Marine Insurance

Marine Insurance

• Marine insurance covers loss or damage of ships, cargo, terminals or any other kind of transport along with the material/commodity that is transported, received or held between origin point and destination.

Types of Marine Cover

• Import covers transportation of material from anywhere in the world to anywhere in India.
• Export covers transportation of material from anywhere in India to anywhere in the world.
• Inland covers transportation of material from anywhere in India to anywhere in India.

Types of Policies

• Open policy covers multiple transits for the whole year and comes with a fixed sum insured, per sending limit and per location limit.
• Specific Policy covers a specific single transit.

Types of Coverage

• ITC - A & ICC - A: Covers all damages including theft & pilferage except rainwater damage.
• ITC - B & ICC - B: Covers for accidental damages only except theft & pilferage and rainwater damage.

ITC stands for Inland Transit Clauses.

ICC stands for International Cargo Clauses.

Benefits of Marine Insurance

• Marine insurance covers loss or damages caused due to fire, explosion, sinking or stranding.
• The marine insurance policy covers collision, derailment or overturning of land conveyance.
• The policy provides coverage in case cargo is discharged from a port of disturbance or distress that threaten the cargo’s safety.
• If the seawater damages or washes away the loaded material on the cargo or ship, the marine insurance provides cover for that as well.
• The policy provides coverage for a total loss of packages lost overboard or dropped at the time of loading or unloading.
• Marine insurance provides coverage for the jettison that refers to intentional throwing of onboard material/commodity as well as any part of the ship in order to save the ship.