Marine Insurance is a type of insurance that provides coverage against the losses or damages of cargo or goods during transportation between the points of origin to the final destination. Marine Insurance policy provides coverage for all means of transportation e.g. road, railway, air, sea, couriers, and postal service. The policy covers damage incurred to the cargo while it is grounded or in transit due to weather conditions, strikes, war, collision, sinking, navigation errors, etc. Marine Transit Insurance policy caters to the buyers who want to insure their goods for a single consignment.
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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 transit policy.
A marine cargo 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.
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Everything under ICC (C) and ICC (B) along with following coverages: Rainwater damage Piracy
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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
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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.
Business shipments are usually high in value and any damage can directly impact the business. Hence protecting the goods with transit insurance is necessary.
When it comes to an individual, relocation is regarded as one of the most stressful life events, be it for a job change or marriage. Any damage to the goods will only add up to the stress level. Transit Insurance provides a safety net in case anything happens to the consignment during transit.
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.
The following types of cover are available: For Import and Export Transits: Institute Cargo Clause – A (All Risk Institute Cargo Clause – B (Named Perils/ Basic Cover) For Inland (Transit within India): Inland Transit Clause – A (All Risk) Inland Transit Clause – B (Named Perils/ Basic Cover)
The marine insurance policy is generally based on six principles: good faith, indemnity, insurable interest, proximate cause, contribution, and subrogation.
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
Any person with insurable interest in the goods in transit can insure. Further the policy can be assigned freely to any person who acquires insurable interest during transit of the cargo. Exporters Importers Manufacturers Traders Merchant Exporters Contractors of Projects Logistics Operators C&F Agents
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 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.