Marine Insurance Policy
We Cover
  • Any loss or damage to goods in transit by Rail, Sea, Road or Air.
Who can Insure
  • Owners or bankers of goods in transit/shipment.
What is Insured?
  • Export and import shipments
  • Goods in transit by rail, sea, road or air
  • Goods carried by coastal vessels plying between the various ports within the country
  • Cargo transported by small vessels or country craft over inland waters
  • Goods moved from place to place by river or land transport
Insured against what Risks

The policy covers loss/damage to the property insured due to

  • Fire or explosion; stranding, sinking etc.
  • Overturning, derailment ( of land conveyance)
  • Collision
  • Discharge of cargo at port of distress
  • Jettison
  • General average sacrifice, salvage charges
  • Earthquake, lightning
  • Washing overboard
  • Sea, lake or river water
Premium Rating

The normal basis of valuation for ocean/air consignment will be C&F + incidentals up to a percentage which is agreed upon at the inception of the policy ( normally this is 10 %)

Institute Cargo Clauses (C)
  • Fire or explosion;
  • Vessel or craft being stranded, grounded, sunk or capsized.
  • Overturning, derailment (of land conveyance)
  • Discharge of cargo at port of distress
  • Jettison
  • General average sacrifice
Institute Cargo Clauses (C)
  • Provides cover under ICC(C)
  • Additional risks
    • Earthquake, volcanic eruption or lightning
    • Washing overboard
    • Entry of sea, lake or river water into vessel.
    • Total loss of package lost overboard or dropped in loading or unloading
Institute Cargo Clauses (A)
  • Provided cover for all risks of loss or damage except the following exclusions.
  • All risks means losses which are caused by accidental circumstances
  • Under ICC (C) and (B) the risks covered are specified.
  • Loss caused by willful misconduct of the insured.
  • Ordinary leakage, ordinary loss in weight or volume or normal wears and tears.
  • Loss caused by inherent vice or nature of the subject matter.
  • Loss caused by delay.
  • Loss arising from insolvency or financial default of owners of the vessel.
  • Loss or damage due to inadequate packing
  • War, riot, strike, lock-out, civil commotions and terrorism.
  • Particulars of cover liability and exclusion given above are not complete or exhaustive.
  • Our nearest Branch Office may be approached for complete details