IRDAI License Number: IRDAI/INT/ISNP/2022/250

Marine Inland Policy

Epoch Insurance Brokers Private Ltd.
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Marine Inland Policy
Introduction
Who can take this Policy?
Coverage
Add on Covers
Basis of Sum lnsured
Exclusions
Introduction

Marine Policy is a security for your goods while they are in transit. This policy secures business goods & personal belongings that are being transported within the country.It covers your belongings against damage or loss happening anywhere from the source to destination.

Who can take this Policy?

The contract of sale would determine who buys the policy. The most common contracts are:

  • FOB (Free on Board
  • C & F (Cost & Freight)
  • CIF (Cost, Insurance & Freight)
  • Ex-Works

In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the purchaser. In ex works generally the buyer shall purchase insurance warehouse to warehouse.

Coverage

  • This policy covers goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea, air and/or courier
  • Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover
  • This policy is freely assignable and is basically an agreed value policy.

A vast majority of Marine Cargo policies are based on Institute Cargo Clauses, that appear in three versions viz., ITC (A), ITC (B) and ITC (C). ITC (A) is based on ''All Risks'' while (B) and (C) are based on named-perils.

Add on Covers

Add-ons under Marine Policy are as follows:

  • Seal Intact Clause
  • FOB Clause
  • Repacking Clause
  • Conceal Damage Clause

Basis of Sum lnsured

Marine Insurance Policy is an agreed value policy wherein Insurance company agrees to settle the claim according to the value decided by the client.

Exclusions

Principal exclusions, which appear in the Institute Cargo Clauses are:

  • Loss or damage due to Inherent Vice
  • Loss or damage due to Delay
  • Loss or damage due to Insufficiency of packing
  • Loss or damage due to insolvency, financial default etc.
  • Loss damage or expense arising from the use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter

Why Choose PolicyLo.com

Professional and Experienced Team
Professional and Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment Ontime Everytime
Service Commitment Ontime Everytime
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution

Important Points to remember while Buying the Policy

Adequate Sum Insured - To Avoid Underinsurance

Policy should be start before consignment start date

  • Policy should be started before consignment start date to avoid gap in coverage.
Ensure that assets should be covered under the right entity/company

Sum Insured should not be exhausted

  • There should be properly monitoring that available balance sum insured should not be less than the consignment at any point of time during the whole policy period.
Risk Location/s should be properly mentioned
Per Sending and Per Location limits should be on higher side
  • Keep these limits on higher side as per the requirement of you consignment sending pattern.
Downloads
Proposal Form
Proposal Form  
Policy Wordings
Policy Wordings  
Claim Form
Claim Form  
Key Documents
General Claim Intimation Format
General Claim
Intimation Format
Immediate Action Client Should Take
Immediate Action Client
Should Take
Indicative General Documents
                            for Settlement of Claims
Indicative General Documents
for Settlement of Claims

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Claim Case Study - 1

1
Situation
Situation

A client trading in high quality paper had a consignment of raw material badly damaged by heavy rain.

2
Challenge
Challenge

It was found on discussing with the surveyors that the proper covering on the truck was not maintained. It would have adversely effected the claim.

3
Solution
Solution

We convinced the insurance company that this was one solitary instance and otherwise the tarpaulin covering was always adequately done. The claim was paid accordingly.

4
Advisory/Conclusion
Advisory/Conclusion

It was made very clear to the client that the right kind of transporters should be used so that such occurrences do not recur.

Claim Case Study - 2

1
Situation
Situation

Client deals in solar module. The module efficiency decreases if it falls due to micro cracks not apparent from external appearance.

2
Challenge
Challenge

Since testing had to be done on large number of sample modules, the cost of which was high. The cost of disposal latter was also extremely high. It was opined by the surveyor that both this costs will have to be borne by the insured.

3
Solution
Solution

We were able to Negotiate strongly with the surveyor that this cost testing and salvage was necessary for both the sites. It was eventually agreed that 50% of these costs will be paid to the insured.

4
Advisory/Conclusion
Advisory/Conclusion

Claim Preparation and Salvage Disposal add-on was advised to be taken in the policy.

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