Marine Cargo insurance:
All goods whilst being transported irrespective of their mode of conveyance i.e. sea, air or land are exposed to loss or damage due to various causes. In spite of tremendous improvement in shipping techniques, loss or damage to goods remain a frequent occurrence during transit, loading or unloading, whilst under customs inspection and temporary storages (such as at port) that are incidental to transit.
Our professional team of Marine Department, with its customer-focused approach, is very well equipped not only to suggest you the appropriate coverage keeping in view your requirements and nature of goods but also to act as your consultants providing you with valuable tips on loss reduction.
Most of the consignments by sea can be insured generally either of the three internationally known Institute Cargo Clauses (A), (B) and (C). The major perils covered under these clauses are common such as sinking, accident or over-turning of the carrying conveyance and explosion. Clause (A), which is also described as “All Risks”, besides covering the afore-mentioned perils, also covers Fire, water damage, breakage or damage to goods due to knocks and jolts etc. while (B) clause although provides wider coverage as compared to (C) but is limited in scope when compared with (A) clause.
Special types of goods like bulk commodities, perishable goods such as frozen items are dealt with especially designed covers according to the nature of these consignments.
By Air consignments are mainly covered under Institute Cargo Clauses (air) “All Risks”. Generally due to the facts that by air consignments are transported within a short duration of time, better handling and some other elements have lesser chances of suffering a loss or damage as compared to by sea, which is therefore reflected in the premium rates.
By Land consignments are either insured under “Land Transit – All Risks” or “Land Transit – Restricted Perils” cover. As evident from the name, the first type provides a wider cover as compared to the later. The selection of cover is again decided and agreed upon assessment of client’s requirements.
Our Marine Department will be very pleased to provide you their efficient technical assistance in deciding the most competitive terms for your marine insurance that we will be best suited to your requirements for all types of cargo and transportation means.
This section deals with the insurance of the Marine vessels. The vessels could be of different types i.e. from gigantic oil tankers, tug vessels, normal goods carriers, gas carriers, vessels built for carrying bulk commodities, and passenger carrying vessels to small pleasure yachts & boats etc.
The most common form of Marine Hull insurance covers physical damage to the body and machinery of the vessels and on many occasions include Marine liabilities also.
The importance of this insurance cannot be undermined as the majority of cargo in international trade continues to be transported by Steamers. Our specialized team of Marine Hull department offers different types of coverage required for vessels of all descriptions whether operating in the open blue waters or in relatively calm & protected coastal waters.
As a customer, you will be pleased to experience our usual efficient services on your contacting our Marine Hull Department for all your requirements related to insurance of any types of Marine conveyance, of whatever size and nature, whether it is about covering the physical damage to the Marine Hull and machinery itself or any other related liabilities/associated risks.