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Marine Cargo Insurance

Marine Cargo Insurance

Introduction:

We are living in a world of Boundryless Business. As you continue to expand the business horizon, you are also increasingly exposed to the risks that are associated with transit of goods. Your biggest challenge is to put in place a suitable Risk Management, so that you can confidently move ahead fulfilling your dream of expanding your business horizon.
SBI General Insurance can help you to successfully overcome these situations and put you firmly in control. With SBI General's Marine Cargo Insurance Policy you can safeguard yourself from risks associated with transit of goods.

Key Feature

  • The policy provides wide coverage for loss or damage caused to the cargo whilst in transit between any two points either by Sea / Air / Rail / Road / Courier.

Coverages

  • The Policy covers any accidental loss or damage to the cargo described in the Policy schedule whilst in transit by perils named in institute clauses
  • Type of Coverage under marine cargo insurance is determined by the mode of transport and requirements of customers as given below:
  • Transit by Sea / Inland Waterways / Coastal Waters.
  • Coverage provided under this type will be as per institute clauses which are uniformly used in international markets.Three types of coverage are offered for such transit:
  • All Risk Institute Cargo Clause A (Cargo)
  • Basic Cover Institute Cargo Clause B (Cargo)
  • Fire and Lightning Institute Cargo Clause C (Cargo)
  • Transit by Air - Coverage provided for transit of goods by air is on All Risk basis as per Institute Cargo Clause (Air)
  • Transit by Rail / Road - Coverage provided for inland transit of goods is classified in to three categories:
  • All Risk - Inland Transit (Rail / Road) Clause A
  • Basic Cover - Inland Transit (Rail / Road) Clause B
  • Fire and Lightning - Inland Transit (Rail / Road) Clause C
  • Transit by Registered Post / Courier - Coverage for transit of goods by Registered Post / Courier etc will not be provided on standalone basis. Such coverage shall be granted in conjunction with transit by Sea / Rail / Road / Air.

Exclusions

  • We would like you to be familiarised with some of the major exclusions under the Policy. This will ensure you are not put to any kind of inconvenience while making your claim. At SBI General, we endeavour to make our Policy as transparent as possible. This Policy does not cover the following:
  • Loss, damage, expense attributable to wilful misconduct of insured.
  • Ordinary (inevitable) Losses
  • Loss, damage, expense caused by inherent vice
  • Loss, damage, expense caused by insufficient, unsuitable or defective packing or preparation of goods. 'Packing' includes stowage in container or lift van but only when such stowage is done prior to attachment of insurance or by the insured or their servants)
  • Loss, damage, expense proximately caused by delay, even if delay be caused by a risk insured against
  • Loss, damage, expense arising from insolvency or financial default of owners, managers, charterers or operators of the vessel.
  • aNuclear Weapons Risk
  • War Risk Exclusion
  • Loss, damage, expense caused by or resulting from strikes, lockouts, labour disturbances, riots, civil commotions or caused by any person
  • Loss, Damage, Expense arising from -
  • -Un Seaworthiness of vessel or craft
  • -Unfitness of vessel, Craft, Conveyance, Container, and Lift
  • -Van for Safe Carriage of interest insured.
  • -Where the assured or their servants are privy at the time of Loading.
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