Marine Insurance
At Insurance Box, we provide comprehensive coverage for loss or damage related to ships, cargo, terminals, and any mode of transport involved in transferring, acquiring, or holding property between its origin and final destination.
Type of Marine Insurance
- Export & Import Insurance
- Inland Transit
Advantages of Export & Import Insurance
Export and Import Insurance provides essential coverage for businesses engaged in international trade. Here are the key advantages:
1. Risk Mitigation
2. Payment Security
3. Compliance with International Trade Requirements
4. Enhanced Credibility
5. Business Continuity
6. Comprehensive Coverage
7. Customizable Policies
Generally, there are three types of covers, namely Institute Cargo Clause (C) – Named peril basis, Institute Cargo Clause (B) – Named peril basis and Institute Cargo Clause (A) – Unnamed peril basis. ICC (A) offers the widest form of cover under Marine Cargo Insurance because of the perils covered
In the basic Export and Import policy loss due to terrorism is not covered. But you can include this as an extension under the policy by paying the marginally extra premium. It is advised to do this addition at the time of buying the policy. We’ll make sure that you include the necessary add-on coverages while buying the policy
Institute cargo clause (C) also known as ‘named perils clause’ covers physical loss or damage to the cargo due to fire or explosion, discharge of cargo at the port of distress, vessel contact or collision, vessel or ship being stranded, grounded, sunk or capsized and overturning or derailment of conveyance other than water.
Marine Export and Import cargo policy does not cover ordinary leakage, wear and tear of cargo, improper packaging and any delay, howsoever caused. Any willful misconduct and illegal activities are excluded from the policy. Damage to the cargo due to war, riot, strike, and civil commotion are also not covered. Insolvency or default by the carrier is also excluded