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Business today knows no boundaries. We have an access to products and services across borders as countries continue to globalise. However the farther our goods travel the more risk they are exposed to. That’s why Southern Allianz brings to you the marine cargo insurance cover, which compensate losses of goods in transit.
Scope of cover :
It covers transit of goods :
1. By Sea. (All ocean voyages and inland water ways.)
2. Send by post or parcels
3. Bay rail/road/Air.
Basis of Sum Insured
Marine Insurance policies are issued on ‘agreed value basis’ and should be based on invoice and covering incidental expenses.
What are the types of Coverage offered ?
The following are the type of covers available: All OverSeas Transits are subjected to Institute Cargo Clauses, given by Lloyds Underwriter and Technical Committee, London. The brief coverage is:
Risks |
Institute Cargo Clauses |
| (Proximate Cause) |
A
(All risk Cover) |
B
(Wider Cover) |
C
(Basic Cover) |
|
| Stranding , Grounding, Sinking or Capsizing |
No |
No |
Yes |
| Overturning or Derailment of Land Conveyance |
No |
No |
Yes |
| Collision of Ship or Craft with another Ship or Craft |
No |
No |
Yes |
| Contact of Ship, Craft or Conveyance with anything other than
Ship or Craft (excludes Water but not Ice) |
No |
No |
Yes |
| Discharge of Cargo at Port of Distress |
No |
No |
Yes |
| Loss overboard during Loading/Discharge (total loss only). |
No |
No |
No |
| Fire or Explosion |
No |
No |
Yes |
| Malicious Damage |
No |
No |
No* |
| Theft/ Pilferage |
No |
No |
No |
| General Average Sacrifice |
No |
No |
Yes |
| Jettison |
No |
No |
Yes |
| Washing Overboard (deck cargo) |
No |
No |
No |
| War Risks |
No* |
No |
No* |
Seawater entering Ship, Craft, Hold,
Conveyance Container Lift Van or Place of Storage |
No |
No |
No |
| River or Lake Water entering same |
No |
No |
No |
| * Can be bought back |
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