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MARINE INSURANCE
A Marine Cargo Insurance policy offers comprehensive coverage against all the perils that the cargo is exposed to while in transit via road, rail, air, or sea.
The policy offers protection to cargo against fire, explosion, collusion with another vehicle/vessel, discharge of cargo at port of distress, earthquake, volcanic eruption, lightning, washing overboard, entry of sea water in the vessel, General average sacrifice, piracy, pilferage, cross contamination, hook damage, damage due to stowage, War & SRCC risks.
Any damage to Cargo due to any accident during loading / unloading of cargo is also held covered.
WHO SHOULD BUY?
Anyone who’s a buyer, seller or importer/exporter who carries the onus of safety of goods till it reaches the second party should buy a Marine Insurance policy. The party to buy Marine Insurance Policy will depend on the terms of contract like FOB, C&F or CIF basis.
POLICY DETAILS
Types of Marine Covers:
• Import & Exports: covers transportation of material from anywhere in the world to anywhere in India and Vice-versa
• Inland Transits: covers transportation of material from anywhere in India to anywhere in India.
Types of Marine Policies
• Specific Policies: Covers specific transit and end once the material is delivered and unloaded
• Open Policy: Covers all the transits in a given year for all TO and FRO shipments from the destinations declared under the policy. This comes with fixed terms and conditions with premium collected in advance during the year and certificates for each shipment are issued by the Insurer.
Types of Coverage
Inland Transit Clauses (ITC) & Institute Cargo Clauses (ICC)
These marine cargo clauses have further bifurcation known as Clauses (A), Clauses (B) and Clauses (C).
Each marine cargo policy type covers different number of risks, whereas Institute Cargo Clauses/Inland Transit Clauses (C) has the minimum coverage, Institute Cargo Clauses/Inland Transit Clauses (B) has the medium coverage and Institute Cargo Clauses/Inland Transit Clauses (A), also known as all risks, has the maximum coverage.
|
Proximate Cause |
Clause A |
Clause B |
Clause C |
|
Stranding, Grounding, Sinking or Capsizing |
Yes |
Yes |
Yes |
|
Overturning Or Derailment of Land Conveyance |
Yes |
Yes |
Yes |
|
Collision Of Ship or Craft with Another Ship or Craft |
Yes |
Yes |
Yes |
|
CONTACT OF SHIP, CRAFT OR CONVEYANCE WITH ANYTHING OTHER THAN SHIP OR CRAFT (excludes water but not ice) |
Yes |
Yes |
Yes |
|
Discharge Of Cargo at Port of Distress |
Yes |
Yes |
Yes |
|
Fire Or Explosion |
Yes |
Yes |
Yes |
|
Earthquake, Volcanic Eruption or Lightening |
Yes |
Yes |
No |
|
Malicious Damage |
Yes |
No |
No |
|
Theft/ Pilferage |
Yes |
No |
No |
|
General Average Sacrifice |
Yes |
Yes |
Yes |
|
Jettison |
Yes |
Yes |
Yes |
|
WASHING OVERBOARD (Deck Cargo) |
Yes |
Yes |
No |
|
WAR RISKS (Except Piracy) |
No |
No |
No |
|
TAKINGS AT SEA (Except War Risks) |
Yes |
No |
No |
|
Seawater Entering Ship, Craft, Hold, Conveyance, Container Lift Van or Place of Storage |
Yes |
Yes |
No |
|
River Or Lake Water Entering Same |
Yes |
Yes |
No |
|
LOSS OVERBOARD DURING LOADING/ UNLOADING (Total Loss Only) |
Yes |
Yes |
No |
|
Any Risks of Physical Loss or Damage Not Specified |
Yes |
No |
No |