MARINE CARGO INSURANCE
The Policy is an agreement whereby the insurance company undertakes to indemnify the assured, to the extent as mutually agreed by the insured and insurer, against losses incidental to marine voyage exposed to the cargo in transit from one destination to other by sea, rail, road, air, courier and others. Generally it is the cost price of goods plus 10% as Over Heads Charges.
- Inland transit policy
- Exports Voyage policy
- Imports Voyage policy
Types of marine insurance:-
- Hull and Machinery Insurance:- covers the insurance of the vessel and its equipment
- Cargo Insurance:- includes the cargo or goods contained in the ship.
- Liability Insurance:- indemnify against the loss which the insured may suffer on account of liability to a third party caused by collision of the ship.
Kinds of Marine Insurance Policies:-
- Specific Voyage policy:- for specific voyage
- Valued policy:- is a policy in which the value of the subject matter insured is agreed upon between the insurer and the insured,
- Open / Floating policy:- is a policy which only mentions the amount for which the insurance is taken out and leaves the name of the ship(s) and other particulars to be defined by subsequent declarations.
- STOP Policy: Sales turnover Policy:- by agreement covers transit of raw material, semi finished & finished products pertains to insured's trade i.e. Export, Import, Inter Depot movement incidental storage from originating point to destination point on actual basis.