What Marine Cargo Insurance Policy covers
Marine Cargo Insurance covers loss to the cargo during transits by Water, Air, Road or Rail, Registered Post Parcel, Courier or a combination of two or more of these.
Buyers, Sellers, Import/Export merchants, Buying Agents, Contractors and Banks etc. Marine Cargo Policies cover the interest in the cargo and also extend to cover the interests of any third party who may have acquired interest upon transfer of ownership, as determined by the Terms of Sale.
How Marine Cargo Insurance helps?
Cargo can be damaged on exposure to a wide variety of risks, including an accident of the vehicle carrying the cargo, damage due to jolts, jerks etc. Marine Cargo Insurance has an International character and the coverages are basically the types of clauses opted by the Insured. There are different types of clauses which can be opted depending upon the nature and type of cargo, type of transit, nature of packing and type of coverages required. Generally cargo policy is subject to ‘Deductibles’.
What is generally excluded in a Marine Cargo Insurance Policy?
Loss or damage due to Inherent vice, delay, Insufficiency of packing, loss or damage due to financial default or insolvency of the ship owner etc.