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Marine Insurance Policies Overview

This document provides information on marine cargo insurance policies and coverages. It discusses key features such as freely negotiable premiums based on turnover, commodity type, and transport mode. It also outlines various policy types including marine open cover, marine open policy, custom duty policy, and increased value policy. The document describes important clauses, terms, and required claims documentation for marine and inland transit cargo insurance claims.

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Jinesh Shah
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343 views18 pages

Marine Insurance Policies Overview

This document provides information on marine cargo insurance policies and coverages. It discusses key features such as freely negotiable premiums based on turnover, commodity type, and transport mode. It also outlines various policy types including marine open cover, marine open policy, custom duty policy, and increased value policy. The document describes important clauses, terms, and required claims documentation for marine and inland transit cargo insurance claims.

Uploaded by

Jinesh Shah
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

WELCOMES

YOU
FEATURES
 Non tariff, hence
 Rating depends upon-

 A) turnover

B) Nature of commodity, its packaging


C) Voyages & mode of transport
D) Previous claim experience
E) Total potential Premium
CHARACTERS
 FREELY NEGOTIABLE
 COLLATERAL SECURITY
 COVERS- *COST
*INSURANCE
*FREIGHT *CUSTOM
DUTY *INCIDENTALS UPTO
10%
TYPE OF POLICIES
 Marine Open Cover
 Marine Open Policy

 Custom Duty Policy

 Increased Value Policy

 Seller’s Contingency
CLAUSES
 ICC – A/B/C
 ITC – A/B/C
 WAR & SRCC
 SRCC
 IRCEC CLAUSE
 CLASSIFICATION CLAUSE
 SPECIAL TRADE CLAUSES
 ISM CLAUSE
OTHER TERMS
 BOTH TO BLAME COLLISION CLAUSE
 DELAY IN TRANSIT

 CHANGE OF VOYAGE

 TRANSHIPMENT/RESHIPMENT

 INSURABLE INTEREST

 LOST OR NOT LOST

 CARRIER’S/ BAILEE’S LIABILITY


MARINE
INLAND TRANSIT
INLAND TRANSIT
(RAIL OR ROAD) CLAUSE - A

 ALL RISK OF PHYSICAL LOSS OR


DAMAGE TO SUBJECT MATTER
INSUED EXCEPT PROVIDED IN
EXCLUSIONS
Increased value policy
 Only for goods imported to India
 insurance on C.I.F value of cargo itself and on the
same risk as per cargo policy
 No cover is granted after arrival of the ship at
destination port
 Subject to all extra as applicable to cargo policy
 Policy is not assignable
 This insurance is not for agreed value
 Insured is required to bear 25 % of the claim
amount payable under this component
 G.A contribution claim and salvage charges are
not payable
 Claim under this policy is payable only when
claim of cargo policy is payable
Marine Open Cover
 It is not a policy. It is an agreement.
 Stamped policy or certificate are issued

under OC.
 Coverage as per ICC(A) all risk
Marine Open Policy
 No Minimum S.I. Under the policy
Applicable to inland transit only
 Slab-wise discount is available upto 50%

 Facility of declaration is available

 Policy is adjusted on actual S.I after its

expiry
Custom duty policy
 It is not an agreed value policy
 It is a policy of pure indemnity

 Can be issued in conjunction with

cargo policy
 Rate of premium 75% of cargo

premium rate
Basis of valuation
 Usually CIF
 Up to 10% of the CIF can be covered which

is optional
Ex/Im Marine Claims Documents
 Original policy/certificate duly endorsed by
Insured/Consignee
 Singed copy of sale invoice with packing list
 Copy of bill of entry & B/L
 Lost over board certificate in case of loss during
loading Short landing/non-delivery certificate
from the carrier
 Ship survey/port survey wherever required
 Copies of claim notice on the carrier with A/D
cards signed by the carrier
 Survey report
 Claim form duly filled in
General Average claims
 General Average guarantee bond
 Counter Guarantee by the Insured
Documents for claim on open
policy
 Copy of declaration
 Survey report
 Damage certificate from carrier
 Copy of claim notice on carrier with A/D card
 Copy of invoice
 Packing list
 Claim bill
 Copy of lorry receipt/ railway receipt
 Claim form duly completed by Insured

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