Marine Open Declaration Policy enables you to insure all your goods in transit or shipment during the year under a single policy. This policy is of a huge advantage for logistic companies, for multiple transits during the year and a single insurance policy can cover the loss or damage of the cargo for multiple transits. Marine Open Declaration policies are of three types, covering the movement of goods from one place to another. Within the country (Inland) From India to a Country outside India (Export) From a Country outside India to India (Import)
There are several kinds of accidents that can occur while the goods are in transit. There are various kinds of risks involved during transportation of goods such as theft, collision, fire and natural catastrophe like earthquake and flood etc. To protect your goods during the transit period and during the unloading or off-loading, you need to buy a marine policy.
When an entity is dealing in multiple shipments in a year, it is very tough and time consuming for the insured to insure goods for each shipment. Rather, one can insure all goods in transit in a single open policy subject to periodic declaration.
A marine insurance policy offers comprehensive coverage for all potential perils. It ensures that goods exposed to damage are covered under the insurance policy.
The insurance policy comes with various options and is flexible. Policyholders can choose a policy as per their requirements and their budget.
Everything under ICC (C) and ICC (B) along with following coverages: Rainwater damage Piracy
Everything under ICC (C) along with the following coverages: Earthquakes, volcanic eruption, lightning Washing Overboard Entry of sea/lake/river water into vessel, craft, hold, place of storage etc Total loss of any package lost overboard or dropped whilst loading or unloading from vessel or craft
Fire or Explosion Vessel/Craft being stranded, grounded, sunk or capsized Overturning/derailment of land conveyance Collision or contact of vessel, craft or conveyance with an external object other than water Discharge of cargo at port of distress General average & salvage charges incurred to avoid loss from any cause except those excluded General average sacrifice Jettison
No need to coordinate with multiple points of contact and third parties. With Raghnall, you only need to stay in touch with us and no one else.
At Raghnall, we have specialized underwriters and product experts who take time to understand your business and offer the coverages suitable to your needs.
As a fully independent broker, we customize coverage catering to your needs and provide the best price for the most comprehensive coverage.
Entities dealing in multiple shipments of cargo, during the year should buy this insurance policy to protect the goods from loss or damage.
Those who sell goods can avail themselves of this policy as they need to transport goods to different parts of the country.
The policy can also be availed by those involved in the import and export of goods or transport across the country.
When availing yourself of marine cargo insurance, you need to consider the coverage it offers. This will ensure that you get a policy that provides the coverage you want and not one just for the sake of it.
Another thing to consider is whether the insurer has a healthy maritime claim department. It is essential because you don’t want your claim application stuck at their table.
When choosing the right Marine Cargo insurance policy, it is important to look at the surveyors and assessors’ network of the insurer. This is because if the claim goes beyond a certain defined limit, an assessor visits you to determine the exact damage.
The payable premium is another factor that needs your attention. You don’t want to pay a higher premium for your coverage.
A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type of shipment, the quantity of the shipment, and destination of the shipment being carried.
Single insurance policy which can cover loss or damage of the cargo for their multiple transit. Thus, Marine Open Declaration Policy enables you to insure all your goods in transit or shipment during the year in a single policy.
Every entity or individual dealing in shipment of cargo and they are involved in multiple shipments during the year can buy this insurance policy to protect the goods from loss or damage.
There are four types of cargo insurance policies. They are – Annual policy, specific voyage policy, open policy, and open cover.
Some of the major exclusions in the policy are: Wilful Misconduct of the Assured Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured Insufficiency or unsuitability of packing Inherent vice or nature of the subject-matter insured Delay Insolvency or financial default of owner, manager, charters or operators of the vessel Unfitness/ Unseaworthiness of carrying conveyance
No Terrorism is not covered in Marine open transit insurance.
Sum insured is the total value of the goods in transit including freight, taxes and any other port handling charges. This is the maximum amount that is payable in the event of a total loss of the insured cargo. The sum insured will comprise the following: Cost of the goods either on (CIF)/FOB/C & F (Depending on the INCO term) Clearing charges and internal freight Customs Duty
Per Sending limit represents the maximum sum insured amount that in the event of a claim of any one consignment or shipment whilst the goods are in the ordinary course of transit.
No, marine cargo insurance is not limited to only water transport. The policy also covers cargo transported via road, rail, and air.
Premium is calculated by multiplying the Sum insured with the defined rate of specific cargo. Premium is subject to total value of cargo insured and type of cargo.