Marine Insurance

Protecting Your Goods from Origin to Destination.

What is Marine Cargo insurance ?

Marine cargo insurance is an insurance that protects goods or cargo while in transit over land, sea, or air, both within a country and to different countries. It covers losses that may occur when the cargo in transit (starting from the goods leaving the seller’s warehouse until they reach the buyer’s warehouse) is exposed to a wide range of risks such as accidents, damage due to fire, improper loading or unloading, theft, non delivery, etc. The risks covered vary depending on the type of clauses included.

Why should I buy Marine Cargo Insurance?

Financial protection against losses: Sending your goods across the country or to different countries around the world exposes them to a wide range of risks such as the goods being stolen, lost, or damaged due to weather, accidents, mishandling, etc. Whether your cargo is transported by sea, land, or air, it is exposed to these risks. Thus, insuring your goods/cargo while in transit will protect you against the financial losses you may incur in case of unforeseen damages or loss.

Business continuity: Financial investments in goods or cargo can be massive. Any damage to or loss of such goods will be a huge blow to your business. No matter what the value of your goods or the size of your consignment, a marine cargo insurance will allow you to quickly recover your losses and continue your business operations smoothly.

Legal or contractual requirement: Depending on the type of goods being transported or the country it is being transported to, a marine cargo insurance may be mandated by law or be a contractual obligation. In such cases, you are thus bound to provide proof of insurance.

WHAT TYPE OF MARINE CARGO INSURANCE DO YOU OFFER?

Institute Cargo Clauses (ICC):

We offer marine cargo insurance on the basis of Institute Cargo Clauses, which cover your cargo in transit. The risks covered vary depending on the clauses you select based on your business, risks, and threats. For example, ICC A offers the widest coverage that covers all losses possible in the course of an international shipment and is also known as All Risks policy. An ICC B insurance is restrictive and may only cover a part of your cargo or the more valuable items; ICC C is the most restrictive covering limited risks, also known as minimum coverage policy.

Institute Cargo Clauses Air (ICC Air):

We offer ICC Air, which covers your cargo during transportation by air. The risks covered typically include risks such as fire, explosion, aircraft crash, theft, and damage caused by accidents or mishandling during air transportation.

Inland Transit Clauses (ITC):

We offer marine cargo insurance on the basis of Inland Transit Clauses, which cover your cargo in transit over land, by roadways or railways. The risks covered vary depending on the clauses you select based on your business, risks, and threats. For example, ITC A offers the widest coverage, also known as All Risks policy; and ITC B is restrictive and covers only accidental damages.

Inclusions and exclusions

Standard Exclusions

Damage due wilful misconduct of the assured
Damage due to bad packaging
Damage caused by delays
Damage caused due to financial insolvency or financial default of the cargo operator
Loss or damage due to war-related risks
Loss or damage due to strikes, riots, and civil commotions