Insurance of Parcel

Insurance of Parcel: By UIIC http://www.uiic.co.in

INSURANCE POLICY
Marine Cargo Insurance

We Cover
Who can Insure ?
What is Insured ?
Insured against what Risks ?
Premium Rating
Note

Related Policies
Open Cover
Open Policy
Specific Voyage Policy
Annual Policy

We Cover
Any loss or damage to goods in transit by rail, sea, road, air or post.

Who can Insure ?
Owners or bankers of goods in transit/shipment.

What is Insured ?
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

Insured against what Risks ?
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

Premium Rating

The normal basis of valuation for ocean/air consignment will be CIF + incidentals up to a percentage which is agreed upon at the inception of the policy ( normally this is 10 %)

Open Cover

Open cover is usually issued for import/export. The open cover is a contract effected for a period of 12 months , whereby the insurance company agrees to provide insurance cover to all shipments coming within the scope of the open cover. Open cover is not a policy. It is an unstamped agreement. As and when shipments are declared , specific policies are issued as evidence of the contract and on collection of premium.

Open Policy

This policy is issued for transit of goods within India. Policy is valid for one year and all transits during the policy period and declared are automatically covered by the insurance company subject to the availability of the overall suminsured.

It is a stamped document. In this case specific policies are not issued for each consignment . Premium can be collected in advance for the entire estimated value during the policy period . Stamp duty is collected in advance along with premium for despatches to be declared periodically

Specific Voyage Policy

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/-.

Note

Particulars of cover, liability and exclusion given above are not complete or exhaustive.
Our nearest branch office may be approached for complete details.
FOR further details: http://www.uiic.co.in