Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination. It is essential for businesses involved in international and domestic trade.
Inclusions
- Fire or Explosion
- Stranding, Sinking etc.
- Overturning, Derailment (of land conveyance)
- Collision
- Discharge of cargo at port of distress
- Jettison
- General Average Sacrifice, Salvage Charges
Exclusions
- Wilful misconduct of the Assured
- Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear
- Insufficiency or unsuitability of packing
- Inherent vice or nature of the subject-matter
- Delay
- Insolvency or financial default of owners, managers, charterers or operators of the vessel
- Weapon of war employing atomic or nuclear fission and/or fusion
Types of Marine Insurance
- Marine Cargo Insurance: Covers goods in transit.
- Marine Hull Insurance: Covers the vessel itself.
- Marine Liability Insurance: Covers liabilities arising from maritime operations.
Documents Required in Claim
- Original Policy/Certificate of Insurance
- Copy of Bill of Lading
- Invoice & Packing List
- Claim Bill
- Copy of Protest/Note of Protest
- Survey Report (if applicable)
- Correspondence exchanged with carriers
- Copy of FIR (in case of theft/accident)
