Marine : Marine Cargo
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 Land Transit Insurance
Under this insurance, coverage is given to a single shipment from a specified point of origin to the specified destination.
Open Cover/Annual Land Transit 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 exclusions
ICC (War & Strikes) - Covering war, strike etc. which are excluded in the basic ICC clauses.