member login

back
Marine Insurance Policy

When it comes to marine insurance, it can provide you customised solution as per your business needs. In any business, goods in transit are always vulnerable to various risks that could result in enormous financial loss. With the increase in cargo theft, piracy and cases like fire, explosion and many other risk elements, it’s imperative to have a proper risk management tool in place to protect your business. Being one of the oldest insurance solutions, marine insurance can be a perfect solution to protect your business from all these shipping related perils. Secure your cargo and property against all the risks and damages by availing tailored marine insurance policy.


Who Can Buy Future Generali India Insurance Marine Policy?

  • Any business that is associated with transit of goods and merchandise can buy marine insurance policy.
  • Basically, right marine insurance policy is imperative for any cargo owners, goods manufacturers, importers, exporters, traders, transporters and custom agents.
  • Anyone who is exposed to risks associated with transit of goods can safeguard themselves financially by availing a well-structured marine policy.

Scope and Coverage of Future Generali India Insurance Marine Policy?
Marine insurance policy provides ‘all risk’ coverage for your business against various perils related to goods in transit. Coverage in marine policy is extended for goods that are being transported through any of the four transportation modes- road, rail, air and sea. It can structure or design the marine policy depending on the nature and scope of your business. The company offers marine insurance policies in various forms or types. Mainly, there are two types of coverages offered under marine policy.

Normal cargo policy
Its comprehensive policy that protects the cargo or consignment during both domestic and international transits including the storage cover. The policy can be designed or structured depending on the complexity and the extent of exposure. The policy also provides customised global claim survey and settlement response. You can obtain marine insurance certificate for this policy. Policy can be availed in two ways-


  • Open policy: This type of policy is designed to cover all the shipments during the particular policy term (usually not more than a year).
  • Specific policy: This type of policies covers only a specific voyage. Coverage for the insured will no longer exist after the specific consignment reaches the final destination.

Project cargo policy
These policies are designed to meet the specific needs of every type of project to deal with various risks like delay in start-up due to damage to critical components during transit. Again, these policies can be availed as both open policy and specific policy.

Inclusions

Exclusions

1  Policy covers losses and damages of ships, terminals, cargo when the goods are being transported by road, rail, water and air.

1  Any loss or damage caused to subject matter insured due to wilful act of wrongdoing and negligence.

2  Policy covers loss or damage to subject matter insured caused due to man-made disasters like violence, piracy of ships and cargo theft etc

2  Any loss or damage caused to subject matter insured due to delayed arrival of consignment or cargo. For example, a market loss due to delay.

3  Policy covers loss or damage to subject matter insured caused due to natural calamities like earthquake, hurricane, tornado, typhoon, flood, cyclone, fire, explosion etc

3  Any loss or damage caused to subject matter insured due to inadequate packaging of items or goods. For example, any damage to fragile items that are improperly packed.

4  Policy provides coverage for uncontrollable events like sinking and stranding of ships, bad weather resulting in loss or damage to insured property.

4  Financial loss caused due to unavoidable losses such as evaporation and shrinking in the bulk consignment

5  Policy covers loss or damages caused to subject matter insured due to collision, overturning or derailment of land conveyance.

5  Any loss or damage caused to subject matter insured due to war and nuclear related perils.

6  Policy also includes disposing functions in the ship like washing overboard and jettison.

6  Any loss or damage caused to subject matter insured due to violence such as strikes and riots and civil commotion

7  Some general expenses like forwarding expenses, survey fees, sue charges and reconditioning costs etc. are covered under the policy

7  Shipment of dangerous drugs

8  Loss of package or damage to consignment at the time of loading or unloading

8  Any loss or damage due to an attack from biological, biochemical and electromagnetic weapons.

However, war exclusions and strikes can be included for coverage by paying extra amount of premium.

All right reserved © 2020 www.capitalhouse.in