The Marine insurance provides protection against loss or damage of cargo or property while it is in transit, acquired, or held at any point between origin to the final destination. This policy provides coverage while transit takes place by any mode of transit like Sea, Rail, Road Air & Waterways.
Marine Policy is a security for your goods while they are in transit. This policy secures business goods & personal belongings that are being transported within the country.It covers your belongings against damage or loss happening anywhere from the source to destination.
The contract of sale would determine who buys the policy. The most common contracts are:
In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the purchaser. In ex works generally the buyer shall purchase insurance warehouse to warehouse.
A vast majority of Marine Cargo policies are based on Institute Cargo Clauses, that appear in three versions viz., ITC (A), ITC (B) and ITC (C). ITC (A) is based on ''All Risks'' while (B) and (C) are based on named-perils.
A client trading in high quality paper had a consignment of raw material badly damaged by heavy rain.
It was found on discussing with the surveyors that the proper covering on the truck was not maintained. It would have adversely effected the claim.
We convinced the insurance company that this was one solitary instance and otherwise the tarpaulin covering was always adequately done. The claim was paid accordingly.
It was made very clear to the client that the right kind of transporters should be used so that such occurrences do not recur.
Client deals in solar module. The module efficiency decreases if it falls due to micro cracks not apparent from external appearance.
Since testing had to be done on large number of sample modules, the cost of which was high. The cost of disposal latter was also extremely high. It was opined by the surveyor that both this costs will have to be borne by the insured.
We were able to Negotiate strongly with the surveyor that this cost testing and salvage was necessary for both the sites. It was eventually agreed that 50% of these costs will be paid to the insured.
Claim Preparation and Salvage Disposal add-on was advised to be taken in the policy.
The per sending limit signifies the maximum amount or value the insurance compan...
The Limit per Location signifies the maximum amount the Insurance Company shall ...
Thousands of cargo shipment from machinery, pharma equipment to bulk goods get t...