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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:-
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On delivery to the consignee or other final warehouse or place of storage at the
final destination OR
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On delivery to any other warehouse or place of storage, whether prior to or at the
destination which the insured choose to use either for storage or for distribution
OR
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On the expiry of 60 days after completion of discharge of the goods insured at the
final port discharged, whichever shall first occur.
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The process of transportation includes air freight, ocean freight and overland carriage.
Coverage is usually effected on a "per voyage" basis.
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Cover may be effected by either the buyer or seller of goods depending on the terms
of the contract of sale.
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The types of contracts entered are: |
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FOB (Free On Board) - Buyer effects the insurance |
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C & F (Cost and Freight) - Buyer effects the insurance |
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CIF (Cost Insurance and Freight) - Seller effect the insurance |
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There are 3 main categories of covers as shown below :
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PERILS |
ICC(A) |
ICC(B) |
ICC(C) |
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Fire and Explosion |
0 |
0 |
0 |
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Vessel/craft being stranded, grounded, sunk or capsized |
0 |
0 |
0 |
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Overturning or derailment of land conveyance |
0 |
0 |
0 |
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Collision or contact of vessels, craft or conveyance with external object other
than water |
0 |
0 |
0 |
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Discharged of cargo at a port of distress |
0 |
0 |
0 |
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Earthquake, volcanic eruption or lightning |
0 |
0 |
x |
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General average sacrifice |
0 |
0 |
0 |
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Jettison |
0 |
0 |
0 |
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Washing overboard |
0 |
0 |
x |
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Entry of sea, lake or river water into vessel, craft, conveyance container liftvan
and/or place of storage |
0 |
0 |
x |
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Total loss of any package lost overboard or dropped whilst loading onto or unloading
from vessel or craft |
0 |
0 |
x |
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General average and salvage charges |
0 |
0 |
0 |
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Pirates. thieves and non delivery |
0 |
x |
x |
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0 - Covered
x - Not Covered
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Marine Cargo Insurance plan covers the following forms of perils: |
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Single Policy |
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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.
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Marine Open Cover |
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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.
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The Insured must declare (monthly / quarterly) every shipment coming within the
scope of the Open Cover to Insurer and premium will be charged accordingly.
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