Marine DSU Policy (Delay in Startup)

The policy related to the procurement of project materials is in effect for the Marine Policy. This policy covers contractual and financial risks of the client apart from the physical risk of a particular project.

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Highlights of Marine DSU Policy

Here are some of the highlights of this policy:

The Marine DSU is designed to protect and indemnify the principal or owner.
The policy indemnifies for the actual loss of Gross Profit if start-up of the project is delayed beyond the schedule date.

The Marine DSU policy is based on Material Damage Claims because of the following reasons:

The policy covers loss or damage or delay in arrival of the project cargo
The policy also covers loss or damage or mechanical breakdown of Hull and / or Machinery and / or equipment of vessel / carrying conveyance
The policy also covers loss or damage because of risks covered under an Air Craft All Risk Policy and War / SRCC
Carrying conveyance being involved in General Average, Salvage or lifesaving operation.

Marine DSU Policy Coverage

This marine insurance policy provides coverage for the following:

Marine DSU perils follow the cover provided under ICC (A) and War /SRCC.
On deck shipments or critical project items are subject to pre-shipment survey as long as there is material damage loss under cargo insurance section policy.

Marine DSU Policy Does Not Cover

The policy does not provide coverage in the following conditions:

Delay because of financial shortfall
Delay because of requisition/restrictions by public authority
Delay because of any changes made to project cargo after damage
Delay as a consequence of destruction or damage by any public authority
Delay because of damage to contractor’s equipment, materials
Delay because of cancellation of lease, Import License etc.
Delay because of fines, penalties and liquidated damages
Delay because of delay in obtaining Policy deductible

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4.3

out of 5

Based on 114 reviews

14 users

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3.8 April 20, 2023

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Umang

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Disclaimers⁺
*Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport. Premium varies on the basis of Occupancy, Business Activity & Coverage Type
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The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.