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FEATURES
Non tariff, hence  Rating depends upon A) turnover B) Nature of commodity, its packaging C) Voyages & mode of transport D) Previous claim experience E) Total potential Premium 

CHARACTERS 

FREELY NEGOTIABLE  COLLATERAL SECURITY  COVERS*COST *INSURANCE *FREIGHT *CUSTOM DUTY *INCIDENTALS UPTO 10%

MARINE INSURANCE ACT 1963  SECTION 3 OF THE ACT PROVIDES THIS INSURANCE AS AN AGREEMENT WHERE BY INSURER UNDERTAKES TO INDEMNIFY THE ASSURED AGAINST MARINE LOSSES IN THE MANNER AND TO THE EXTENT AGREED .

INSURABLE VALUE  SECTION 18(3) OF MARINE ACT INSURANCE ON GOODS OR MERCHANDISE. .THE INSURABLE VALUE IS THE PRIME COST OF PROPERTY INSURED PLUS THE EXPENSES OF INCIDENTALS TO SHIPPING AND THE CHARGES OF INSURANCE UPON WHOLE.

TYPE OF POLICIES  Marine Open Cover  Marine Open Policy  Custom Duty Policy  Increased Value Policy  Seller¶s Contingency .

CLAUSES         ICC ± A/B/C ITC ± A/B/C WAR & SRCC SRCC IRCEC CLAUSE CLASSIFICATION CLAUSE SPECIAL TRADE CLAUSES ISM CLAUSE .

4 object other than water Discharge of cargo at port of 1.3 1. lighting etc. grounded.2. B C 1.1.5 1.1.5 distress Eq.1.1 1.6 * General average Jettison 1.1.1 1.1.1. 1. sunk Overturning of land conv.1.ICC Fire or explosion Stranded.2.1 1.1.2.2 .12 1.13 Collision with external 1.2 1.4 1.1 1.1.2 1.2.

2.river 1. unloading .in loading.2.Washing overboard 1.lake.2 * * * Entry of sea.3 water Total loss of any package 1.3 lost over board.

lighting Breakage of bridges Collision. Derailment. accidents B Y Y Y C Y N N .ITC Fire.

Coverage as per ICC(A) all risk except as follows         Willful misconduct of assured Ordinary leakage. wear & tear etc. Inherent vice or nature of subject-matter insured Loss proximately caused by delay Insufficiency or unsuitability of packing Loss due to WAR and SRCC (can be covered on payment extra premium) Insolvency of the carrier/owner/charter Unseaworthiness & Unfitness of carrier .

Duration clause Attaches from the time goods leaves warehouse. continues during ordinary course of time  Terminates either on delivery of the goods or 60/30 days provision  .

Assured duty To take all measure to either avert or minimise the loss  To protect all rights against third party or bailee  .

OTHER TERMS BOTH TO BLAME COLLISION CLAUSE  DELAY IN TRANSIT  CHANGE OF VOYAGE  TRANSHIPMENT/RESHIPMENT  INSURABLE INTEREST  LOST OR NOT LOST  CARRIER¶S/ BAILEE¶S LIABILITY  .

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MARINE INLAND TRANSIT .

A  ALL RISK OF PHYSICAL LOSS OR DAMAGE TO SUBJECT MATTER INSUED EXCEPT PROVIDED IN EXCLUSIONS .INLAND TRANSIT (RAIL OR ROAD) CLAUSE .

I.5  Willful misconduct of Assured  Ordinary leakage. (A) EXCLUSIONS GENERAL EXCLUSION CLAUSE ± 2.1 TO 2.C.T.  Delay even if delay is caused due to risk insured against  Inherent vice . loss of weight or volume  Insufficiency or unsuitable packing etc.

other weapons of war. insurrection. Civil War.1 TO 4. Rebellion. Revolution.T. (A) EXCLUSIONS (cont. riot or civil commotion.  Terrorist or persons acting with political motive .3  War. Locked out workmen taking part in labour disturbance. mines.C. arrest or detainment etc.3  Strikers.. bombs.I. seizure. civil strife  Capture. STRIKE EXCLUSION CLAUSE ± 4.) WAR EXCLUSION CLAUSE ± 3.  Derelict.1 TO 3.

