Marine Cargo Insurance

Types of Marine Cargo Insurance Policies

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:

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  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

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  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

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  Addition covers Insured can opt are as below

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  War & SRCC (Import & Export)

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  SRCC (Inland Transit)

Exclusions: Applicable to all policies

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  Loss or Damage caused by intentional misconduct of the Insured

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  Natural loss or wastage during transit, such as minor leaks

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  Deterioration due to normal wear and tear

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  Loss or damage caused by the inherent nature or condition of goods

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  Any Loss or damage caused by delays in transit

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  Loss or Damage resulting from Unfitness of vessel or craft

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  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)

Exclusions: Applicable to all policies

• 

  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

Why Choose Us for Marine Cargo Insurance?

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.