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Marine Cargo Insurance

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Please check Terms and Conditions.

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Marine Cargo Insurance Policy

It deals with the insurance of goods in transit through the following modes of transport -Sea, Rail, Road, Air, Inland waterways, Post Parcels.

What it covers?

  • The scope of cover under inland policies are determined by Inland Transit Clauses A, B, and C. While C covers the losses arising due to fire and lightning, B covers losses arising due to accident of the carrying vehicle besides whatever is covered in C. Inland Transit Clause A is an All Risk policy.

  • The scope of cover under inland policies is determined by Institute Cargo Clauses A, B, and C.

  • While C broadly covers the losses arising due to fire/ explosion/ sinking/ stranding/ jettison/ General Average, B covers losses arising due to earthquake, entry of seawater, washing overboard etc besides whatever is covered in C.

  • Institute Cargo Clause A is an All Risk policy.

  • All the policies are subject to certain exclusions like inherent vice, losses arising due to war and nuclear perils, etc.

  • The premium rate depends on various factors associated with the risk. Important amongst them are the nature of cargo, scope of cover, packaging, mode of conveyance, past claims experience, etc.

Type of Policies

  • While the movement of cargo within the country is covered under inland policies, cargo going out of India/ cargo coming to India from abroad areas is covered under overseas policies.
  • One has the option of covering the voyage under a specific policy. However, if the voyages are frequent and it is difficult/ cumbersome to take specific policies, option is also available to obtain coverage of all despatches under an open policy.

FAQs

What is the scope of the policy?

  • The scope of cover under inland policies are determined by Inland Transit Clauses A, B and C.
  • C broadly covers the losses arising due to fire/ explosion/ sinking/ stranding/ jettison/ General Average.
  • B covers losses arising due to earthquake, entry of sea water, washing overboard etc besides whatever is covered in C.
  • Institute Cargo Clause A is an All Risk policy.
  • All the policies are subject to certain exclusions like inherent vice, losses arising due to war and nuclear perils etc.
  • The sum insured is based on cost, insurance, freight and other incidental expenses. This is an agreed value policy.

What are the different type of policies?

While the movement of cargo within the country is covered under inland policies, cargo going out of India/cargo coming to India from broad are covered under overseas policies.

One has the option of covering the voyage under a specific policy. However, if the voyages are frequent and it is difficult/ cumbersome to take specific policies, option is also available to obtain cover of all despatches under an open policy.

How is Sum Insured decided?

The sum insured is based on cost, insurance, freight and other incidental expenses. This is an agreed value policy.

How is Premium Rate decided?

Premium rate depends on various factors associate with the risk. Important amongst them are nature of cargo, scope of cover, packaging, mode of conveyance, past claims experience etc.

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