Corporate Insurance

Marine Cargo - Specific Transit

Highlights

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

This Policy covers physical loss or damage to insured goods during transits by

• Sea
• Post or parcels
• Rail/Road/Air.

Goods (merchandise) dispatched by rail or road from any place in India to any place in India (not in conjunction with an overseas voyage) are subject to Inland Transit (Rail/Road) Clause A,B & C.

The brief coverage is as under:

• Inland Transit (Rail or Road) Clause – A (All Risks): Covers All Risks of Physical loss or damage subject to exclusions


• Inland Transit (Rail or Road) Clause – B (Basic Cover): Covers Physical loss or damage caused by:


• Fire, Lightning, Breakage of Bridges
• Collision with or by the carrying vehicle, derailment or accidents of the like nature to the carrying railway wagon/vehicle.


• Inland Transit (Rail or Road) Clause – C: Covers Physical loss or damage caused by


• Fire
• Lightning

Optional Extensions

• For Inland Transit: Strike, Riot and Civil Commotion


• 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)

Salient Features

• The policy is assignable (except in case4 of Seller’s Interest Insurance)
• The Sum Insured 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


• Specific Transit.
• Marine Open policy with periodical declarations and
• Sales Turn Over Policy with quarterly statements.

Exclusions

• Willful 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

Note : Policy details given are indicative, not exhaustive. Please contact your nearest Arunaya office for further details.