Marine Insurance

Marine insurance policy covers loss or damage to your goods while being transported by rail, road, air or sea. The policy compensates you for losses suffered and offers complete financial protection during the transit of your goods.

Why do you need Marine insurance?

The cargo can be damaged on exposure to a wide variety of risks, including an accident of the vehicle carrying the cargo, failure of the stevedores in the port area, and damage to the container that can be washed overboard.

Key Benefits of Marine Insurance

  • Comprehensive all-risks coverage
  • Worldwide claims survey and settlement assistance
  • Flexible coverage options available
  • Customized covers suitable for your needs
  • Extensions for riots and strikes, and other perils etc.

Types of Marine Insurance Policies

Mainly, there are four types of policies available under marine insurance. Let's understand their area of coverage in detail:

  • Annual Turn Over Policy: This policy covers transit of raw material, semi finished and finished products related to the trade of the insured, including import, export, incidental storage and inter-depot movement.
  • Specific Voyage Policy: Under this policy, the coverage is limited to a specific single transit. As soon as the cargo reaches its destination, insurance cover ends. It is suitable for those firms that do not often require marine cargo policies in the course of their trade.
  • Open Policy: It is an annual cargo insurance contract that covers all inland movement of consignments. Also known as floating policy, it is suitable for insured who tend to undertake numerous transactions throughout the year.
  • Annual Policy: This non-transferable policy provides coverage to the insured only if the goods they are carrying are not under the contract of sale or purchase.
  • Open Cover: This policy covers all marine consignments of a client in 1-year policy period where the voyage involved is import or export.

Coverage

The policy covers loss/damage to the property insured due to:

  • Fire or explosion, stranding, sinking etc.
  • Collision, overturning or derailment of land conveyance
  • Discharge of cargo at port of distress
  • General average sacrifice salvage charges
  • Expenses such as survey fees, forwarding expenses, reconditioning costs and sue
  • Jettison or washing overboard
  • Earthquake or lightning
  • Total loss of package lost overboard or dropped in loading or unloading

Who can take the insurance?

Parties involved in the business of movement of goods can avail the facility of marine insurance, such as:

  • Import/export merchants
  • Buying agents
  • Contractors and banks

What is not covered in marine insurance?

  • Loss or damage attributable to willful misconduct of the insured
  • Insufficiency or unsuitability of packaging of the cargo insured
  • Loss or damage due to any financial default or insolvency of the ship owner etc.
  • Ordinary leakage or wear and tear of the subject-matter insured
  • Loss caused due to delay of the cargo
  • War and SRCC (Strikes, Riots, and Civil Commotion)

How to make a claim?

Below are the steps you should follow in the event of a loss of or damage to goods insured:

  • Check what you can do to minimize the loss
  • Inform the nearest office of the insurer or claim settling agent stated on the policy documents
  • Arrange for joint ship survey or port survey in case of damage to goods while on ship or port
  • Lodge monetary claim with carrier within stipulated time period
  • Submit duly assigned insurance policy/certificate along with the original invoice and other documents required to substantiate the claim, such as :
    • Bill of Lading/AWB/GR
    • Packing list
    • Copies of correspondence exchanged with carriers
    • Copy of notice served on carriers along with acknowledgment/receipt
    • Shortage/Damage Certificate issued by carriers
  • Survey fee is to be paid to the surveyor appointed by the insurance company. This fee will be reimbursed along with the claim if the claim is otherwise admissible.
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