Marine Insurance
Marine Insurance covers the loss of goods whilst in custody of carrier and other third party in transit from one location to another under the contract of af-frieghtment. It is governed by Marine Insurance Act 1963.
Any person with insurable interest in the goods in transit can insure. Further the policy can be assigned freely to any person who acquires insurable interest dur-ing transit of the cargo.
- Exporters
- Importers
- Manufacturers
- Traders
- Merchant Exporters
- Contractors of Projects
- Logistics Operators
- C&F Agents
Marine insurance covers Movement of goods from one place to another
Within the country (Inland-Domestic)
Between India and other countries (Overseas-Export Import)
Between any two countries outside India (Mercantile Trade)
What is Covered?
There are 3 types of Institute Cargo Clauses-To be used for Export Import
| Risk | ICC-A | ICC-B | ICC-C |
|---|---|---|---|
| Fire, Explosion | Yes | Yes | Yes |
| Vessel Stranded, Grounded, Sunk | Yes | Yes | Yes |
| Overturning of conveyance on Land | Yes | Yes | Yes |
| Collision with external object other than water | Yes | Yes | Yes |
| Discharge of cargo at port of distress | Yes | Yes | Yes |
| Earthquake, Lightning | Yes | Yes | No |
| General Average | Yes | Yes | Yes |
| Jettison | Yes | Yes | Yes |
| Washing overboard | Yes | Yes | No |
| Entry of sea, lake or river water | Yes | Yes | No |
| Total loss of any package lost overboard, while load | Yes | Yes | No |
| Any other risk not specifically excluded | Yes | No | No |
There are 3 types of Inland Transit Clauses-To be used for domestic move-ments
| Risk | ICC-A | ICC-B | ICC-C |
|---|---|---|---|
| Fire, lightening | Yes | Yes | Yes |
| Collision with or by the carrying vehicle | Yes | Yes | No |
| Overturning or derailment or similar accidents | Yes | Yes | No |
| Breakages of Bridge | Yes | Yes | No |
| Earthquake, volcanic eruptions | Yes | No | No |
| Flood, inundation | Yes | No | No |
| Any other risk not specially excluded | Yes | No | No |
What is covered?
- Past, present or future partner, director, officer or employee whilst con-ducting professional services
- Accidental Infringement of intellectual property rights
- Acts of dishonesty by anyone employed or contracted by you
- Loss of data or documents
- Defamation or any attempt of defamation
- Breach of privacy
- Advancement of costs and expenses within 30days
- Full severability of cover, wherein no fact pertaining to or knowledge pos-sessed by any insured person, shall be imputed to another insured person to determine available cover
- Extended Reporting Period available if the insured cancels or does not re-new
- Written demands for monetary damages in civil proceedings. It also ex-tends to cover formal investigations by regulatory bodies and arbitration proceedings; judgments, settlements, extradition and criminal proceedings
- Bankruptcy or insolvency of the insured shall not relieve the company of its obligation
- Coverage for acquired subsidiaries
- Coverage for spouses, heirs and representatives
How to claim your Insurance?
Claim documents – all claims
- Invoice & Packing list
- BL / Airway Bill / Lorry Receipt - copy of both the sides
- Copy of correspondence exchanged between Consignor & Consignee
- Claim Lodging Letter on carrier with acknowledgement
- Damage Certificate / Certificate of Fact – Original
