Cargo Insurance

Marine Cargo Insurance is an integral part of National / International Trade and is required by Importers, Exporters, Manufacturers, Distributors, Retailers, Wholesalers and others engaged in the movement of goods by sea, air, road, rail and post.

The Risks/Hazards during Transit

The main hazards to which moving goods and/or property are exposed during transit are:

  • Perils of the sea
  • Theft
  • Malicious Damage
  • Fire and Accidental Damage etc

Types of policies:

  • Specific Policy: a policy for a single shipment by sea/air/rail/post
  • Open Policy: an annual policy subject to monthly declaration
  • Open Cover: an annual policy subject to a deposit premium and annual adjustment

Scope of Cover

Provides cover against loss or damage to cargo during transit from one place to another by any or more modes of transport.Marine Policy coverages vary from a restricted cover to an All Risk Cover.

Goods insured on ‘All Risks’ terms will be covered on the conditions of the Institute Cargo Clauses (A) subject to the named exclusions.

Premium calculation factors

  • Nature of Cargo
  • Mode of Conveyance
  • Nature of Packing
  • Maximum value of cargo to be shipped at a single at any one time in anyone vessel, conveyance or aircraft etc.
  • The maximum value any one location where goods are likely to accumulate, e.g. port of loading, discharge.
  • Past Claims (Paid + outstanding) if any

For Further Information Contact:

Debasish Mukherjee

Sr. Vice President, Corporate Business

Telephone

+91-22-6655 8858
+91-22-6655 8868

Email

d.mukherjee@howdenindia.com