Product Details
Marine Cargo Policy
Pune
A Quality Product from
THE NEW INDIA ASSURANCE CO. LTD. [View Profile]
Pune - India
Description :
Highlights
This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.
Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.
This policy is freely assignable and is basically an agreed value policy.
Transportation of goods can be broadly classified into three categories:
Inland Transport
Import
Export
The types of policies issued to cover these transits are:
For Inland Transit
Specific Policy - For covering a specific single transit
Open Policy -For covering transit of regular consignments over the same route .The policy can be taken for an amount equivalent to three months despatches and premium paid in advance.As each consignment is despatched, a declaration giving details of the despatch including GR/RR No. is to be sent to the insurer and the sum insured gets reduced by the amount of the declared despatch.The sum insured can be increased any number of times during the policy period of one year;but care should be taken to ensure that adequate sum insured is available to cover the consignment to be despatched.
Special Declaration Policy - For covering inland transit of goods wherein the value of goods transported during one year exceeds Rs.2 crores.Although the premium for the estimated annual turnover [i.e.the estimated value of goods likely to be transported during the year] has to be paid in advance,attractive discounts in premium are available.
Multi-transit Policy - For covering multiple transits of the same consignment including intermediate storage and processing.For e.g.covering goods from raw material supplier's warehouse to final distibuter's godown of final product.
For Import/Export
Specific Policy - For covering a specific import/export consignment.
Open cover - This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported.A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate.The insurance co. will then issue a certificate covering the declared consignment.
Custom duty cover - This policy covers loss of custom duty paid in case goods arrive in damaged condition.This policy can be taken even if the overseas transit has been covered by an insurance company abroad,but it has to be taken before the goods arrive in India.
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THE NEW INDIA ASSURANCE CO. LTD. deals in :
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