. until expiry of 7 days (from midnight of the day of arrival) after arrival of the railway wagon / truck at the final destination town /station. In case of rail or road. 1. Whichever shall first occur.  DURATION ± CLAUSE .5 Insurance will attach with loading in wagon or truck-Will continue during ordinary course of transit including customary transhipment - Until delivery to the final warehouse at the destination named in the policy or 2.

agents : to avert or minimize loss. .DUTY OF ASSURED CLAUSE ± 8/9  1. To ensure protect right of recovery from carriers. Charges properly and reasonably incurred will be payable in addition to claim in pursuance to these duties. bailees or other third parties. 2. Actions on the part of Assured or his servant.

REASONABLE DESPATCH CLAUSE ± 10  Assured to act with reasonable dispatch in all circumstances within their control. .

.CLAIMS INSURABLE INTEREST CLAUSE . Insured eligible to recover the loss even if insured loss occurring prior to contract of insurance unless the Assured were aware of the loss and Underwriters were not. Assured must have insurable interest in the subject matter insured at the time of loss.6 1. Subject to [1] above. 2.

riot or civil commotion. Locked out workmen taking part in labour disturbance.  Terrorist or persons acting with political motive  .STRIKE RIOTS AND CIVIL COMMITION CLAUSE (Inland Transit not in conjuction with Ocen Going Voyage) Loss or damage to subject matter caused by: Strikers.

insurrection or civil strife arising therefrom or any hostile act by or against a belligerent power.C.S. shortage or withholding of labour 3.R. civil war. revolution. 2. War. inherent vice or nature of subject matter insured.C. . delay. rebellion. Absence .CLAUSE (Inland Transit not in conjunction with Ocean Going Voyage) General Exclusion Clause : Loss or damage proximately caused by 1. .

INLAND TRANSIT (RAIL OR ROAD) CLAUSE . 2. 3. Collision with or by the carrying vehicle Overturning of the carrying vehicle Derailment or accidents of like nature to carrying railway wagon / vehicle . 1.B Physical loss or damage by : 1. Fire Lightning Breakage of Bridges 3. 2.

(B) EXCLUSIONS± 2.5    Willful misconduct of Assured Ordinary leakage.C. Delay even if delay is caused due to risk insured against Inherent vice .1 GENERAL EXCLUSION CLAUSE   TO 2.I. loss of weight or volume Insufficiency or unsuitable packing etc.T.

1 TO 4.3  War. other weapons of war.T. arrest or detainment etc. civil strife  Capture.. Rebellion.1 TO 3. STRIKE EXCLUSION CLAUSE ± 4. Revolution.3  Strikers. riot or civil commotion. seizure.  Derelict.I. mines. Locked out workmen taking part in labour disturbance.C.) WAR EXCLUSION CLAUSE ± 3.  Terrorist or persons acting with political motive . insurrection. bombs. (B) EXCLUSIONS (cont. Civil War.

Whichever shall first occur. In case of rail or road.5 Insurance will attach with loading in wagon or truck-Will continue during ordinary course of transit including customary transhipment - Until delivery to the final warehouse at the destination named in the policy or 2.  DURATION ± CLAUSE . 1. . until expiry of 7 days (from midnight of the day of arrival) after arrival of the railway wagon / truck at the final destination town /station.

. bailees or other third parties. agents : to avert or minimize loss To ensure protect right of recovery from carriers. 2.DUTY OF ASSURED CLAUSE  1. Charges properly and reasonably incurred will be payable in addition to claim in pursuance to these duties. Actions on the part of Assured or his servant.

REASONABLE DESPATCH CLAUSE ± 10/11  Assured to act with reasonable dispatch in all circumstances within their control.  . Liability to be limited to 75 % of the assessed loss where the consignment note is issued limiting the liability of Carriers etc.

