It deals with insurance of goods in transit through following modes of transport:
- Inland waterways
- Post Parcels
TYPE OF POLOCIES
While the movement of cargo within the country is covered under inland policies, cargo going out of India/ cargo coming to India from broad are covered under overseas policies.
One has the option of covering the voyage under a specific policy. However, if the voyages are frequent and it is difficult/ cumbersome to take specific policies, option is also available to obtain cover of all despatches under an open policy.
SCOPE OF COVER
The scope of cover under inland policies are determined by Inland Transit Clauses A, B and C. While C covers the losses arising due to fire and lightning, B covers losses arising due to accident of the carrying vehicle besides whatever is covered in C. Inland Transit Clause A is an All Risk policy.
The scope of cover under Overseas policies are determined by Institute Cargo Clauses A, B and C.
While C broadly covers the losses arising due to fire/ explosion/ sinking/ stranding/ jettison/ General Average, B covers losses arising due to earthquake, entry of sea water, washing overboard etc besides whatever is covered in C.
Institute Cargo Clause A is an All Risk policy.
All the policies are subject to certain exclusions like inherent vice, losses arising due to war and nuclear perils etc.
The policy covers loss/damage to the property insured due to: (indicative examples)
- Fire or explosion; stranding sinking etc.
- Overturning derailment ( of land conveyance)
- Discharge of cargo at port of distress
- General average sacrifice salvage charges
- Earthquake lightning
- Washing overboard
- Sea lake river water
- Total loss of package lost overboard or dropped in loading or unloading
- Theft of goods
- Air cargo carriers
- Customs brokers
- Freight forwarders
- Importers and exporters
- Logistics providers
- Multinational companies
- Ocean cargo carriers
- Project managers
Service and Strength
We deliver more than solid insurance products. We support our customers through our renowned services, extensive global network and financial strength. The Marine Services Unit of claim, recovery and loss control specialists delivers exceptional service to our marine clients all over the world. Our risk managers are experienced in identifying potential hazards and preventing loss. Financial strength, combined with our underwriting expertise and claim service, means you can count on us to be there when you need us most .