Marine Cargo Insurance - Open Cover

Key Feature

The policy provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points either by Sea / Air / Rail / Road / Courier.

Coverage

The Policy covers any accidental loss or damage to the cargo described in the Policy schedule whilst in transit by perils named in institute clauses
Type of Coverage under marine cargo insurance is determined by the mode of transport and requirements of customers as given below:
Transit by Sea / Inland Waterways / Coastal Waters.
Coverage provided under this type will be as per institute clauses which are uniformly used in international markets. Three types of coverage are offered for such transit:
All Risk Institute Cargo Clause A (Cargo)
Basic Cover Institute Cargo Clause B (Cargo)
Fire and Lightning Institute Cargo Clause C (Cargo)
Transit by Air - Coverage provided for transit of goods by air is on All Risk basis as per Institute Cargo Clause (Air).
Transit by Rail / Road - Coverage provided for inland transit of goods is classified in to three categories:
All Risk - Inland Transit (Rail / Road) Clause A
Basic Cover - Inland Transit (Rail / Road) Clause B
Fire and Lightning - Inland Transit (Rail / Road) Clause C
Transit by Registered Post / Courier - Coverage for transit of goods by Registered Post / Courier etc. will not be provided on standalone basis. Such coverage shall be granted in conjunction with transit by Sea / Rail / Road / Air.

Exclusion

We would like you to be familiarized with some of the major exclusions under the Policy. This will ensure you are not put to any kind of inconvenience while making your claim. At SBI General, we endeavor to make our Policy as transparent as possible. This Policy does not cover the following:
Loss, damage, expense attributable to willful misconduct of insured.
Ordinary (inevitable) Losses
Loss, damage, expense caused by inherent vice
Loss, damage, expense caused by insufficient, unsuitable or defective packing or preparation of goods. 'Packing' includes stowage in container or lift van but only when such stowage is done prior to attachment of insurance or by the insured or their servants
Loss, damage, expense proximately caused by delay, even if delay be caused by a risk insured against
Loss, damage, expense arising from insolvency or financial default of owners, managers, charterers or operators of the vessel.
nuclear Weapons Risk
War Risk Exclusion
Loss, damage, expense caused by or resulting from strikes, lockouts, labor disturbances, riots, civil commotions or caused by any person
Loss, Damage, Expense arising from -
-Un Seaworthiness of vessel or craft
-Unfitness of vessel, Craft, Conveyance, Container, and Lift
-Van for Safe Carriage of interest insured.
-Where the assured or their servants are privy at the time of Loading.