Marine Insurance - Specific Policy

Marine Insurance - Specific Policy

Policy Details:

1) This type of policy covers specific goods for a specified voyage / journey

2) The Cargo, its value, the name of the Ship / Conveyance, port of loading and discharge are all known and the risks are well defined.

Highlights :

1) The Assured obtains specific policy for covering specific voyage as and when required.

2) The complete details of commodity, mode of packing and conveyance, details of voyage including value of commodity to be furnished beforehand for evaluation of the risk.

3) The premium should be collected prior to the commencement of journey / risk.

Covered :

All Risk as per ICC (A) / ITC (A) Basic Cover as per ICC (B) / ITC (B) - damage due to accident of carrying truck/conveyance & Fire during the course of journey. Rate of premium depends on the proposed Terms of Cover viz. Basic Cover would be cheaper than All Risks cover. The following risks are covered on paying additional premium.

1) War & SRCC (Import & Export)

2) SRCC (Inland Transit)

3) Theft, pilferage & Non-delivery (TPND) in case of Basic Cover only

4) Additional storage cover before delivery of cargo at the final destination.

Exclusions :

Applicable to all policies.

1) Willful misconduct of the assured

2) Ordinary leakage in case of liquid cargo

3) Ordinary loss in weight

4) Ordinary wear & tear

5) Improper packing

6) Inherent vice

7) Insolvency of carrier

8) Deliberate damages

9) Nuclear weapons

10) Rats and vermin