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MARINE CARGO SPECIFIC VOYAGE

Marine Cargo Specific Voyage Policy covers goods (machinery, raw materials, finished goods etc.) during transit under a contract of affreightment.

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Additional Covers

Covers all risks of loss or damage subject to exclusions.

Covers physical loss or damage caused by Fire, lightning and breakage of bridges. Collision with or by the carrying vehicle, derailment or accidents of the like nature to the carrying railway wagon/vehicle.

Covers physical loss or damage caused by Fire and lightning

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What's Covered

Primarily, this policy covers physical loss or damage to insured goods during transits by

sea
post or parcels
rail/road/air

All overseas transits are subject to Institute Cargo Clauses given by the Institute of London Underwriters.

A All risk cover
B Wider cover
C Basic cover

The brief coverage is as under:

Risk

Stranding, grounding, sinking or capsizing
- A
- B
- C
Overturning or derailment of land conveyance
- A
- B
- C
Collision of ship or craft with another ship or craft
- A
- B
- C
Contact of ship, craft or conveyance with anything other than ship or craft (excludes water but not ice)
- A
- B
- C
Discharge of cargo at port of distress
- A
- B
- C
Loss overboard during loading/discharge (total loss only)
- A
- B
- C
Fire or explosion
- A
- B
- C
Malicious damage
- A
- B
- C
Theft/ pilferage
- A
- B
- C
General average sacrifice
- A
- B
- C
Jettison
- A
- B
- C
Washing overboard (deck cargo)
- A
- B
- C
War risks
- A
- B
- C
Seawater entering ship, craft, hold,conveyance container lift van or place of storage
- A
- B
- C
River or lake water entering same
- A
- B
- C

What's Not Covered

While every effort is made to deliver the best possible service to you, Marine Cargo Policy does not cover:

Wilful misconduct
Ordinary leakage/loss in weight or volume , wear and tear
Improper packing
Inherent vice
Delay
Insolvency/financial default of carriers
War, strike, riot and civil commotion

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Extensions

Our product comes with the following extensions

A) For inland transit:

Goods (merchandise) dispatched by rail or road from any place in India to another domestic location (not in conjunction with an overseas voyage) are subject to inland transit (Rail/Road)
Strike, riot and civil commotion

B) For overseas transit:

War, strike, riot and civil commotion
Duty and increased value insurance

(for imports only)
Seller's interest insurance

(for exports with C&F or FoB terms only)

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Other Salient Features

This marine insurance policy is assignable
The sum is fixed on 'agreed value' basis; normally with a margin of 10% on invoice price for incidental expenses
The premium rates depend on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience
Policies can be issued for (a) Specific transit (b) Marine Open Policy with monthly declarations and (c) Sales Turn Over Policy with quarterly statements.