured will comprise of the following: