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ICICI Lombard Marine Insurance |
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Marine Export Tansit Insurance Policy
Introduction
The coverage is generally defined by reference to clauses known as Institute Clauses. The ICC ( C ), ICC (B) and and ICC (A) Clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses.
Policy Details
There are three three types of covers:
Institute Cargo Clause (C) : Named Peril basis
Institute Cargo Clause (B) : Named Peril basis
Institute Cargo Clause (A) : offers the widest form of cover under Marine Cargo Insurance in so far as it relates to the perils covered. ICC (A) is an unnamed perils clause.
The type of policy available is the S specific policy to cover single consignment or an open policy.
Sum Insured
This is an agreed value policy. Normally, insurance is taken for CIF+10%
Premium
Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience
Significant Exclusions
This P policy does not cover loss or damage due to wilful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strike, riot and civil commotion.
Main Extension
On payment of additional premium, I nsured can opt for certain extensions to the cover provided under the policy.Extensions available are include War, Strike, Riot and Civil Commotion and Duty Insurance Cover.
Marine Inland Transit Insurance Policy
Introduction
This Policy broadly covers the risk of physical loss or damage to the Insured's goods (machinery, raw materials, finished goods etc.) during transit under a contract of affreightment.
Policy Details
Scope of cover
There are two types of covers:
“Basic Risk Policy” covers loss or damage to specified goods caused by fire, lightning, breakage of bridges, overturning of vehicles, collision with or by carrying vehicle, subject to specified exclusions.
“All Risks Policy” covers all risks of loss or damage to specified goods, subject to exclusions.
Sum Insured
This is an agreed value policy. Normally, insurance is taken for CIF+10%
Premium
Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience
Significant Exclusions
This Policy does not cover loss or damage due to wilful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strike, riot and civil commotion.
Main Extension
Extensions available include strike, riot and civil commotion.
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