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MARINE CARGO OPEN INSURANCE POLICY

We protect your goods in transit

At Magma, we understand the critical need for your cargo to arrive at the destination, safe and sound. Accordingly, our Marine Cargo Insurance Policy covers goods (machinery, raw materials, finished goods etc.) during transit under a contract of affreightment.

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Additional Covers

Clause A

Covers all risks of loss or damage subject to exclusions.

Clause B

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.

Clause C
Clause C

Covers physical loss or damage caused by Fire and lightning

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Primarily, this marine insurance 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

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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  • 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.

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