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Protects goods against physical loss or damage while in transit by sea, air or land. This allows individuals or business to buy shipment basis policy for their infrequent domestic or international shipments.
Insured gets an annual policy from the insurer to cover all the shipments during the policy period. This kind of policy best suits for business with large turnover of shipments throughout the year.
This covers all kinds of loss or damage that are incurred, unless specifically excluded in the policy. Insurers usually cover this by Institute Cargo Clauses (A) under both, single shipment or an open cover policy.
This covers loss or damage due to named perils. Institute Cargo Clauses B and C are the internationally recognized wordings used for basic risk cover cargo insurance policy.
All policies can be extended to cover War, Strike, Riot and Civil Commotion. Insurers usually extend marine cargo insurance policies for War & SRCC risks coverage at an additional premium.
This type of policy covers the cargo during transit from the warehouse of origin to the warehouse of destination. Any multiple mode of conveyance can be included such as Sea, Air, Rail or Road.
Cargo policy does not cover if the damage is caused due to improper packaging
Shipment must be packaged according to the international standard in order to make sure the claims are covered. Unless otherwise agreed by the insurer.
Insurable interest at policy effective is not required
Claimant becomes eligible only if the insurable interest exist at the time of claim. Unlike other indemnity insurance policies insurable interest at the time of effecting policy is not required.
Letter of Credit (LC) requires marine cargo insurance
All Banks required marine cargo insurance for the Letter of Credit as a mandatory requirement. This is the best practice that protect the interest of all parties i.e. Bank, Buyer and Seller.
Cargo insurance covers shipments through all modes of conveyance
Cargo policy wordings are designed to cover shipments from anywhere to anywhere through any or multiple mode of conveyance. Such as shipment can be by Sea, Air, Rail, Road and combination of any.