+91 90333 30444
info@finoxo.in

Marine Insurance

What is Marine Insurance

Marine Declaration Policy enables you to insure all your goods in transit or shipment during the year under a single policy. This is a huge advantage for logistics companies managing multiple transits during the year, providing streamlined coverage against loss or damage of cargo.

  • Within the country (Inland)
  • From India to a country outside India (Export)
  • From a country outside India to India (Import)

Who Need A Marine Insurance

Entities or individuals who frequently transport cargo throughout the year need Marine Insurance. This policy ensures protection against loss or damage during transit, especially for high-value business consignments that are at constant risk during transportation.

Why do you need Marine Insurance?

Managing insurance for each shipment individually can be time-consuming and cumbersome. Instead, a Marine Open Declaration Policy simplifies the process by covering all goods in transit under one policy, with periodic declarations.

What Covers Under Insurance

Covers Import / Export Inland
ICC A ICC B ITC A ITC B
Fire or Explosion ✓ ✓ ✓ ✓
Overturning or derailment of vehicle ✓ ✓ ✓ ✓
Discharge of cargo at port of distress ✓ ✓ ✓ ✓
Collision between 2 Vehicles ✓ ✓ ✓ ✓
Jettison ✓ ✓ ✓ ✓
Washing overboard ✓ ✓ ✓ ✓
Earthquake, Lightning or Volcanic Eruption during transit ✓ ✓ ✓ ✓
River or lake water entering cargo ✓ ✓ ✓ ✓
Damage/Loss to goods during loading & unloading ✓ ✓ ✓ ✗
Damage/Loss to goods during handling of goods in transit ✓ ✗ ✓ ✗
Theft or malicious damage ✓ ✗ ✓ ✗
Hijack of goods ✓ ✗ ✓ ✗
Hijack of goods ✓ ✗ ✓ ✗

Note: Coverage details are subject to the policy terms and conditions.

Frequently Asked Questions

A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper detailing the type, quantity, and destination of the shipment.

Per sending limit is defined as the maximum amount of liability which the insurer would assume in respect of goods belonging to the insured carried on a single transit. The policy may have a single limit per sending across different modes of conveyance or specify different limits for different modes of conveyance.

Single insurance policy which can cover loss or damage of the cargo for their multiple transit.Thus, Marine Open Declaration Policy enables you insure all your goods in transit or shipment during the year in a single policy.

They determine the point of change of responsibility between the buyer and seller. Inco terms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer. Some commonly used Inco Terms:
  • Ex Works (EXW): Seller has to place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer.
  • On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the buyer has to bear all costs &risks to the goods from that point.
  • Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from seller to buyer.

Every entity or individual dealing in shipment of cargo and they are involved in multiple shipments during the year can buy this insurance policy to protect the goods from loss or damage.

  • All Risk Cover (ITC A/ ICC A)
  • Basic Risk Cover (ITC B/ ICC B)

No Terrorism is not covered in Marine open transit insurance.

  • Claim Intimation: Where the consignment is found in damage condition at the time of taking delivery or if consignment carrying vehicle met with an accident, being a rightful claimant, claim to be intimated immediately after delivery or notification of loss through Web Claim portal. Link : https://app3.icicilombard.com/claimstracker/Index.aspx).
  • List of Requirements: After survey inspection, surveyor will share quantification of loss and list of documents to be submit (For Claim Above 1 Lakh)
  • Submission: Insured should arrange all requested details to surveyor / insurance company within time.
  • Assessment: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
  • Consent/Discharge voucher: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
  • Final Survey Report: Surveyor will arrange to prepare and submit their report to insurer upon receipt of all requested details along with consent.
  • Processing: Upon receipt of final survey report from surveyor, notarized subrogation (claims above 2 lakhs) and duly singed Discharge voucher (claims above 10 lakhs) Insurer will arrange to release payment.

Yes, partial loss is covered. It is of two types. One is particular average which means losses shall be covered up to the level of damage on subject matter insured. Other one is general average, which means, in order to avoid any other risk or danger, if the remaining cargo is voluntarily destroyed, the same shall be covered.

  • Invoice copy
  • Final Repair Bill
  • Repair Estimate (If repairable) claim and original AD
  • Acknowledged copy of letter lodging monetary
  • FIR copy in case of accident and theft claims
  • Salvage Bill
  • Original LR Copy
  • Original Damage certificate issued by transporter
  • Photographs (In case of damage claim)
  • Shortage Certificate(In case of shortage)
  • Driving License, RC Book of transporters of vehicles
  • Discharge voucher
  • Final claim Bill along with salvage value
  • Original Letter of subrogation on Rs 200 on stamp paper notary

Premium is calculated by multiplying the Sum insured with the defined rate of specific cargo. Premium is subject to total value of cargo insured and type of cargo.

Cargo is prone to damage during the loading into the vehicle/ship and unloading of the goods from the vehicle. Such damages can be covered under marine open declaration policy with all risk cover (Cover A).

  • Wilful Misconduct of the Assured
  • Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured
  • Insufficiency or unsuitability of packing
  • Inherent vice or nature of the subject-matter insured
  • Delay
  • Insolvency or financial default of owner, manager, charters or operators of the vessel
  • Unfitness/ Unseaworthiness of carrying conveyance

At Finoxo Solutions, we specialize in providing tailored insurance solutions that cater to both commercial and individual needs. With a commitment to excellence and innovation, we ensure our clients receive comprehensive coverage and unmatched service for their peace of mind.

Address

B-407, Decora 9 Square, Nr. Nana Mava Chowk,RAJKOT

+91 90333 30444

info@finoxo.in

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