Who can insure?
Owners or bankers of goods in transit/shipment
What all can insure?
- export and import shipments
- goods in transit by rail, sea, road, air or post
- goods carried by coastal vessels plying between the various ports within the country
- cargo transported by small vessels or country craft over inland waters
- goods moved from place to place by river transport
The policy covers loss/damage to the property insured due to:
- Fire or explosion; stranding, sinking etc.
- Overturning, derailment ( of land conveyance)
- Collision
- Discharge of cargo at port of distress
- Jettison
- General average sacrifice, salvage charges
- Earthquake, lightning
- Washing overboard
- Sea, lake, river water
- Total loss of package lost overboard or dropped in loading or unloading
- War and SRCC is specifically covered
This policy is valid for a single voyage or transit. The policy will be issued before the voyage starts. The coverage will cease immediately on completion of the voyage. The specific voyage policy must show complete details of the risk..It should contain particulars of conveyance/Vessel name/ Bill of Lading or Way bill and date , sum insured ,terms and conditions of cover, voyage , cargo description etc like all other marine policies.
Annual policy
This policy may be issued to cover goods in transit by road or rail or sea from specified depots or processing units owned or hired by the insured. The goods covered must belong to or held in trust by the insured . These policies can not be issued to transport operators , clearing , forwarding and commission agents or freight forwarders or in joint names.. They can not be assigned or transferred. For such policies the sum insured should not be less than Rs 5000/-.