Marine Insurance Policy

Marine Insurance Policy

Features and Benefits
Business dynamics are always in flux, and the expansion of trade and commerce exposes one to risks associated to the transit of goods. Suitable risk management becomes a requirement for a business to work towards the expansion of its horizons. Designed to take care of risks inherent in the mode of transit, the Marine Cargo Insurance Policy by Liberty General Insurance covers physical loss of or damage to cargo that is under movement via air, road, sea, rail, or a combination of these modes, between any two points.

Transit by Sea / Ocean
The insurance covers available for an ocean or sea voyage are classified as:

All Risks: This covers all kinds of loss or damage expenses that are incurred, unless specially excluded in the policy.

Basic Risks: This provides cover for loss or damages on a named perils basis. The marine insurance includes a list of perils included under the clause.
A comparative analysis of the various covers available under the Policy:

Transit by Air

The marine cargo insurance covers for air transit are similar to the All Risks Cover of the sea/ocean voyage. They cover physical loss or damage and incurred expenses, apart from those excluded in the policy clauses.

Transit by Road/Rail
The marine insurance covers that are available for road or rail transport include:

All Risks: Covers all kinds of loss or damage expense that is incurred, unless specially excluded in the policy.

Basic Risks: This provides cover for loss or damages on a named perils basis. The marine insurance includes a list of perils included under the clause.
A comparative analysis of the various covers available under the Policy.

Extensions
There are some Institute & Non Institute clauses that can be attached to the marine insurance policy to further the scope of coverage. With some additional premium or agreement for a higher deductible, you can avail extra extensions on offer:

Air Freight Replacement Clause
Concealed Damage Clause
Loading and Unloading Clause
Duty Insurance Clause
War and Strike perils as per the relevant Institute Clauses
FOB Clause