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The policy helps you attain security for your cargo, while getting full coverage at premiums proportional to your stock turnover.
About the Policy
The policy helps you attain security for your cargo, while getting full coverage at premiums proportional to your stock turnover.
Important details
Features
The policy is assignable (except in case of seller's interest insurance).
The sum insured is fixed on agreed value basis. Normally with a margin of 10% on invoice price for incidental expenses.
The premium rates depend on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience.
Policies can be issued for (a) Specific transit (b) Marine Open policy with periodical declarations and (c) Sales Turnover Policy with quarterly statements.
Exclusions
Willful misconduct.
Ordinary leakage/loss in weight or volume, wear and tear.
Improper packing.
Inherent vice.
Delay.
Insolvency/financial default of carriers.
War, strike, riot and civil commotion.
