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Why Marine Cargo Insurance Policy

Marine Insurance Policy

Features and Benefits

  • Business dynamics are always in flux, and the expansion of trade and commerce exposes one to risks associated to the transit of goods. Suitable risk management becomes a requirement for a business to work towards the expansion of its horizons. Designed to take care of risks inherent in the mode of transit, the Marine Cargo Insurance Policy by Liberty Videocon covers physical loss of or damage to cargo that is under movement via air, road, sea, rail, or a combination of these modes, between any two points.

Marine Cargo Insurance Policy

Goods being transferred over long distances can give rise to a number of contingencies. The sheer distance leaves open a number of possibilities for loss or damage. Better safe than sorry; it is always a good idea to avail the proper insurance policies to decrease the risks. The marine cargo insurance policy by Liberty Videocon provides coverage for any loss or damage of ships, cargo terminals, or any transport or cargo, through which your goods are being transferred between the point of origin and the final destination.

Transit by Sea / Ocean

The insurance covers available for an ocean or sea voyage are classified as:

  • All Risks: This covers all kinds of loss or damage expenses that are incurred, unless specially excluded in the policy.
  • Basic Risks: This provides cover for loss or damages on a named perils basis. The marine insurance includes a list of perils included under the clause.

A comparative analysis of the various covers available under the Policy:

  • Covered
  • Not Covered

Type of risks

  • Fire or Explosion
  • Vessel being Stranded, Grounded, Sunk or Capsized
  • Overturning or Derailment of Land Conveyance
  • Collision or Contact of vessel with any object other than water
  • Discharge of Cargo at the Port of Distress
  • Earthquake, Volcanic Eruption and Lightning
  • General Average Sacrifice
  • Jettison
  • Washing Overboard
  • Entry of Sea / Lake / River water into the Vessel, Craft, Hold, Conveyance, Container, Liftvan or Place of Storage
  • Total loss of Package Lost Overboard or Dropped whilst Loading onto or Unloading from the Vessel or Craft
  • Rainwater Damage
  • Piracy
  • Deliberate Damage or Destruction by Wrongful Act of any Person or Persons
  • Frustration of Voyage resulting into Extra Charges incurred for Unloading, Storing and Forwarding to Destination
  • Reasonable Charges incurred to avert / minimize Losses and Charges incurred to protect the rights of recovery against carriers
  • Liability under BTBC
  • Other Extraneous Perils
  • Sifting of Cargo
  • Breaking, Crumbling, Crushing, Denting
  • Heating & Sweating
  • Infestation, Mould, Mildew
  • Hook / Sling losses
  • Contact with Mud / Oil / Other cargo
  • Shortage, Theft, Pilferage, Non Delivery / Short Delivery
  • Other Fortuitous losses

ICC(A)

ICC(B)

ICC(C)

The marine cargo insurance covers for air transit are similar to the All Risks Cover of the sea/ocean voyage. They cover physical loss or damage and incurred expenses, apart from those excluded in the policy clauses.

The marine insurance covers that are available for road or rail transport include:

  • All Risks: Covers all kinds of loss or damage expense that is incurred, unless specially excluded in the policy.
  • Basic Risks: This provides cover for loss or damages on a named perils basis. The marine insurance includes a list of perils included under the clause.

A comparative analysis of the various covers available under the Policy:

  • Covered
  • Not Covered

Type of risks

  • Fire or Explosion
  • Vessel being Stranded, Grounded, Sunk or Capsized
  • Overturning or Derailment of Land Conveyance
  • Collision or Contact of vessel with any object other than water
  • Discharge of Cargo at the Port of Distress
  • Earthquake, Volcanic Eruption and Lightning
  • General Average Sacrifice
  • Jettison
  • Washing Overboard
  • Entry of Sea / Lake / River water into the Vessel, Craft, Hold, Conveyance, Container, Liftvan or Place of Storage
  • Total loss of Package Lost Overboard or Dropped whilst Loading onto or Unloading from the Vessel or Craft
  • Rainwater Damage
  • Piracy
  • Deliberate Damage or Destruction by Wrongful Act of any Person or Persons
  • Frustration of Voyage resulting into Extra Charges incurred for Unloading, Storing and Forwarding to Destination
  • Reasonable Charges incurred to avert / minimize Losses and Charges incurred to protect the rights of recovery against carriers
  • Liability under BTBC
  • Other Extraneous Perils
  • Sifting of Cargo
  • Breaking, Crumbling, Crushing, Denting
  • Heating & Sweating
  • Infestation, Mould, Mildew
  • Hook / Sling losses
  • Contact with Mud / Oil / Other cargo
  • Shortage, Theft, Pilferage, Non Delivery / Short Delivery
  • Other Fortuitous losses

ICC(A)

ICC(B)

ICC(C)

Extensions

There are some Institute & Non Institute clauses that can be attached to the marine insurance policy to further the scope of coverage. With some additional premium or agreement for a higher deductible, you can avail extra extensions on offer:

  • Air Freight Replacement Clause
  • Concealed Damage Clause
  • Loading and Unloading Clause
  • Duty Insurance Clause
  • War and Strike perils as per the relevant Institute Clauses
  • FOB Clause

Why Commercial Insurance

Listen to Our Customers

The Client has highly appreciated the inputs and report from Mr. Sudhanshu.
Its because of him we were able to convince the client to move to Liberty along with local sales support.​

Rohit Kapoor

We find the report is very exhaustive in bringing out the risk exposures and the works the client has to carry out for risk elimination. Surely the client will be benefited by the suggestions you have put forth.​

Gurudutt

The contents of your newsletter are quite interesting and informative.

This will help in creating awareness in the industry about the loss prevention and good maintenance.

Thanks for the good work you are doing.​

M.Rajaram

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Registration Number: 150 | ARN- ADVT/2017/May/22 | CIN: U66000MH2010PLC209656

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