Covers goods from the moment they leave the warehouse until they reach the final destination.
Mitigates financial risks associated with Insured trade, including damage from accidents, natural disasters, or theft.
Often required by international trade laws, Customs, Banks or contracts to protect all parties interest involved.
Tailored to specific needs, such as coverage for perishable goods, high-value items, or specific transit routes.
Marine Insurance – Open Policy
Marine open Policy provide continuous coverage for the shipment of goods. A Marine Open policy covers all shipments within a specified period, typically a year. Insured does not need to take specific policy for all his transits, as all his shipments will be automatically covered during a year in open policy. It is a condition of Open policy that Insured must declare each of his shipment to Insured at any specific date of subsequent month.
Premium paid under the policy typically adjusted based on the value of shipment declared during the Policy period.
Coverage:
Insured can opt All Risk coverage as per ICC A (Institute Cargo Clause A All Risk) for Import, export and oversea transits. For Domestic transit Insured can opt Inland Transit Clause (ITC A All Risk). Both ICC A and ITC A Risks Clauses have some general Exclusions
If Insured want pay lesser premium for same risk, they have an option to select Basis Covers, ITC B for Domestic and ICC B for Oversea transits. Basis Cover consists of few Named Perils with some general Exclusions
Addition covers Insured can opt are as below
War & SRCC (Import & Export)
SRCC (Inland Transit)
Loss or Damage caused by intentional misconduct of the Insured
Natural loss or wastage during transit, such as minor leaks
Deterioration due to normal wear and tear
Loss or damage caused by the inherent nature or condition of goods
Any Loss or damage caused by delays in transit
Loss or Damage resulting from Unfitness of vessel or craft
Nuclear weapons
Marine Insurance – Specific Policy
Marine specific policy provides coverage for a single shipment or a specific voyage. Marine specific policies are typically used when insured has irregular shipping need or high value shipments. This Policy covers goods from the point of origin to the final destination. Coverage is typically limited to duration of the Voyage, from when the goods leaves the warehouse
Coverage:
Insured can opt All Risk coverage as per ICC A (Institute Cargo Clause A All Risk) for Import, export and oversea transits. For Domestic transit Insured can opt Inland Transit Clause (ITC A All Risk). Both ICC A and ITC A Risks Clauses have some general Exclusions
If Insured want pay lesser premium for same risk, they have an option to select Basis Covers, ITC B for Domestic and ICC B for Oversea transits. Basis Cover consists of few Named Perils with some general Exclusions
Addition covers Insured can opt are as below
War & SRCC (Import & Export)
SRCC (Inland Transit)
Loss or Damage caused by intentional misconduct of the Insured
Natural loss or wastage during transit, such as minor leaks
Deterioration due to normal wear and tear
Loss or damage caused by the inherent nature or condition of goods
Any Loss or damage caused by delays in transit
Loss or Damage resulting from Unfitness of vessel or craft
Nuclear weapons
Protect shipments from origin to destination.
Ensure goods are protected on behalf of their clients.
Secure goods during international shipping.
At IFFCO TOKIO GENERAL INSURANCE COMPANYLTD., we specialize in providing reliable marine cargo insurance solutions tailored to your specific needs. With our expertise and industry knowledge, we ensure your shipments are protected against unforeseen risks, giving you peace of mind and enabling smooth international trade operations.
