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

Specific Marine Policy

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

The policy covers physical loss or damage to insured goods during transit by sea, rail, road, air or post parcel.

Who can take this Policy?

Anyone can have this policy who have to send goods from one place to another and one should have insurable interest.

Coverage

Scope: The policy covers physical loss or damage to insured goods during transit by sea, rail, road, air or post parcel

Coverage: The policy coverage is guided by standard marine clauses

  • Movement of goods within India- Inland Transit Clause-A, B, C
  • Export/Import- Institute Cargo clause- A, B, C

The policy commonly covers loss or damage due to Fire, lightening, breakage of bridges, collision, overturning and sinking/capsizing etc.

Add on Covers

Add-ons under Marine Specific Policy are as follows:

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

Basis of Sum lnsured

Sum Insured of the policy is fixed on Agreed value basis, depending on terms of sale - FOB, C& F, CIP, CIF with loading of 10-15% for incidental charges.

Exclusions

The Policy does not cover following:

  • Willful misconduct
  • Ordinary leakage/loss in weight or volume, wear and tear
  • Improper packing
  • Inherent vice
  • Delay
  • Insolvency/financial default of carriers
  • War, strike, riot and civil commotion

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 started 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

Proforma invoice should be shared upfront

  • Policy document contains the details of proforma/original invoice like Cargo/Goods description and value therefore it is required upfront.
Risk Location/s should be properly mentioned

Invoice Number and exact location of transit should be mentioned in the policy

  • It need to be checked that invoice number, transit details (From & To) are clearly mentioned in the policy document.
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

Our Insurance Partners

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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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