Protection Against Financial Loss
Safeguards businesses from financial impact of cargo loss or damage during transit from accidents, natural disasters, theft, or other unforeseen events.
Risk Management
Transfers risk to insurer, allowing businesses to focus on core operations without worrying about potential losses from shipping goods, especially for high-value shipments.
Compliance with Trade Requirements
Many international trade agreements and contracts require Marine Cargo/Transit Insurance as standard practice, ensuring all parties are protected.
Ensures Business Continuity
Provides compensation in case of major loss, helping businesses recover quickly, minimizing disruptions and maintaining cash flow.
Enhances Credibility and Trust
Demonstrates commitment to protecting transported goods value, enhancing company credibility with clients and partners.
Flexibility in Coverage
Policies can be tailored to meet specific business needs, offering coverage for different goods types, routes, and transportation modes.
Marine Specific Voyage Insurance
Also known as single shipment or voyage policy, covers specific consignment during particular journey. Ideal for businesses with one-time or irregular shipments.
Key Features:
Marine Open Declaration Policy
Provides continuous coverage for all shipments within specified period, usually a year. Perfect for businesses with regular shipments.
Key Features:
Marine Annual Sales Turnover Policy
Offers coverage based on total value of goods shipped over a year. Simplifies insurance process for frequent shippers.
Key Features:
| Clause | Coverage Type | Jurisdiction | Ideal For | Typical Perils Covered |
|---|---|---|---|---|
| ICC-A | All Risks | International | High-value goods requiring broad protection | All perils except those specifically excluded |
| ICC-B | Named Perils | International | Goods exposed to moderate risks | Fire, explosion, theft, earthquake, etc. |
| ICC-C | Basic Named Perils | International | Basic goods with minimal risk | Fire, explosion, vessel sinking, collision, etc. |
| ITC-A | All Risks | Inland Transit | High-value goods during inland transit | All perils except those specifically excluded |
| ITC-B | Named Perils | Inland Transit | Goods with moderate risks during inland transit | Fire, explosion, theft, earthquake, etc. |
| ITC-C | Basic Named Perils | Inland Transit | Basic goods with minimal risks during inland transit | Fire, explosion, overturning, collision, etc. |
| Incoterm | Seller's Responsibility | Buyer's Responsibility | Seller's Insurable Interest | Buyer's Insurable Interest |
|---|---|---|---|---|
| EXW (Ex Works) | Minimal | Full Responsibility | None | From Pickup |
| FCA (Free Carrier) | Delivery to Carrier | Transport after Delivery | Until Delivery to Carrier | After Delivery to Carrier |
| CPT (Carriage Paid To) | Transport to Destination | Risk After Delivery to Carrier | Until Delivery to Carrier | After Delivery to Carrier |
| CIP (Carriage and Insurance Paid To) | Transport and Insurance | Risk After Delivery to Carrier | Until Delivery to Carrier | After Delivery to Carrier |
| DAP (Delivered at Place) | Delivery to Place | Risk After Delivery at Place | Until Delivery at Place | After Delivery at Place |
Railway Transport
Legal Section: Section 106 (Indian Railways Act)
Notice Period: Within 6 months from booking date. Non-delivery claims within 90 days from dispatch
Addressing: General Manager or Chief Commercial Superintendent via Registered Post A/D
Road Transport
Legal Section: Section 16 (Carriage by Road Act 2007)
Notice Period: Within 180 days from booking. Overseas claims within 7 days if damage not apparent
Addressing: Same person giving notice must file suit to avoid technical defenses
Sea Transport
Legal Section: Hague/Hague Visby Rules, Rotterdam Rules
Notice Period: Immediately upon discovery. Latent damage within 3 days of removal from port
Addressing: Steamer Survey/Joint Survey should be arranged immediately
Multi-modal Transport
Legal Section: Multi-modal Transportation of Goods Act
Notice Period: At time of handing over goods. If not apparent, within 6 days after handover
Addressing: Proof of service of notice must be furnished
Air (International) Transport
Legal Section: Rule 27(2), Chapter 3 (Carriage of Air Act 1972)
Notice Period: Within 7 days for baggage, 14 days for cargo from receipt date
Addressing: No notice required for non-delivery if there's admission of loss
Protection Against Financial Loss
Comprehensive coverage against cargo loss or damage during transit from various unforeseen events and risks.Risk Management
Effective transfer of transportation risks to insurers, allowing businesses to focus on core operations.Flexibility in Coverage
Customizable policies tailored to specific business needs, routes, and transportation modes.Ready to Protect Your Business?
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