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Marine Insurance
You know that, when you import or export goods, you are exposed to significant financial losses should your international shipments be damaged or destroyed in transit. You also need to depend on an insurance company that understands the importance of swift response and efficient service in handling your claims. With HDFC General Insurance Company´s Marine Cargo Insurance, you can count on the best protection for your cargo. Catering to both importers' and exporters needs, the coverage is comprehensive and flexible with international shipments protected from the time the goods leave the seller's warehouse until they reach the buyer's warehouse. The party usually responsible for insuring the goods is determined by the sales contract. To help you familiarise yourself with the buyer´s and seller´s responsibility, HDFC General Insurance Company can extend its experience in respect of the most common sales contracts, i.e: ex-works, FOB, CFR and CIF.
Scope of Cover:
The Marine Cargo Insurance offers four types of covers:
Institute Cargo Clause (C): Named Peril basis.
Institute Cargo Clause (B): Named Peril basis.
Institute Cargo Clause (A): The widest form of cover under Marine Cargo Insurance is so far as it relates to the perils covered. ICC (A) is an unnamed peril clause.
Institute Cargo Clause (Air).
Significant Exclusions:
This policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strikes, riot and civil commotion.
Sum Insured::
This is an agreed value policy. Normally, the insurance is taken for CIF+10%.
Premium:
The insurance rate depends on a variety of factors such as the nature of the cargo, scope of cover, packing, mode of conveyance, distance and past claims experience.
Types of Policies:
Policies are customizable to your needs, with a specific policy to cover each single consignment.
Extensions:
Various clauses can be added on depending upon the nature of the goods being carried. The Institute Cargo Clause comprises a range of covers from the most comprehensive ones such as (A) Clauses to the basic minimum protection available termed (C) Clauses. Additional cover can also be provided for the following:
• War, strikes, riot and civil commotion.
• Loading and unloading..
• Customs duty.
• Removal of debris.
Miscellaneous Insurance
Miscellaneous insurance as the name implies are for minor assets of clients, which cannot be covered appropriately under the normal property insurance portfolio, which may include valuable items, money, portable electronic items such as lap tops and mobile phones, plate glass, neon signs, etc. We have a complete suite of products, which addresses such specific insurance requirements.
These products normally complement our regular property insurance products as described before.
• Burglary and House Breaking Insurance
• Portable Electronic Equipment Insurance
• Money Insurance
• Plate Glass Insurance
• Neon Sign Insurance
• Fidelity Guarantee Insurance
• Baggage Insurance
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