Marine Cargo Policy
This policy covers goods, freight and other interests against loss or damage
to goods whilst being transported by rail, road, sea and/or air.
Different policies are available depending on the type of coverage required
ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.
This policy is freely assignable and is basically an agreed value policy.
Type of Cover:
Marine Open Policy
Typically opted for by commercial firms and industrial establishments
with substantial volume of trade and a number of transactions, an Open
Policy is issued for ensuring automatic & continuous insurance protection.
This policy is issued to cover all shipments sent/received during the Policy
period. The sum insured can be increased any number of times during the
policy period of one year; but care should be taken to ensure that adequate
sum insured is available to cover the consignment to be despatched.
Marine Specific Policy
This policy provides cover against specified perils under marine cargo
sent/received during the Policy period
Marine Sales Turnover Policy (STOP)
This policy provides cover from the time the raw material is purchased
to movements to all intermediate locations for processing or storage until
it reaches the final destination or until the customer's responsibility
Policy is designed to cover loss or damage to the property insured by theft
following actual, forcible and violent entry into the premises. It also covers
cash, valuables, securities kept in a locked safe or cash box in locked steel
cupboard on specific request.
It is possible to extend the policy to include loss of the insured property
to cover burglary as a result of riot & strike risks & theft and
larceny not accompanied by violent ingress or exit. The extension does not
cover losses detected during routine stock taking / checking.
There are three types of policies available:-
Full Value Basis: The policy must be effected for the
full value of the property to be insured.
First Loss Basis: In the event of improbability of total
loss, proposer can opt for a percentage of total stocks to be insured.
Declaration Basis: These policies are given where large
stocks frequently fluctuate in quantity during the year. Monthly declarations
of value are to be sent to the company and premium will be adjusted at the
end of the policy period.
Contractors All Risk Policy
This policy is specially designed to give financial protection to the Civil
Engineering Contractors in the event of an accident to the civil engineering
works under construction.
The policy comprises of 2 sections:
- Section I-Material Damage-covering physical loss, damage or destruction
of the property insured by any cause, other than those specifically excluded
in the policy.
- Section II-Third Party Liability-covering the legal liability falling
on the insured contractor as a result of bodily injury or property damage
belonging to a third party.
Contractors Plant and Machinery Policy
This policy covers all different types of machinery used for handing material
or construction & project site.
The policy covers sudden, accidental, external damage to the insured machinery
due to any cause other than those specifically excluded in the policy.
The policy covers the machinery whilst they are in operation or at rest
or whilst being dismantled for the purpose of cleaning or overhauling or
whilst being shifted within the premises or during subsequent re-erection,
but in any case only after successful commissioning.