- Marine policy is a collection of clauses which are to be opted by the insured.
- It is well known fact that consumers and manufactured are living apart and the movement of goods from manufacturer to the consumer is inevitable. The movement of goods from one place is prone to accidental damage or loss. To cover the transportation risks we are providing marine insurance.
- Many peoples are having the impression that Marin insurance means that loss covering the risk of ship/vessels and goods transporting through them.
- Marin insurance can cover the goods which are moving either within the country or outside through all modes of transportation i.e. road (including rail) sea, air.
- During transit the goods are subject to damage, theft, accident or natural calamities depending upon mode of transportation.
- Various marine policies is provided:- For Example- open policies, open cover, specific consignment policy, Annual turnover policy, Annual Policy, Duty insurance, increased value insurance, marine cum insurance, marine delay in start up (DSU).
- To provide all risk cover institute cargo clauses(A), For limited coverages ICC (B), very limited coverages ICC ( C ) attached.
- Marin hull covers are essential of two types, covering a particular voyage and covering a period of time.
- In marine hull insurance, the sum insured is the value, agreed between insured and insurer only after certificate from registered valuer after inspection of hull/ship.
