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United India Marine Insurance |
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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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