marine

WELCOMES

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FEATURES

Non tariff, hence Rating depends upon- A) turnover

B) Nature of commodity, its packaging

C) Voyages & mode of transport

D) Previous claim experience

E) Total potential Premium

CHARACTERS FREELY NEGOTIABLE COLLATERAL SECURITY COVERS-

*COST*INSURANCE

*FREIGHT*CUSTOM DUTY

*INCIDENTALS UPTO 10%

TYPE OF POLICIES

Marine Open Cover Marine Open Policy Custom Duty Policy Increased Value Policy Seller’s Contingency

CLAUSES

ICC – A/B/C ITC – A/B/C WAR & SRCC SRCC IRCEC CLAUSE CLASSIFICATION CLAUSE SPECIAL TRADE CLAUSES ISM CLAUSE

OTHER TERMS BOTH TO BLAME COLLISION CLAUSE DELAY IN TRANSIT CHANGE OF VOYAGE TRANSHIPMENT/RESHIPMENT INSURABLE INTEREST LOST OR NOT LOST CARRIER’S/ BAILEE’S LIABILITY

MARINEINLAND TRANSIT

INLAND TRANSIT (RAIL OR ROAD) CLAUSE - A

ALL RISK OF PHYSICAL LOSS OR DAMAGE TO SUBJECT MATTER INSUED EXCEPT PROVIDED IN EXCLUSIONS

Increased value policy Only for goods imported to India insurance on C.I.F value of cargo itself and on the

same risk as per cargo policy No cover is granted after arrival of the ship at

destination port Subject to all extra as applicable to cargo policy Policy is not assignable This insurance is not for agreed value Insured is required to bear 25 % of the claim

amount payable under this component G.A contribution claim and salvage charges are

not payable Claim under this policy is payable only when

claim of cargo policy is payable

Marine Open Cover It is not a policy. It is an agreement. Stamped policy or certificate are issued

under OC. Coverage as per ICC(A) all risk

Marine Open Policy No Minimum S.I. Under the policy

Applicable to inland transit only Slab-wise discount is available upto 50% Facility of declaration is available Policy is adjusted on actual S.I after its

expiry

Custom duty policy It is not an agreed value policy It is a policy of pure indemnity Can be issued in conjunction with

cargo policy Rate of premium 75% of cargo

premium rate

Basis of valuation Usually CIF Up to 10% of the CIF can be covered which

is optional

Ex/Im Marine Claims Documents Original policy/certificate duly endorsed by

Insured/Consignee Singed copy of sale invoice with packing list Copy of bill of entry & B/L Lost over board certificate in case of loss during

loading Short landing/non-delivery certificate from the carrier

Ship survey/port survey wherever required Copies of claim notice on the carrier with A/D

cards signed by the carrier Survey report Claim form duly filled in

General Average claims

General Average guarantee bond Counter Guarantee by the Insured

Documents for claim on open policy

Copy of declaration Survey report Damage certificate from carrier Copy of claim notice on carrier with A/D card Copy of invoice Packing list Claim bill Copy of lorry receipt/ railway receipt Claim form duly completed by Insured