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Accidents Happen. That's why buy Marine Insurance

Does your Business involve Exports and Import of Goods either by Rail, Air or Sea? Have you faced situations where these Goods have been Damaged either by Ingression of Sea-Water during a Voyage or a Fire?

Has your Consignee ever refused to accept Goods as they were in a Damaged Condition? Such instances must have resulted in Significant Losses for your Business.

Whenever Goods are being transported, they are exposed to various Risks during Transit and even while Loading and Unloading. The Ship or the Vehicle carrying the Cargo may catch Fire or may be involved in an Accident. It may be attacked by Pirates at Sea or may Collide with Other Goods. Such occurrences result in substantial financial losses for the Cargo Owner.

Solution

A Marine Insurance Policy is the best option to protect your Cargo from any Damage that may occur to Goods whilst in Transit

Accidents Happen. That's why buy Marine Insurance

What is Marine Insurance?

A Marine Insurance Policy provides cover for the Damage caused to the Cargo whilst in Transit. It is extremely important to secure your Cargo in today’s times of increasing trade as Damage to the Cargo might result in substantial financial losses.

What are the different types of Marine Insurance Policies?

  1. Single Transit Policy/Specific Voyage Policy
  2. Marine Open Policy
  3. Sales Turnover Policy
  4. Duty Policy
  • Single Transit Policy/Specific Voyage Policy
    This type of Policy is issued for a Specified Transit. The Insurance Cover ceases once the Goods are delivered to the Destination mentioned in the Policy.
  • Marine Open Policy
    This type of Cover is applicable for Businesses having Substantial Turnover requiring Continuous Dispatches of Cargo. In such a case, getting a Single Transit Policy for each and every Dispatch is inconvenient and cumbersome. An Open Policy solves this problem by enabling Automatic and Continuous Cover for the Cargo while the Insured declares the Cargo movement at Pre-Decided Intervals.
  • Sales Turnover Policy
    A Sales Turnover Marine Insurance policy covers the Company’s Turnover compared to Standard Marine Insurance Policies which cover the Value of Cargo. A Sales Turnover Marine Insurance policy is meant to cover Exports and Imports together in a Single Policy under the ITC and ICC Clauses. Such Policies are issued for Large Businesses.
  • Duty Policy
    A Duty Policy is applicable for Imports into India only. If the Cargo is Damaged during Transit from the Unloading Port to Importer’s Warehouse, a Marine Cargo Insurance Policy would be insufficient as it would cover only the Value of the Cargo whereas the Buyer would also suffer substantial losses on account of the Customs Duty paid once the Cargo lands at the Port. A Duty Insurance Policy would reimburse the Customs Duty that would have been paid for the Damaged Cargo.

What are the coverages under a Marine Insurance Policy?

A Marine Cargo Insurance Policy compensates the Insured Party on account of any Damages or Losses that happen to the Cargo whilst in the course of Transit.

Marine Insurance provides cover under the 3 types of Institute Cargo Clauses as mentioned below:

  • Institute Cargo Clauses (A)
  • Institute Cargo Clauses (B)
  • Institute Cargo Clauses (C)

These 3 Institute Cargo Clauses provide different level of covers as mentioned in the table below:

What are the coverages under a Marine Insurance Policy?

What are the major exclusions under a Marine Insurance Policy?

Marine Insurance Policy normally excludes Damage to the Cargo on account of the following:

Exclusions under a Marine Insurance Policy

Loss or Damage to the Cargo which can be attributable to the Willful Misconduct on the Insured

Loss or Damage to the Cargo on account of Ordinary Wear and Tear

Loss or Damage to the Cargo on account of Inherent Vice or Nature of the Insured Cargo

Loss or Damage to the Cargo on account of Insufficient or Unsuitable Packaging Material used

Loss or Damage due to Delay even though the Delay is Caused by a Peril Insured Against

Loss or Damage due to Insolvency or Financial Default of the Owners, Managers, Charterers or Operators of the Vessel

How to make a claim under a Marine Insurance Policy?

The Insured will need to provide the following documents when Filing for a Claim under a Marine Insurance Policy:

  • Original Policy/Certificate
  • Original or Signed Copy of Invoice
  • Copy of Bill of Lading
  • Bill of Entry
  • Pre-Shipment Survey/Inspection Report
  • Extract from Log Book/Copy of Master’s Report (if Vessel sustained Casualty/ Rough Weather)
  • Lost Overboard Certificate, if Cargo is Lost Overboard
  • Copy of Monetary Claim on the Carrier
  • Acknowledgement for the Claim Letter from Carrier
How to make a claim under a Marine Insurance Policy?
Instant Quotes
Instant Quotes
Comprehensive All Risk Cover
Comprehensive All Risk Cover
Experienced Technical Staff
Experienced Technical Staff
Dedicated Account Manager
Dedicated Account Manager
Marine Loss Control Engineering
Marine Loss Control Engineering
Identify Potential Hazards
Identify Potential Hazards
All modes of Transport Covered: Road, Rail or Air
All modes of Transport Covered: Road, Rail or Air

Secure your Cargo with Indias Leading Marine Insurance Broker

Qian is an experienced Insurance Broker for Marine Insurance having worked with a variety of corporates for their Cargo Insurance needs.

Our experts are well-versed with the various clauses and nitty-gritties of a Marine Insurance Policy.

Qian is empanelled with all the Major Insurance Companies in India thus enabling us to source Competitive Quotes with the widest possible coverages for our clients. You can be assured of Proven Claims Assistance with regards to any Damage that occurs to Goods-in- Transit.

Looking for an experienced Marine Insurance Broker to assist you with your Marine Cargo Insurance?

Request a FREE 1 HOUR consultation at support@qian.co.in or 022-22044989 or fill this Contact Form for your Marine Insurance requirements. We will get back to you within 24 hours, guaranteed.

Secure your Cargo with Indias Leading Marine Insurance Broker

FAQS

The responsibility of arranging a Marine Cargo Insurance depends on sale contract terms such as Free on Board, Cost and Freight (C&F), Ex-Works and Cost Insurance and Freight (CIF) between the 2 parties.

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