Marine-Specific Voyage (Single Transit) Policy
This insurance policy is suitable for entities where the need to insure the cargo/shipment arises occasionally. This insurance policy can be issued for inland (sales/purchase) as well as overseas (export/import) shipments. The cover will cease to exist once the insured cargo reaches its destination. This policy offers indemnification against loss or damage to cargo during a Specific Single Transit only. Cover could be customized as per the requirement & nature of cargo, on agreed premium.
Marine Open Policy
This insurance policy is suitable for entities with regular shipments and a huge volume of transactions. This policy eliminates the need to negotiate terms of a new policy each time a shipment is scheduled. This insurance policy can be issued to cover Inland shipments (sales/purchase) or overseas shipments (Export/Import). Terms of the policy were decided and agreed upon in advance depending on the nature of cargo, estimated sum insured, type of voyage/shipment, etc. covering all the agreed transits/shipments within a specified period, generally 12 months. This policy provides automatic and continuous protection to shipments during the policy period. Insured is bound to declare each and every shipment within a month, agreed in the policy, in the subsequent month, or as per the declaration clause in the policy. Alternatively, instead of monthly declarations, the insured can also opt for insurance certificate issuance for every transit. The cover will cease to exist once the sum insured is exhausted or upon completion of 12 months, whichever shall occur first
Marine Sales Turnover Policy
This insurance policy is suitable for entities with huge sales turnover. There are a lot of customization options available in this policy, depending on the insured’s business requirements. This policy has the unparallel advantage of covering not just the entire sales turnover of the company but can be extended to cover the purchases, imports, exports, inter-depot movements, movements related to Job work, transit from the factory to warehouse, warehouse to dealerships & from dealerships to customers, movement of capital items, etc. Varied terms are incorporated for varied transits in a single policy and instead of getting issued a certificate for each overseas shipment or declaring each and every inland shipment on monthly basis, the insured declares his total sales turnover every quarter and the premium is adjusted accordingly.
Claim Process
- Inform the insurance company with a rough estimate of the loss as early as possible.
- Take all steps within your power to minimize the extent of the loss or damage.
- Preserve the parts affected and make them available for inspection by a representative Or Surveyor Deputed by Insurer.
- Inform the police authorities immediately. Get the FIR lodged, as per the circumstances.
- Furnish All Such Information and Documentary Evidence As the Insurer May Require.