Marine Insurance

We help in finalizing the Best of insurance covers for minimum premium.

Marine Insurance

  • We help in finalizing the Best of insurance covers for minimum premium.
  • We also help Insurers for better understanding of risks and negotiate for better terms.
  • Below given are some of the most commonly sought after policies in respect of Property insurances

The export import policy provides the international covers defined under Institute Cargo Clauses (ICC). The covers called ICC (A), ICC (B) and ICC (C) clauses cover different levels of risks and are universally understood. The insurance plan covers Perils like fire, lightning, stranding, grounding, sinking or capsizing of vessel, earthquake and many more, under these clauses. Maritime, Extraneous and Strike perils can also be covered under the export import insurance policy.

The export import insurance goes by internationally accepted practices of total and average loss while estimating the loss value. The total loss can arise when the subject matter is destroyed or lost forever or the damage is so extensive that it is uneconomical to repair the same. Average loss occurs when a part of the subject matter is damaged.

You can opt between different export import policies like specific, open and duty policy according to your requirement. The specific policy is issued for a specific transit and the insurance expires once the transit is over. Open Policy covers all the shipments over a period. Duty policy covers custom duty incurred in case of import. Sales Turnover insurance provide an umbrella cover within a specific sales turnover limit. The export import insurance policies are easy to administer and covers raw material and finished goods

This inland marine insurance policy also covers inland movement of consignments for specified period of time which is usually one year. This policy is suitable for companies with numerous transactions throughout the year and provides continuous cover.

Provides protection against different types of losses:

  • Total loss of goods
  • Partial loss of goods
  • Related expenses while still in transit.

 

Insurance can be customized. The different types of policies are:

  • All Risk Cover – covers risks and damage to goods against all risks
  • Limited Extension cover which provides some extensions like risk against strike, violence & civil commotion
  • Basic risk cover- example, fire or lightning risk cover only.

An element of profit can also be included in the sum insured which is allowed by the insurers. This is referred to as mark up in Marine Insurance parlance

The marine hull insurance covers damage or physical loss to your vessel, its equipment, engines and machinery. On paying additional premium you can cover the loss and damage due to terrorism, business interruption, third party liability and many more perils. The marine hull policy is highly customizable. It can cover vessels on the oceans, within rivers or operating in ports. An extension to cover the vessel in dry docks is also possible.

The marine hull insurance policy can cover inland vessels that use inland waterways. Marine policies cover perils like fire, explosion, collision, piracy and raising, removal or destruction of wrecks.

The marine hull insurance policy covers all types of ships and vessels like ocean going vessels, coastal and inland vessels, port crafts and sailing vessels. The scope of cover includes all risks related to Hull and Machinery, floating dry docks, shipbuilding and ship-breaking risk, freight and Protection and Indemnity (P & I) liabilities.

The claim settlement under a marine hull insurance policy is detailed. Documentation must be done carefully. Any delay in claim settlement can be escalated to us through our mobile app or contact number. We will ensure that the claim documentation is complete and the claim process happens fast and hassle free

The specific transit insurance policy provides cover for a single trip. Cover ceases to apply as soon as the cargo arrives at its destination. The policy is ideal for business owners who send out cargo items infrequently.

It is a freely assignable policy, offering different forms of coverage that may vary from All Risk Cover with ITC-A clauses to more specific Fire Risk Only Cover using ITC-C clauses.

You can take cover for all forms of contracts which are – FOB (Free on Board), C & F (Cost and Freight), CIF (Cost, Insurance and Freight). In case of FOB & C&F the buyer is responsible for the insurance, whereas in case of CIF, the seller is accountable for the insurance.

In case of export or import, specific transit, policy applies to the physical loss and damage of cargo in transit via sea, rail, road & air under internationally recognized Institute Clauses A, B & C

GET IN TOUCH

CALL US!