Comprehensive Marine Insurance for Every Voyage
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.
1. Open Cover:
- Frequent despatches / shipments can be covered instead of taking individual policy for each shipment especially for export or import.
- Under an open cover Insured always maintains sufficient balance in cash deposit account which enable them to send the declaration for issuing policy / certificate even after a later date.
- As per the terms of open cover, Insured is bound to declare each and every shipment coming within the scope of contract.
- Insurer are also bound to accept the insurance of all shipments / despatches made by the Assured during the period provided sufficient balance in the cash deposit account.
2. Open Policy:
- The policy provides automatic and continuous insurance cover to a regular Exporter / Importer.
- The traders’ deals with regular domestic despatches are also benefited by the open policy.
- The premium under the open policy should be paid in advance on projected Sum Insured.
- The projected sum insured should be at least 4 (four) times of the Single carrying Limit / Per Bottom Limit.
- As per the terms of the policy, Insured is bound to declare each and every shipment without any exceptions.
- The adjustment of premium and sum insured are done based on the submission of each declaration.
- The Sum Insured under the open policy can be enhanced 4 (four) times in a year.
- Omissions or incorrect declarations may be rectified even after the loss or arrival provided such omissions or errors were genuine.
- Refund of premium on unadjusted Sum Insured is allowed to the insured after expiry of the policy.
3. Specific Policy:
- The Assured obtains specific policy for covering specific voyage as and when required.
- The complete details of commodity, mode of packing and conveyance, details of voyage including value of commodity to be furnished beforehand for evaluation of the risk.
- The premium should be collected prior to the commencement of journey / risk.