For erection of new projects, various machineries such as turbines, boilers, generators etc are Imported or Purchased, Inland far and wide. Goods travel hundreds and thousands of miles. Whilst in transit by road, rail, sea or air, goods are at many risks and they could be lost or may get damaged at any stage which may cause delay in the start-up of a specified project. This could severely affect the financial planning . For such eventualities, Bharti AXA SmartCargo Project Consequential Loss Insurance Policy is a smart way of ensuring protection.

Presenting the SmartCargo Project Consequential Loss Insurance Policy

The SmartCargo Project Consequential Loss Insurance Policy relates to consequential loss in business due to delay in the start-up of a specified project .. This Policy is to be obtained along with Project Cargo Insurance.

What is covered under these Policies?

Section I:

All Risks physical loss or damage to the subject matter from any external cause except those specifically excluded under the General Exclusion Clause of the Policy.

Section II:

Loss of Standing Charges or Profit due to Shortfall of Production as a result of Loss of or Damage to or Delay in the Delivery of the Property as described in the Schedule caused by:

1) Loss of or damage to property

A risk which would be covered under the other Terms and Conditions set forth in the Marine Open Cargo or War Risk Open (Cargo) Policies .

2. Loss of, Mechanical breakdown, or Damage to the hull , Machinery and/or equipment of the vessel or Aircraft on which any of the property is being carried or is intended to be carried which would be covered either:

a) under an insurance effected subject to the MAR 91 Policy Form with the Institute Voyage Clauses - Hulls CL. 285 1.10.83 and/or Institute War and Strikes Clauses Hulls - Voyage CL. 295 1/10/83 attached, or
b) under an Aircraft All Risks Policy including War, Hi-jacking and Allied Perils.

3) Loss of, Mechanical breakdown of, or Damage to other conveyance

Loss of, mechanical breakdown of, or damage to any other conveyance on which any of the property is being carried or is intended to be carried from any fortuitous cause.

4) General average, Salvage or Lifes saving operation

The vessel aircraft or other conveyance on which any of the property is carried or is intended to be carried being involved in a General Average Salvage or Life-saving operation.

Additional Coverage

• Loading & Unloading risks
• Container Demurrage Clause
• Airfreight Replacement Clause
• Buyers` Interest Clause
• Concealed Damage Clause
• Import Duty
• Difference in Conditions on goods purchased by the Buyer on `CIF` terms
• Debris Removal Clause
• Sealed Container Clause (FCL)
• War & SRCC risks as per Institute Clause.

What are the exclusions under these Policies?

The general exclusions are given below:

Section I

• Wilful misconduct of the Insured
• Ordinary leakage, loss in weight or volume, ordinary wear and tear
• Insufficient packing
• 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 covered specifically.
• 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 of lift van, where the Insured or their servants are privy at the time of loading.

Section II:

• Loss of or damage to the property as described in the Policy Schedule or any expenses recoverable under the insurance on such property.
• Any claim for delay caused by the unreasonable withholding of Guarantees as result of repairs to the property insured not being acceptable to the Manufacturer or his representative, provided such repairs have been carried out with materials and in a manner approved by the Company's Surveyor, or a Surveyors of one of the Classification Societies listed in the Institute Classification Clause CL 354 or by a Surveyor of, or approved by, the London Salvage Association.

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