Marine Insurance- Specific Policy
Marine insurance- Specific Policy covers specific goods for a specified journey/voyage. In this policy, the cargo, name of the ship, its value, port of loading as well as discharge are all known and the risks are also well defined.Read more
Get ₹10 lakh Marine Insurance @ ₹591/transit*
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*Premium varies on the basis of Occupancy, Business Activity & Coverage Type
Highlights of Marine Specific Policy
Here are some of the highlights of marine specific policy:
- The buyer gets coverage for specific voyage under a specific policy as and when required.
- In order to evaluate the risk, the buyer must provide details of commodity, conveyance mode, packaging, voyage details as well as the value of the commodity.
- The premium of the marine specific voyage policy is paid before the beginning of the journey.
Marine Specific Policy Coverage
This insurance policy covers all risk according to ICC (A)/ITC (A) and Basic cover according to ICC (B)/ITC (B). Apart from this any damage caused due to accident of the carrying conveyance and fire damage during the journey.
The rate of premium is decided according to the terms of cover. However, basic cover premium would be lower than all risk cover. Here are the following risk covered if the insured pays an additional premium amount:
- War & SRCC (Strikes, Riots, & Civil Commotion in Import and Export)
- SRCC (Inland Transit)
- TNPD (Theft, Pilferage & Non-delivery) in basic cover only
- Storage coverage for storage of goods before the delivery of cargo to the final destination
Marine Specific Policy Does Not Cover
The exclusions under marine specific voyage policy are as follows:
- Ordinary weight loss
- Ordinary leakage in case of liquid cargo
- Ordinary wear and tear
- Wilful misconduct of the assured
- Improper packaging
- Insolvency of carrier
- Inherent vice
- Nuclear weapons
- Deliberate damages
- Rats and Vermin