Marine Insurance: Increased Value Policy
The policy is designed to cover the increase in market value of cargo which is more than the cost of insurance + the value of Custom Duty on the date of arrival of goods in India. The policy is not an agreed value basis, the sum insured should be the difference of value at the market and the cost of insurance + the value of Custom Duty on the date of arrival of goods.
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Highlights of Increased Value Policy
Here are some of the highlights of Increased Value Policy:
- The policy indemnifies the importer for the increased value of their cargo as a result of higher market conditions.
- This increase in value must be established by appropriate statutory authority.
- In order to be eligible for this policy, the importer must have a cargo insurance policy in place on CIF value.
- The Increased Value Policy will always be settled on 75% basis.
- The policy is not granted for more than 100% of CIF value of the cargo.
- The premium rate under Increased Value policy is always same as per the cargo policy.
Increased Value Policy Coverage
Increased value policy provides coverage for the following:
- The Increased Value policy is always issued along with a cargo policy
- No claim under the increased value policy shall trigger unless the liability is admissible under the cargo policy
- The terms of cover and exclusions are also applicable at per with the cargo policy
Written By: PolicyBazaar - Updated: 01 May 2023
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