Marine Insurance – Specific Policy
1) This type of policy covers specific goods for a specified voyage / journey
2) The Cargo, its value, the name of the Ship / Conveyance, port of loading and discharge are all known and the risks are well defined.
All Risk as per ICC (A) / ITC (A) Basic Cover as per ICC (B) / ITC (B) - damage due to accident of carrying truck/conveyance & Fire during the course of journey. Rate of premium depends on the proposed Terms of Cover viz. Basic Cover would be cheaper than All Risks cover. The following risks are covered on paying additional premium.
1) War & SRCC (Import & Export)
2) SRCC (Inland Transit)
3) Theft, pilferage & Non-delivery (TPND) in case of Basic Cover only
4) Additional storage cover before delivery of cargo at the final destination.
For more details regarding coverage, please refer to the clauses ##@@!!
Applicable to all policies.
1) Wilful misconduct of the assured
2) Ordinary leakage in case of liquid cargo
3) Ordinary loss in weight
4) Ordinary wear & tear
5) Improper packing
6) Inherent vice
7) Insolvency of carrier
8) Deliberate damages
9) Nuclear weapons
10) Rats and vermin
For more details regarding exclusions, please refer to the clauses ##@@!!
