Marine Cargo Insurance - Open Policy
24Cr+
Customers Served
140+
Locations
98%*
Claims Settled FY 23-24
Key Features of Open Policy
Goods are shipped across the world and not constrained by borders. The policy provides wide coverage for loss or damage caused to the cargo whilst in transit between any two locations i.e. “Origin” to “Destination” by Sea / Air / Rail / Road / Courier or any combination of the above, where the cargo/s is/are exposed to various perils. This module of Policy covers multiple shipments made over the course of a year & declared under single Open policy during within the policy period. The main feature is adjustment of policy premium throughout the tenure of the policy depending on the risk exposure. Hence, Insured can add or decrease the coverage sum Insured as per requirements. Adjustment will be done post the policy expires and outstanding sum insured, if any, shall be refunded. However, Insured has to ensure that sufficient premium remains in policy throughout the year to cater the shipment insurance.
What's Covered Under Open Policy
The Policy covers any accidental loss or damage to the cargo as described in the Policy schedule whilst in transit by perils named in institute clauses. Type of Coverage under Marine Cargo Insurance is determined by the mode of transport including voyage details (Inland/Export/Import) and requirements of customers as given below:
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Transit by Sea / Inland Waterways / Coastal Waters - Coverage provided under this type will be as per institute clauses which are uniformly used in international markets. Three types of coverage are offered for such transit:
- All Risk – Institute Cargo Clause “A” (Cargo)
- Basic Cover – Institute Cargo Clause “B” (Cargo)
- Restricted Cover – Fire – Institute Cargo Clause “C” (Cargo)
- Transit by Air - Coverage provided for transit of goods by air is on “All Risk” basis as per Institute Cargo Clause (Air).
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Transit by Rail / Road Coverage - provided for inland transit of goods is classified into three categories:
- All Risk – Inland Transit (Rail / Road) Clause “A”
- Basic Cover – Inland Transit (Rail / Road) Clause “B”
- Fire & Lightning – Inland Transit (Rail / Road) Clause “C”
The above clauses have different versions & are offered to client as per requirement. - Transit by Registered Post / Courier - Coverage for transit of goods by Registered Post / Courier etc. will not be provided on standalone basis. Such coverage shall be granted in conjunction with transit by Sea / Rail / Road / Air or any combination of the above.
What's Not Covered Under Open Policy
Loss, damage, expense attributable to wilful misconduct of insured.- Ordinary (inevitable) Losses.
- Loss, damage, expense caused by inherent vice.
- Loss, damage, expense caused by insufficient, unsuitable or defective packing or preparation of goods. 'Packing' includes stowage in container or lift van but only when such stowage is done prior to attachment of insurance or by the insured or their servants.
- Loss, damage, expense proximately caused by delay, even if delay be caused by a risk insured against Loss, damage, expense arising from insolvency or financial default of owners, managers, charterers or operators of the vessel.
- Nuclear Weapons Risk.
- War Risk Exclusion
- Loss, damage, expense caused by or resulting from strikes, lockouts, labour disturbances, riots, civil commotions or caused by any person.
- Loss, Damage, Expense arising from – Un Seaworthiness of vessel or craft Unfitness of vessel, Craft, Conveyance, Container, and Lift Van for Safe Carriage of interest insured where the assured or their servants are privy at the time of loading.
The above are not exhaustive & please contact nearest branch for more information and clarity.
Product Name : Marine Cargo Insurance-Open Policy
Product UIN
IRDAN144CP001 9V01201819
DISCLAIMER:
Disclaimer: The above information is indicative in nature, for more details on complete coverage and terms and conditions, please contact our nearest
office and also read the policy document and sales brochure carefully before concluding a sale.
Policy Documents
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