The Marine Cargo policy indemnifies the Insured as per Institute Cargo Clause (ICC) for physical loss, damage, expenses and liability to the goods insured during direct transit from the time the goods leave the warehouse or place of storage of the seller and terminates either:-
The process of transportation includes air freight, ocean freight and overland carriage. Coverage is usually effected on a "per voyage" basis.
Cover may be effected by either the buyer or seller of goods depending on the terms of the contract of sale.
The types of contracts entered are:
Marine Cargo Insurance plan covers the following forms of perils:
This is deal if you import or export cargo only occasionally. The policy insure the shipment of goods from one place to another in one voyage, from the time they leave the shipper's or seller's warehouse until they reach the consignee's or buyer's warehouse at the final destination. A full clause policy is issued for each consignment with premium due and payable when the policy is issued.
Marine Open Cover
This policy provides continuous cover with a stipulated commencement date of cover and remains in force until cancelled. It provides automatic protection for all shipments falling within the Open Cover. This is suitable for traders who are engaged in regular import / export or internal trade.
The Insured must declare (monthly / quarterly) every shipment coming within the scope of the Open Cover to Insurer and premium will be charged accordingly.
Shipper, consignees or consigners that requires coverage for international transportation, i.e to cater for transportation / movement of goods from:
At an additional premium the policy can be extended to cover: