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MARINE CARGO INSURANCE

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WHY MY CLAIM GOT REJECTED?


Inflated and fraudulent claims. Don’t inflate your claims. Most policies carry a forfeiture clause, so if you are caught out, you may have to forfeit all benefits under the policy – in other words, the insurer is entitled to repudiate the entire claim,

Marine Cargo Insurance is a best protection for your cargo providing comprehensive coverage to international or domestic shipments protected from the time the goods leave the seller’s warehouse until they reach the Buyer’s warehouse. Mainly there are following three types of Transit

  • Inland Transport
  • Import
  • Export

The types of policies issued to cover these transits are:
Type of policies
Annual Turn Over Policy: ATOP by agreement covers transit of raw material, semi finished & finished products pertains to insured's trade i.e. Export, Import, Inter Depot movement incidental storage from originating point to destination point on seamless basis. Key features of ATOP are:-
Sizeable saving in premium, which is charged only on your sales turnover.
Seamless cover with all movement of goods automatically covered.
No hassles of submitting periodical declaration of movements to the insurer. Only monthly/Quarterly sales figures needs to be submitted.
Facility for payment of premium on half-yearly / quarterly basis.
Specific Voyage: In Marine Insurance specific policies are issued to cover a specific single transit. Cover ends as soon as arrival of cargo at destination.
Open Policy: It is an Annual Cargo Insurance Contract expressed in general terms and effected for a round sum sufficient to cover a number of dispatches until the sum insured is exhausted by declarations. The Open Policy, also known as the Floating Policy, saves the assured the inconvenience of affecting individually the insurance of goods dispatched within the country. The policy may cover both incoming and outgoing consignments from anywhere in India to anywhere in India. The sum insured under the policy should ordinarily represent the assureds estimated annual turnover of the goods.
Annual Policy: Annual policy is granted in respect of goods belonging to the Assured and or held in trust by the assured and not under contract of sale and or purchase which are in transit by road or rail from specified depots /processing units to other specified depots /processing units.

Important features of Annual Policy are-

  • Insurable interest to remain with insured
  • Policy not assignable or transferable
  • Issue of Annual policy to transport operators/contractors, clearing and forwarding agents
  • Prohibited Policy is subject to the condition of average

Open Cover: An open cover is an agreement (not a policy) whereby the insurer will accept insurance of all shipments made by the assured, within the terms of the cover for a fixed period, usually for 12 months. Being an agreement, it is not stamped. However, stamped policies or certificates of insurance are issued against the declaration made by the assured. The open cover is of great convenience to the clients engaged in regular import/export trade.

ADDON COVER

  • Inland transit policies can be extended to cover the following perils on payment of additional premium :
  • SRCC - Strike, riot and civil commotion (including terrorist act)
  • FOB - Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel , this extension can be taken.

  • Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.Top

  ADVISOR AND CONSULTANT