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MARINE INSURANCE

WHAT IS A MARINE INSURANCE?

Marine insurance is essentially international and consequently a wide variety of “ adventures “ need to be protected. Marine insurance includes, insurance of ships under construction, transit of goods overseas, lakes, rivers & inland waterways and of land transit.

In the realm of cargo insurance, a variety of commodities in transit has to be protected, each with its particular hazards and special insurance needs. It is in order to adapt the standard form of the policy to meet all these insurance requirements that such a wide diversity of clauses is required.

During the sea voyage; the cargo may be exposed to various perils viz,

  • Fire or explosion
  • Overturning
  • Vessel or craft being stranded, grounded, sunk or capsized
  • Collision on or contact of vessel, craft or conveyance with any external object other than water
  • Discharge of cargo at a port of distress
  • Earthquake, volcanic eruption or lightning
  • General average sacrifice
  • Jettison
  • Washing overboard
  • Entry of sea, lake or river water into vessel, craft, hold, conveyance, container, liftvan or place of storage
  • Total loss of any package; lost overboard or dropped whilst loading onto, or unloading from, vessel or craft.
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There are 3 types of covers available ICC (A), ICC (B) and ICC (C); SRCC & War risks are optional

During the road/rail voyage, the cargo may be exposed to various risks viz,

  • Fire
  • Lightning
  • Breakage of bridges
  • Collision with or by the carrying vehicle
  • Overturning of the carrying vehicle
  • Derailment or accident of like nature to the carrying railway wagon/vehicle

There are 3 types of covers available ITC (A), ITC (B) and ITC (C); Strike, Riot & Civil commotion risk are optional

The below segment of people can avail the marine insurance for their domestic, exports and import operations

  • Manufacturers
  • Traders
  • Contractors of projects
  • Importers
  • Exporters
  • Logistic Operators
  • Bankers

Based on the terms of sale; either the buyer or the seller of the commodity can purchase the marine insurance. The most popular sale terms are C & F, CIF, FOB, Ex-factory or Ex-works.

Type of covers available under Marine Insurance:

  • Marine Cargo specific voyage policy
  • Marine Cargo (Open) policy
  • Marine Cargo Open Cover
  • Marine Cargo STOP (Sales Turnover Policy)
  • Freight Insurance
  • Marine Hull Insurance

Underwriting factors of Marine Insurance:

  • Nature of Cargo
  • Packing
  • Vessel/Conveyance
  • Passage of Voyage
  • Valuation
  • Season/Duration
  • Terms of cover
  • Previous insurance/Claim experience
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Common Exclusions under Marine Insurance:

Loss, damage or expenses attributable to,

  • Wilful misconduct of the insured
  • Ordinary or inevitable losses
  • Inherent vice or nature of the subject matter insured
  • Insufficient, unsuitable or defective packing or preparation of the subject matter insured
  • Proximately caused by delay, even if delay be caused by a peril insured against
  • Insolvency or financial default of owners, managers, charterers or operator of the vessel
  • Nuclear fission and/or fusion or other like reaction or radioactive force or matter.
  • Unfitness of Vessel, craft, conveyance, container or liftvan for the safe carriage of the subject matter
  • Unseaworthiness of the vessel or craft.

As an IRDA licensed broking firm; we will suggest with best coverage with adequate price & on-line portal facility for printing of marine declarations at customers’ end with ease and user friendly process.

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