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.Read more
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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