Marine Insurance

This Insurance is designed for protection against loss by damage or destruction of cargo, freight, merchandise, or the means or instruments of transportation and communication whether on land, sea, or air.

Categories for Transportation of goods:

• Inland Transport
• Import
• Export

Types of Policies :

• Annual Turn Over Policy : Under this policy, transit of raw material, semi finished & finished products for Export, Import or Inter Depot movement from point of origin to destination gets covered. Premium is charged on sales turnover.
• Specific Voyage Policy : Under this policy, a Specific Single Transit can be covered . The Cover ends as soon as arrival of cargo at destination.
• Open Policy : This is an Annual Cargo Insurance Contract expressed in general terms and effected for a round sum sufficient to cover a number of dispatches until the sum insured is exhausted by declarations. The Open Policy, also known as the Floating Policy, saves the assured the inconvenience of affecting individually the insurance of goods dispatched within the country. The policy may cover both incoming and outgoing consignments from anywhere in India to anywhere in India. The sum insured under the policy should ordinarily represent the assured estimated annual turnover of the goods.
• Annual Policy : It is granted in respect of goods belonging to the Assured and or held in trust by the assured and not under contract of sale and or purchase which are in transit by road or rail from specified depots /processing units to other specified depots /processing units. Here Insurable interest remains with the insured. Policy not assignable or transferable. These policies are issued to transport operators/contractors, clearing and forwarding agents. Prohibited Policy is subject to the condition of average.
• Open Cover : It is an agreement (not a policy) whereby the insurer will accept all shipments made by the assured, within the terms of the cover for a fixed period, usually for 12 months. Being an agreement, it is not stamped.

However, stamped policies or certificates of insurance are issued against the declaration made by the assured. The open cover is of great convenience to the clients engaged in regular import/export trade.

Inland transit policies can be extended to cover the following perils on payment of additional premium :

• SRCC - Strike, riot and civil commotion (including terrorist act).
• FOB - Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel , this extension can be taken.