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Marine Cargo Insurance

As your business grows, you are increasingly exposed to risks that are associated with the transit of goods and merchandise.
With Marine Cargo Insurance solution, you can safeguard yourself from risks associated with transit of goods. The policy provides wide coverage for loss or damage caused to the cargo whilst in transit by Air/Road/Rail/ Sea/ Courier.Read More

Marine insurance covers Movement of goods from one place to another:
• Within the country (Inland Transit Clause - ITC)
• From India to Country outside India (Export - Institute Cargo Clauses - ICC)
• From Country outside India to India (Import - Institute Cargo Clauses - ICC)


Three types of coverage are offered for such transit: All Risk Cover, Basic Cover, Restricted CoverRead Less

Types of Policies

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    Marine Single Transit Policy:

    • Covers single consignment from one location/port to another location/port
    • It is suitable for those firms who seldom require marine cargo policies in the course of their trade
    • Sum Insured Limit preferable for this product is up to 1 Cr
    • Policy can be purchased with All risk cover, basic cover or Restricted cover

    Marine Open Declaration Policy:

    • MOP is an annual arrangement between the insured and the insurer to provide coverage to all the shipments/transits on pre-arranged terms and conditions for a particular leg (Domestic/Import/Export).
    • Open inland policy is a declaration based policy where insured has to make periodic declaration (Monthly) of sum insured utilization.
    • Certificates are issued for individual transits and are treated as sum insured utilization for open import/Export policy.
    • Insurer’s maximum liability is restricted to a pre agreed limit per sending and limit per location.
    • Policy period of one year at an initial Sum Insured which can be enhanced during the duration of the policy.
    • Policy can be purchased with All risk cover, basic cover or Restricted cover

    Sales Turnover Policy:

    • It’s a wider form of Marine Open Policy and is issued on the basis of annual sales turnover – both domestic and exports, all transits/voyages deemed to be held covered without specific declaration.(Import, Export or Inland)
    • Sum Insured and premium is based on the estimated annual Sales Turnover of goods movement under various legs of transit.
    • Certificates are issued for individual transits.
    • Sales Turnover policy is preferable above sum insured of Rs.100 Cr.
    • Policy can be purchased with All risk cover, basic cover or Restricted cover

ELIGIBILITY

Eligibility

Any person with insurable interest in the goods in transit can insure. Further, the policy can be assigned freely to any person who acquires insurable interest during transit of the cargo.

  • Exporters
  • Importers
  • Manufacturers
  • Traders
  • Merchant Exporters
  • Contractors of Projects
  • Logistics Operators
  • C&F Agents

Read More

Bajaj Allianz life Smart Protect Goal

Disclaimer

This is only an indication of the cover offered. For complete details on risk factors, terms, conditions, coverages and exclusions, please read the sales brochure carefully before concluding a sale. ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. . IRDA Reg.No.115. Toll Free 1800 2666. Fax No – 022 61961323. CIN (L67200MH2000PLC129408). customersupport@iciclombard.com. www.icicilombard.com. Marine Single Transit Inland , Marine 01 ,IRDAN115CP0007201920Read More

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