Marine Cargo Insurance deals with insurance of goods in transit. The risks covered may relate to Overseas Shipments (Exports/Imports); Inland Transit (Rail/Rod); Duty and Profit (which can be insured in the case of Imports); War and Strikes Riots Civil Commotions (Exports/Imports) and Strikes Riots Civil Commotions (Inland Transit). Unlike other policies, Marine Cargo policies are issued for one particular voyage/transit.

Sum Insured:

Marine Cargo policies are agreed value policies and the Sum Insured stated in the Policy is binding on the Insurer. It is normal to insure overseas consignments for 110% of the C.I.F. value. However, greater values can be insured with the consent of the insurer to take care of duty and profit.

Exports/Imports:

There are 3 sets of Institute Cargo Clauses known as A, B and C.

Duration:

All the 3 sets of Clauses provide warehouse to warehouse cover. There is, however, a limit of 60 days after discharge at the final port for the inland journey to be completed. This is the maximum period. If, due to circumstances beyond the control of the insured, extension is required, the insurers have to be approached and additional premium paid for such extension. It is generally granted for a period of 30 days at one time.

War & Strikes Riots Civil Commotions:

It is normal to insure overseas shipments for War and Strike Riots Civil Commotions Risks also. Separate clauses are used for these risks.

Duty & Profits:

Whilst it is possible to add the percentage of Duty and an agreed percentage for profit to the C.I.F. Value of imported goods, it is desirable to insure these separately. Subject to certain specified Conditions, these policies are offered by Insurers.

Inland Transit Insurance:

Cover –

Two types of policies are available. These are:

• Policy B (Basic Cover) covers Fire, breakage of bridges, collision, overturning and derailment.
• Policy A (All Risks) except those specifically excluded (Similar to I.C.C. ‘A’ Clauses)

Exclusions:

These are largely the same as in A, B, C, Clause except for the clauses which are not applicable to Inland Transit.

Duration:

The risk is covered from Warehouse to Warehouse with a limitation of 7 days at the carrier’s godown at destination.

The Cargo team uses their expertise to provide comprehensive solutions for various cargo risks relating to crude oil, bulk cargo, project cargo and specific single shipments.

Various coverage’s include:

• All Risks including coverage during loading, unloading
• Coverage for strikes, riots & civil commotion risks
• Damage due to war while in transit
• Coverage for contamination, leakage risks
• Solutions to all types of sailing objects from Dinghy to VLCC.

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Marine hull insurance policy is taken by ship owners, charterers, Shipbuilders, bankers, financiers of Ships or vessels who have Insurable interest.

Perils/Risks covered:

• The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by:
• Fire, explosion
• Stranding, sinking etc.
• Overturning, derailment (of land conveyance)
• Violent theft by persons outside the vessel.
• Collision
• General average sacrifice, sacrifice, salvage charges
• Jettisons
• Piracy
• Breakdown of or accident to nuclear installations or reactors
• Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation.
• Earthquake volcanic eruption or lightning.
• Crew Negligence.

Exclusions

The policy does not cover loss/ damage due to:

• Deliberate damage/destruction of the vessel by wrongful act of any person
• Use of any weapon of war employing atomic / nuclear fission and or fusion.
• Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.
• Insolvency or financial default of the vessel owner /operators /charterers
• War / civil war, Strike, Riot or Civil Commotion
• Any terrorist or person acting with political motive

We handle highly specialized and highly technical Insurances on behalf of our clients and place the same with Insurance Companies of repute. These Insurances include:

• Hull & Machinery Insurance of the Ships
• Oil & Energy Insurance
• Ports Insurance

We also arrange reinsurance in respect of above when so required by Insurance Companies

Having a team of veterans and experts from the industry, we provide comprehensive solutions for:

• Hull & Machinery, IV Freight, covers for Ocean going vessels, Inland vessels, Coastal Vessels etc.
• Ship Builders Risk Insurance
• Ship Repairers Legal liability
• Charterer’s Liability covers for charterers
• War Risk Insurance and War Risk breach covers
• Voyage and towage covers
• Protection and Indemnity covers
• Piracy
• Port and Terminal Operators
• Single Point Mooring (SPM) Buoys
• Obtain maximum coverage at competitive premiums.

In respect of both Hull and Cargo, we provide specialized risk solutions to Insurers to get maximum reinsurance coverage and also organize warranty surveys and claim surveys. Our service also extends to providing direct clients and insurers in respect of complex and difficult-to-handle Claims.

Who are our clients?

Our clients include the following:

• Ship-owners, Ship Managers, Charterers Owning/ Managing / chartering the ships Clients engaged in onshore / offshore
• Oil & Energy related business
• Port owners / Port Managers

In our endeavour of providing proper guidance to clients in securing the widest possible coverage We render following major services:

• Carry out Portfolio Analysis by studying the existing policies for possible improvement in coverage and terms
• Make presentation to the Management & Team of clients on the Insurance coverage and technicalities involved to educate the clients on “Dos” and “Don’ts” as per policy terms/requirements
• Secure the best possible premium rates from the Insurance Companies for clients by generating competition
• Assist clients in selection of quality Insurer at the most competitive pricing
• Guide clients on their operations and securing desired covers relating to chartering of vessels with reference to Charter Party Agreements
• Organizing condition and valuation surveys by IRDA approved Surveyors for clients as per Insurer’s requirements under the policy
• Remind about payment of Instalment premium amounts on or before due date to secure continuity of cover
• Assist clients in securing the settlement in the event of any fortuity giving rise to claim under their policy

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