Single Voyage/transit Coverage
Specifically designed to cover a single voyage/transit, whether by sea, air, or land. Policy remains in effect from loading at departure to safe unloading at destination.
Inland, International, and Import/Export Consignments
Offers tailored coverage for both inland and international consignments, including import and export shipments across various transportation modes.
Customizable Terms
Terms can be customized based on cargo nature, route, and transport mode, allowing specific risks like piracy, storms, or other voyage-specific perils to be covered.
Comprehensive Protection
Coverage includes loss or damage to cargo, delays, theft, and other unforeseen events during transit, ensuring complete financial protection.
Cost-Effective
Tailored for single voyage/transit, often more cost-effective for one-time shipments, avoiding higher costs associated with annual policies.
One-Time Shipments
Businesses or individuals shipping goods that require insurance for a single journey rather than multiple trips.
High-Value Cargo
Shipments involving high-value goods where risks associated with a specific voyage/transit need comprehensive coverage.
Specialized Routes
Cargo traveling through high-risk areas or specialized routes where additional coverage might be necessary due to journey nature.
Flexibility
Coverage can be customized for specific voyage/transit needs, providing peace of mind to shippers with tailored protection.
Protection Against Specific Risks
Insurance can be tailored to protect against unique journey risks, ensuring all potential threats are considered and covered.
Financial Security
In event of loss or damage, insured can recover cargo value, minimizing financial impact of unforeseen events during transit.
| Feature | Marine Specific Voyage Insurance | Marine Open Declaration Policy | Marine Annual Sales Turnover Policy |
|---|---|---|---|
| Coverage Scope | Covers a single, specific voyage or transit | Covers multiple shipments under single policy up to declared value | Covers all shipments during policy period based on annual turnover |
| Policy Period | Valid only for duration of specific voyage | Typically valid for one year, but only for declared shipments | Typically valid for one year, covering all shipments within period |
| Flexibility | Limited flexibility; covers only declared voyage | Flexible; allows declaration of shipments as they occur | Highly flexible; covers all shipments without individual declarations |
| Premium Payment | Single premium payment for specific voyage | Premiums adjusted based on value of shipments declared | Premiums calculated based on estimated annual sales turnover |
| Documentation | Requires individual policy issuance for each voyage | Requires declarations for each shipment, usually monthly | Minimal documentation; no need for individual shipment declarations |
| Best Suited For | Businesses with infrequent or irregular shipments | Businesses with regular shipments but varying volumes | Businesses with high and consistent shipment volumes throughout year |
Loss or Damage to Cargo
Protects against physical loss or damage to insured goods due to accidents, natural disasters, or other covered perils during transit.
General Average
Covers insured's share of loss when part of cargo is sacrificed to save vessel or remaining cargo, ensuring shared financial burden per maritime law.
Particular Average
Offers protection for partial losses not shared among other cargo owners, providing compensation for damage to specific goods.
Delay in Transit
Some policies may cover losses arising from delays in transit due to covered perils, which may result in financial loss or spoilage.
Jettison
Covers losses when cargo is deliberately thrown overboard to lighten vessel in emergency, protecting insured from financial loss.
Theft and Piracy
Protection against theft or hijacking of cargo during voyage/transit, crucial for shipments passing through high-risk areas.
| Clauses | Coverage Type | Jurisdiction | Ideal For | Typical Perils Covered |
|---|---|---|---|---|
| ICC-A | All Risks | International Shipments | High-value goods requiring broad protection | All perils except those specifically excluded |
| ICC-B | Named Perils | International Shipments | Goods exposed to moderate risks | Fire, explosion, theft, earthquake, etc. |
| ICC-C | Basic Named Perils | International Shipments | 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 exposed to 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. |
Inherent Vice
Loss or damage from inherent nature of goods like spontaneous combustion, natural wear and tear, or gradual deterioration is not covered.
Delay
Losses caused solely by delays in transit are generally excluded unless specific delay coverage is purchased as add-on.
Improper Packaging
Damage or loss due to insufficient or inadequate packaging that fails to protect cargo during transit is excluded.
War and Political Risks
Losses from acts of war, rebellion, or political unrest are typically excluded unless War Risks add-on is purchased.
Nuclear Risks
Damage caused by nuclear reactions, radiation, or radioactive contamination is excluded from coverage regardless of source.
Customs Rejection
Loss or damage caused by rejection of goods by customs authorities due to non-compliance or other reasons is generally not covered.
Willful Misconduct
Any loss resulting from deliberate or intentional acts of insured or their agents, including fraud, is excluded.
Unseaworthiness
If vessel or transport mode is unfit for safe carriage and insured was aware before voyage commenced, resulting loss won't be covered.
Underinsurance
Ensure sum insured reflects full value of cargo, including all associated costs to avoid inadequate compensation.
Inadequate Coverage
Avoid relying solely on basic coverage; assess specific voyage/transit risks and include necessary add-ons.
Improper Documentation
Maintain accurate and thorough documentation to support any potential claims and ensure smooth processing.
Ignoring Exclusions
Carefully review policy exclusions to ensure critical risks are not left uncovered and consider additional coverage if needed.
Real-Time Tracking
GPS and IoT devices allow insurers and companies to monitor cargo in real-time, improving risk management and response times.
Blockchain
Enhances transparency and reduces fraud by providing secure and immutable record of transactions and claims.
Artificial Intelligence (AI)
AI is being used to assess risks more accurately and streamline claims process, leading to faster settlements.
Telematics
Telematics data helps insurers analyze transport vehicle behavior, leading to more personalized and accurate insurance policies.
Understand the Cargo
Know the nature, value, and sensitivity of cargo being shipped, as this will determine the level of coverage needed.
Evaluate the Route
Consider risks associated with specific route, including weather conditions, political instability, and potential for delays.
Compare Policies
Review and compare policies from different insurers to find one that offers best coverage for identified risks.
Check the Exclusions
Carefully review exclusions in each policy to ensure no critical risks are left uncovered.
Seek Expert Advice
Consult with insurance broker or specialist to help navigate complexities and select most appropriate policy.
Immediate Notification
As soon as loss or damage is discovered, notify insurance provider immediately for prompt acknowledgment and further instructions.
Prevent Further Damage
Take reasonable steps to prevent further damage including safeguarding remaining cargo, organizing repairs, or minimizing loss extent.
Document the Damage
Carefully document damage or loss with photographs, written reports, and relevant evidence to support claim assessment.
Surveyor Inspection
Insurer may appoint surveyor to inspect damage. Surveyor prepares detailed report essential for claims process with full cooperation required.
Submit Claim Form
Complete and submit claim form with all supporting documentation as soon as possible to avoid processing delays.
Claim Review and Assessment
Insurer reviews documentation including surveyor's report, assesses claim validity, and determines settlement amount if approved.
Settlement Payment
After approval, settlement amount is paid according to policy terms, compensating for lost or damaged goods minus applicable deductibles.
Insurance Policy
A copy of the insurance policy that details the coverage terms and conditions.
Bill of Lading
A document that acts as proof of shipment, listing the goods and the terms of the voyage/transit.
Commercial Invoice
A document that provides the value of the goods shipped, which is used to determine the claim amount.
Packing List
A detailed list of the items shipped, including quantities and descriptions, to support the claim.
Survey Report
A report prepared by an independent surveyor, detailing the extent of the loss or damage to the goods.
Photographs
Visual evidence of damage or loss to support the claim and provide clear documentation of the incident.
Delivery Receipt
Proof of delivery or attempted delivery, showing the condition of goods upon arrival at destination.
Damage Certificate
Official certificate from relevant authorities documenting the damage or loss, if applicable.
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