Tea Crop Insurance Policy

Presenting the Tea Crop Insurance Policy

The Tea Crop Insurance Policy is flexibly designed to answer your needs. It covers loss or damage to your goods while being transported by rail, road, air or by sea, Processing Risk, Packing and storage at Warehouse, Job Workers locations, Processing Units. The policy compensates you for losses suffered and offers complete financial protection during the transit and Storage of your goods

What is covered under these Policies?

• Transit of plucked green leaves to tea factory by laborers or by garden vehicle/s.
• Processing Risk.
• Packaging & Storage of made tea at tea factory.
• Transit to various places including Auctions Centers in India/Abroad including FOB or C&F Shipments including the risks of storage.
• This Policy also covers Consignment Sale & CIF Sale in foreign countries including the risk of Storage.
• Automatic protection for 15% of the estimated annual crop while stored in the tea estate without additional premium.
• 15 days grace period is granted to the Assured to allow the buyers to take delivery after the insurable interest passes on to the buyer.

Additional Coverage

• Storage Extension at Auction Centres (India or Overseas Countries), Up Country Destinations, Consignment Sales, Port of Shipments in respect of CFR/FOB or CIF Shipments.
• Tea Stored in excess of 15% under `On Garden Clause
• FOB/CFR Extension
• Multi Transit Risk
• Storage extension after Prompt Date
• Held Back Tea at Tea Estate
• Extension of Duration Clause under Institute Cargo Clauses
• War & SRCC as appropriate & any other extensions

What are the exclusions under these Policies?

The general exclusions are given below:

• Wilful misconduct of the Insured
• Ordinary leakage, loss in weight or volume, ordinary wear and tear
• Insufficient of packing/Any Trade Loss including Chest Allowance.
• Inherent Vice/inevitable/ordinary loss
• Loss caused by delay, even if delay be caused by an insured peril
• Nuclear or radioactive weapons
• SRCC (Strikes, Riots & Civil Commotions including Act of Terrorism) unless specifically covered.
• War and allied perils.
• Absence, shortage or withholding of labour resulting from strike, lock out, labour disturbances, riot or civil commotions.
• Insolvency or financial default of owners, managers, charters or operators of the vessel
• Unseaworthiness of vessels or craft or unfitness of vessel, craft, conveyance, container or lift van, where the Insured or their servants are privy at the time of loading.
• Held back tea at tea estate (previous seasons` tea)
• Loss or damage due to fault, neglect or defect in the manufacturing process &/or packing material used.
• Loss or damage arsing out of stoppage of power &/or breakdown of machinery

This is not exhaustive list.

Services:

We aim to provide high quality of protection and quality services. Our services include:

• evaluation and analysis of risks
• expert guidance relating to cargo exposures
• designing your Insurance Programme
• comprehensive claims servicing
• provision of market information
• devising risk control programmes.