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Different clauses are available depending on the type of Coverage required ranging from ALL RISKS cover to a restricted Total loss only cover.

Transportation of goods is classified into three categories.

  1. Inland Transport
  2. Import
  3. Export

Various policies can be offered as follows:

Specific Voyage – to Cover only a specific single trip. The cover ends when goods reach destination.
Open Cover Policy – An open cover policy is an agreement whereby the insurer will accept insurance of all shipments made by the assured, within the terms of the cover for a fixed period. As the above is not a policy Certificates of Insurance are issued against the declaration made by the assured.
The open cover is of great convenience to the client engaged in regular import/export trade.

Who Can Take The Policy?

The contract of sale determines who buys the policy.

The most common contracts are:

  1. FOB (Free on Board)
  2. C&F (Cost and Freight)
  3. CIF (Cost, Insurance and Freight)

In FOB and C&F the seller is responsible to buy insurance. In CIF, the seller is responsible for insurance.

Select the Sum Insured

Usually 10-15 % in addition to the contract value should determine the sum insured.

Product Range

How to claim

When there is a claim you should:

  1. Take steps to minimise loss
  2. Lodge monetary claim against carrier
  3. Inform the company or agent
  4. Submit the following original documents:



-Packing list

-Correspondence with Carrier

-Copy of notice served on carriers along with acknowledgement/receipt

-Survey Fee from a surveyor appointed by the Insurance Company.

More information about Marine Cargo Insurance.

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