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Today, business is no longer restricted to
boundaries. A marine insurance policy caters to both
importers' and exporters' needs, the coverage is
comprehensive and flexible with international
shipments protected from the time the goods leave
the seller's warehouse until they reach the buyer's
warehouse. It is possible that your cargo may get
damaged by stranding, grounding, sinking,
collisions, rough weather, entry of sea or river
water, jettison, washing overboard, ship's sweat,
hook damage, theft or pilferage, war, strikes, riots
or civil commotion.
The party usually responsible for insuring the goods
is determined by the sales contract. Terms of sales
are FOB / C & F, CIF. Marine insurance policies are
issued on an agreed value basis. Usually Cargo
Insurance covers transits by sea, air, road, rail,
registered post , parcel, courier or a combination
of any of these.
Marine cargo policies are based on Institute Cargo
Clauses, which are ICC (A) – ALL RISK, ICC (B) –
WIDER RISK and ICC (C) – BASIC RISK.
ICC (A) is based on “ALL Risks” while (B) and (C)
are based on named perils. All three clauses have
certain exclusions. Institute War Clauses are also
available in addition to above cargo clauses. The
above are all internationally recognized clauses.
All Inland transit insurances fall under marine
insurance. Inland transit insurance covers risk
within India only.
Insureatclick.com helps you select the right
marine insurance policy after carefully analyzing
the nature and profile of your business.
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