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MARINE FAQs

1. There are two types of coverage available under Marine Portfolio:

All Risks Policy: Physical loss or damage to the subject matter from any cause except those specifically excluded under the General Exclusion Clause of the Policy.
Named Perils Policy or Basic Policy: This Policy only covers physical loss or damage to the cargo from any external cause against specified perils named in the Policy.

2. For Inland Transit

Specific Policy - For covering a specific single transit

Open Policy -For covering transit of regular consignments over a period of time, say 12 months..The policy can be taken for total value of consignments expected and premium paid has to be paid in advance. Declaration will have to be given in respect of each consignment as agreed say on monthly basis in the format that would be provided.

For Import/Export

  • Specific Policy - For covering a specific import/export consignment.
  • Open cover - This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported. A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate. We will then issue a certificate covering the declared consignment.

 

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