The following Insurance under this category is intended to cover goods whilst in
transit by Sea or Air, depending upon the needs of the client:
SINGLE/INDIVIDUAL MARINE INSURANCE
Under this insurance, coverage is given to a single shipment from a specified point
of origin to the specified destination.
OPEN COVER/ANNUAL MARINE INSURANCE
An Open Cover/Annual Insurance is a contract covering all shipments of the Insured
during the period of insurance on terms as agreed on a declaration basis. By availing
this, the insured is relieved of the hassle of arranging separate policies for individual
shipments and need only to make periodical declaration of the details of shipments.
Coverage can vary as under, based on the mode of transport or type of goods carried:
- All risks by sea or air or parcel post.
- Restricted cover by sea, air or parcel post.
The Amount covered is the agreed value, which in most cases will be CIF and/or C&F
plus 10% or FOB plus 10% to 20%.
The factors taken into account for calculating the premium depend on the nature
and type of cargo, method of packing, mode of shipment, age and type of vessel and
the ports to be used
Scope of Cover
The insured has the option to choose the coverage as per the following Institute
Cargo Clauses (ICC):
ICC (C): Fire, lightning, stranding, grounding, sinking or capsizing of vessel or
craft, overturning or derailment of land conveyance, collision or contact of vessel,
craft or conveyance with any external object other than water, discharge of cargo
at a port of distress, general average sacrifice and jettisoning.
ICC (B): Earthquake, volcanic eruption or lightning, washing overboard, entry of
sea, lake or river water into vessel, craft, hold, Conveyance, container, lift van
or place of storage, in addition to the perils of ICC (C).
ICC (A) - All risks, subject only to the specified exclusions
ICC (Air) –Pertains to air cargo covering “All risks”, subject only to the specified
ICC (War & Strikes) – Covering war, strike etc. which are excluded in the basic