Marine insurance of Export cargo Shipment Goods

Marine Insurance Policy provides covers for merchandise in transit by ocean, air, rail, and road or by post. Export/import shipments are covered against the risk of fire or explosion, stranding of vessel, theft, pilferage, loss of package throughout loading and unloading etc. These policies cover the possibility throughout the period of transit only.

Type of Marine Insurance Policy

Various types of marine insurance policies which are offered to the client. The different types of marine insurance policies are detailed below:

Voyage Policy: A voyage policy is that kind of marine insurance policy which is valid for a particular voyage.
Time Policy: A marine insurance policy which is valid for a specified time period – generally valid for a year – is classified as a time policy.
Mixed Policy: A marine insurance policy which offers a client the benefit of both time and voyage policy is recognized as a mixed policy.
Open/Un-valued Policy: In this type of marine insurance policy, the value of the cargo and consignment is not put down in the policy beforehand. Therefore reimbursement is done only after the loss to the cargo and consignment is inspected and valued.
Valued Policy: In this type of policy, the value of the cargo or goods is ascertained and mentioned in the policy document at inception thus making clear about the amount of the reimbursements in case of any loss to the cargo and consignment.

Marine Cargo Insurance Policy

Cargo Insurance Policy provides covers for merchandise in transit by ocean, air, rail, and road or by post. Export/import shipments are covered against the risk of fire or explosion, stranding of vessel, theft, pilferage, loss of package throughout loading and unloading etc. These policies cover the chance throughout the period of transit only

Coverages

Fire or Explosion

Collision

Discharge of cargo at port of distress

Jettison

Total loss of package lost overboard or dropped in loading or unloading

Washing overboard

Sea lake river water

Earthquake lightning

Exclusions

Loss caused by willful misconduct of the insured

Ordinary leakage, ordinary loss in weight

Loss caused by perishable commodities

Loss or damage due to inadequate packing

Loss arising from insolvency or financial default of owners or operators

Strikes, riots, lock out and terrorism.

Marine Hull Insurance Policy

Marine Hull Insurance Policy covers loss or harm to ocean going ships and alternative vessels like fishing vessels, sailing vessels etc. Risks covered include maritime perils, fire, explosion, piracy, accidents in loading and discharging of merchandise etc. Hull policies area unit typically issued for a period of twelve months. However, they’ll even be insured on voyage basis wherever one voyage is sought-after to be covered. Cover provided is beneath the terms of the Institute Time Clauses (Hull) or Institute Voyage Clause (Hull).