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Date post: | 20-Nov-2014 |
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WELCOMES
YOU
FEATURES
Non tariff, hence Rating depends upon- A) turnover
B) Nature of commodity, its packaging
C) Voyages & mode of transport
D) Previous claim experience
E) Total potential Premium
CHARACTERS FREELY NEGOTIABLE COLLATERAL SECURITY COVERS-
*COST*INSURANCE
*FREIGHT*CUSTOM DUTY
*INCIDENTALS UPTO 10%
TYPE OF POLICIES
Marine Open Cover Marine Open Policy Custom Duty Policy Increased Value Policy Seller’s Contingency
CLAUSES
ICC – A/B/C ITC – A/B/C WAR & SRCC SRCC IRCEC CLAUSE CLASSIFICATION CLAUSE SPECIAL TRADE CLAUSES ISM CLAUSE
OTHER TERMS BOTH TO BLAME COLLISION CLAUSE DELAY IN TRANSIT CHANGE OF VOYAGE TRANSHIPMENT/RESHIPMENT INSURABLE INTEREST LOST OR NOT LOST CARRIER’S/ BAILEE’S LIABILITY
MARINEINLAND TRANSIT
INLAND TRANSIT (RAIL OR ROAD) CLAUSE - A
ALL RISK OF PHYSICAL LOSS OR DAMAGE TO SUBJECT MATTER INSUED EXCEPT PROVIDED IN EXCLUSIONS
Increased value policy Only for goods imported to India insurance on C.I.F value of cargo itself and on the
same risk as per cargo policy No cover is granted after arrival of the ship at
destination port Subject to all extra as applicable to cargo policy Policy is not assignable This insurance is not for agreed value Insured is required to bear 25 % of the claim
amount payable under this component G.A contribution claim and salvage charges are
not payable Claim under this policy is payable only when
claim of cargo policy is payable
Marine Open Cover It is not a policy. It is an agreement. Stamped policy or certificate are issued
under OC. Coverage as per ICC(A) all risk
Marine Open Policy No Minimum S.I. Under the policy
Applicable to inland transit only Slab-wise discount is available upto 50% Facility of declaration is available Policy is adjusted on actual S.I after its
expiry
Custom duty policy It is not an agreed value policy It is a policy of pure indemnity Can be issued in conjunction with
cargo policy Rate of premium 75% of cargo
premium rate
Basis of valuation Usually CIF Up to 10% of the CIF can be covered which
is optional
Ex/Im Marine Claims Documents Original policy/certificate duly endorsed by
Insured/Consignee Singed copy of sale invoice with packing list Copy of bill of entry & B/L Lost over board certificate in case of loss during
loading Short landing/non-delivery certificate from the carrier
Ship survey/port survey wherever required Copies of claim notice on the carrier with A/D
cards signed by the carrier Survey report Claim form duly filled in
General Average claims
General Average guarantee bond Counter Guarantee by the Insured
Documents for claim on open policy
Copy of declaration Survey report Damage certificate from carrier Copy of claim notice on carrier with A/D card Copy of invoice Packing list Claim bill Copy of lorry receipt/ railway receipt Claim form duly completed by Insured