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United India Marine Insurance

Marine Cargo Policy

We Cover
Any loss or damage to goods in transit by rail, sea, road, air or post.

Who can Insure ?
Owners or bankers of goods in transit/shipment.

What is Insured ?
•  export and import shipments
•  goods in transit by rail, sea, road, air or post
•  goods carried by coastal vessels plying between the various ports within the country
•  cargo transported by small vessels or country craft over inland waters
•  goods moved from place to place by river transport

Insured against what Risks ?
The policy covers loss/damage to the property insured due to:
•  Fire or explosion; stranding, sinking etc.
•  Overturning, derailment ( of land conveyance)
•  Collision
•  Discharge of cargo at port of distress
•  Jettison
•  General average sacrifice, salvage charges
•  Earthquake, lightning
•  Washing overboard
•  Sea, lake, river water
•  Total loss of package lost overboard or dropped in loading or unloading
•  War and SRCC is specifically covered

Premium Rating
The normal basis of valuation for ocean/air consignment will be CIF + incidentals up to a percentage which is agreed upon at the inception of the policy ( normally this is 10 %)

Open Cover
Open cover is usually issued for import/export. The open cover is a contract effected for a period of 12 months , whereby the insurance company agrees to provide insurance cover to all shipments coming within the scope of the open cover. Open cover is not a policy. It is an unstamped agreement. As and when shipments are declared , specific policies are issued as evidence of the contract and on collection of premium.
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