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Marine Cargo

Overview

This cover is recommended for businesses whose operations involve regular importation of Raw materials, packaging materials, spares, etc and/or exportation of finished products from one destination to another by sea or air.

Features

This policy covers the risk of loss, destruction or damage to goods in transit by sea or air.

The insurance is activated at the time the goods leave the warehouse or place of storage named in the policy for the start of the transit, continues during the ordinary course of transit and terminates either:-

  • On delivery to the consignees or other final warehouse or place of storage at the destination named in the policy or,
  • On the expiry of sixty days after completion of discharge of the goods from the vessel at the final port of discharge.

The indemnity provided under this policy is for "All Risks" of physical loss and/or damage to the goods whilst in transit from one country to another.

The cover considerations are based on;

  • Type of goods being carried
  • Packaging of the goods
  • Mode of transportation
  • Origins and destination of goods.

Benefits

Compensation for physical loss or damage suffered due to such risks / perils as:

  • Shortage due to tearing and bursting of bags / cans, overturning, derailment.
  • Short delivery / Non-delivery, Leakage/Breakage
  • Theft/Pilferage, Contamination.
  • Denting/Bending/Chipping, Rusting.
  • Rain water damage / Fresh water damage.
  • Damage by extraneous substances.
  • Breakage of bridges/Culverts.
  • Damage due to jerks and jolts during transit , collision with or by carrying vehicle.
  • Damage while handling at Port of Entry or at Exit Port.
  • Damage while handling during loading / unloading at warehouses / intermediate stores / trans-shipment etc.
  • Loss while unloading process at site due to failure of crane, slings, etc.
  • Loss or damage due to lightning.

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