1 Covers physical loss or damage by : 1.C RISK CLAUSE . Lightning .INLAND TRANSIT (RAIL OR ROAD) CLAUSE . Fire 2.

C. (C) EXCLUSIONS GENERAL EXCLUSION CLAUSE ± 2. loss of weight or volume Insufficiency or unsuitable packing etc.1 TO 2.I. Delay even if delay is caused due to risk insured against Inherent vice .5      Willful misconduct of Assured Ordinary leakage.T.

) WAR EXCLUSION CLAUSE ± 3.1 TO 3.C. civil strife  Capture.1 TO 4. other weapons of war. bombs.  Terrorist or persons acting with political motive . mines. arrest or detainment etc..3  Strikers. Civil War.I. seizure. (C) EXCLUSIONS (cont. STRIKE EXCLUSION CLAUSE ± 4.T. riot or civil commotion.  Derelict. Locked out workmen taking part in labour disturbance. Revolution. Rebellion.3  War. insurrection.

DURATION CLAUSE . Or destination named in policy for road transit .5    a) b) Insurance will attach with loading in wagon or truck-Will continue during ordinary course of transit including customary transhipment Terminates on unloading at : Railway station at destination named in policy for rail transit.

DUTY OF ASSURED CLAUSE  1. 2. Actions on the part of Assured or his servant. Charges properly and reasonably incurred will be payable in addition to claim in pursuance to these duties. bailees or other third parties. . agents : to aver or minimize loss to ensure protect right of recovery from carriers.

O. Second increased can be allowed with prior approval of R.Special Declaration Policy          It is not assignable or transferable Minimum annual estimated despatches must Rs. 5000/One time increased in S. I is permitted. Total dispatches made during agreed period has to be declared at specified interval Basis of valuation is agreed in advance . 2 crores Cannot be issued in the joint name Period of policy is 12 months Slab wise discount up to 60 % is available Minimum premium is Rs.

Increased value policy          Only for goods imported to India insurance on C.I.F value of cargo itself and on the same risk as per cargo policy No cover is granted after arrival of the ship at destination port Subject to all extra as applicable to cargo policy Policy is not assignable This insurance is not for agreed value Insured is required to bear 25 % of the claim amount payable under this component G.A contribution claim and salvage charges are not payable Claim under this policy is payable only when claim of cargo policy is payable .

It is an agreement.Marine Open Cover It is not a policy.  Stamped policy or certificate are issued under OC.  Coverage as per ICC(A) all risk  .

Under the policy Applicable to inland transit only  Slab-wise discount is available upto 50%  Facility of declaration is available  Policy is adjusted on actual S.I after its expiry  .Marine Open Policy No Minimum S.I.

Custom duty policy It is not an agreed value policy  It is a policy of pure indemnity  Can be issued in conjunction with cargo policy  Rate of premium 75% of cargo premium rate  .

Basis of valuation Usually CIF  Up to 10% of the CIF can be covered which is optional  .

Ex/Im Marine Claims Documents         Original policy/certificate duly endorsed by Insured/Consignee Singed copy of sale invoice with packing list Copy of bill of entry & B/L Lost over board certificate in case of loss during loading Short landing/non-delivery certificate from the carrier Ship survey/port survey wherever required Copies of claim notice on the carrier with A/D cards signed by the carrier Survey report Claim form duly filled in .

General Average claims  General Average guarantee bond  Counter Guarantee by the Insured .

Documents for claim on open policy          Copy of declaration Survey report Damage certificate from carrier Copy of claim notice on carrier with A/D card Copy of invoice Packing list Claim bill Copy of lorry receipt/ railway receipt Claim form duly completed by Insured .

Third party recovery  Time limit for lodging claim ± *RAILWAY 6 months from the date of railway receipt *ROAD CARRIER 6 months from LR date * AIR AND POSTAL AUTHORITIES IMMEDIATELY .

Third party recovery Time limit for filing suit *Railway and road carriers 3 years from the date of delivery of consignment *Air carrier 2 years from the date of arrival at destination *Postal authority 3 years from the date of postal receipts .

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