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

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

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