ICICI Lombard Marine Insurance

 ICICI  Lombard Marine Insurance

ICICI Lombard General Insurance can help you successfully overcome these situations and put you in control. With Marine Cargo Insurance solution, you can safeguard yourself from risks associated with transit of goods.

The policy provides wide coverage for loss or damage caused to the cargo whilst in transit by Air/ Rail/ Road/ Sea/ Courier/ Postal.

Coverage provided under this type will be as per institute clauses which are uniformly used in international markets.

Marine Cargo Policies can broadly be classified into four categories:

• Inland Policies
• Export Policies
• Import Policies
• Turnover Policies.

All the above policies are available on all risk basis or on Basic risk as per the need of the Insured and can cover Inland/ Domestic and International transits.

What are the Type of Polices we offer?

The premium will depend on the following factors:

• Type of vessel, trading limits, age, tonnage and technical aspects of machinery
• Management and ownership considerations
• Past claims experience
• Valuation of vessel
• Type of cover required
• Size of the deductible.

Single Transit Policy: (A Quick way to Insure!)

• Covers specific consignment upon payment of agreed premium
• Cover ends as soon as arrival of cargo at destination.

Marine Cargo Open Policy: (Wise way to Insure!)

• Covers all consignments as agreed by underwriters until Sum Insured is exhausted by way of declarations
• Simple declaration on monthly basis or at an agreed frequency
• Online Certificate Generation at Insured’s end wherever required
• Top up facility available

Sales Turnover Policy: (Entire Business Protected!)

• An umbrella policy for all consignments related to trade or manufacturing of the Insured
• Simple declaration on Quarterly sales figures, thus no hassles of submitting monthly declarations
• Online Certificate Generation at Insured’s end wherever required
• Instalment facility available for payment of premium

Who can take policies?

Generally, the contract of sale would determine who buys the policy. Most common parties who can buy marine policies are as follows:

• Manufacturers
• Traders
• Importers/ Exporters
• Custom House Agents
• Transporters/ Aggregators

Why ICICI Lombard General Insurance Company Ltd?

Our team of experts can help you to design suitable solution for your cargo transits considering the following points

• Higher underwriting capacities including pure international risk
• Cargo Specific covers
• Add on covers – War and Strike, Riot and Civil Commotion (SRCC)/ Duty Cover/ Intermediate Storage/Terrorism/Cold Chain etc.
• Opportunity to realise best possible salvage, thus minimising your losses
• Help in selection of transporters.

What are key benefits of Marine Insurance?

Here are the key benefits of marine insurance:

• Comprehensive all-risks coverage -
  A marine insurance plan offers comprehensive insurance coverage that safeguards your cargo from all potential risks.
• Worldwide claims survey and settlement assistance -
  You don’t have to worry about your claim as worldwide claims settlement assistance is provided.
• Flexible coverage options available -
  We provide flexible marine insurance plans that cater to your individualistic needs.
• Option to Extend the Coverage for Riots, Strikes and Perils -
  One can extend the coverage of the marine insurance plan against perils, strikes and riots.

What is covered in Marine Insurance?

The marine insurance plan covers any damages or losses to the insured property due to the following factors:

• Fire or explosion, stranding, sinking, etc.
  We provide coverage for unpredictable situations such as fire/explosions, sinking or stranding that are common risks faced by a ship during a cargo journey. Our marine insurance plan is formulated to take care of such dire situations.
• Collision, overturning or derailment of land conveyance -
  Sometimes, no matter how hard the captain tries, he cannot control unfavourable situations that may cause damage. Having a marine insurance plan covers damages caused by collision, overturning or derailment of land conveyance.
• Discharge of cargo at the port of distress -
  If a cargo is discharged from a port of disturbance or distress, it threatens the safety of the cargo. This is the reason why it is included in the basic insurance coverage.
• General average sacrifice salvage charges -
  A marine insurance plan provides coverage for general average sacrifice salvage charges.
• Expenses such as survey fees, forwarding expenses, reconditioning costs and sue charges -
  These expenses are unexpected at times which is why having a marine insurance plan is of great help.
• Jettison or washing overboard -
  Situations of jettison and washing overboard are included in a marine insurance plan.
• Earthquake or lightning -
  A marine insurance plan provides you coverage from natural calamities such as earthquake or lightning.
• Total loss of package lost overboard or dropped in loading or unloading -
  No matter how irksome a package loss can be, every time you cannot create a foolproof plan to prevent this situation when your package is being transported in a cargo. This is why it is included in a basic marine insurance plan.

What is not covered in Marine Insurance?

The marine insurance plan does not cover any damages or losses to the insured property due to the following factors:

• Loss or damage attributed to willful misconduct of the insured -
  If the damage caused is intentional then the insurance provider is not liable to cover the losses.
• Insufficiency or unsuitability of packaging of the cargo insured -
  Inferior packaging quality of the cargo is excluded from the basic insurance coverage.
• Loss or damage due to any financial default or insolvency of the ship owner, etc.
  Any damage due to bankruptcy, insolvency, financial default etc. is not covered by insurance providers.
• Ordinary leakage or wear and tear of the goods insured -
  These situations are not covered. A marine insurance plan adds an extra layer of security but some damages pierce this layer and are not covered in the basic insurance plan.
• Loss caused due to the delay of the cargo -
  The loss caused due to the delay of the cargo is not covered in an insurance plan.
• War and Strikes, Riots and Civil Commotion (SRCC) -
  These factors are beyond the control of humans. Also, one cannot predict these situations in advance.

This is not an exhaustive list. For details, please read our policy terms and conditions.