Marine Open Export & Import Transit Policy
Marine Open Export & Import Transit Policy
It covers loss or damage of cargo / goods in ordinary course of transit
- From India to Country outside India (Export) &
- From Country outside India to India (Import) between points of origin & final destination.
Modes of transport: Land, Air, Water, Courier
Types of Cargo that can be covered
- General Cargo: Furniture, Spare Parts, footwear, Electronic items, food items, textiles etc.
- Metals: Plastic, Iron and Steel Rolls, Leather
- Machinery: Standard size in Containers. Oversize in Bulk or Open Top containers
- Liquid Bulk Cargo: Crude Oil, Edible Oil, etc.
- Dry Bulk Cargo : Coal, grain, ore and other similar products in loose form
Who can buy?
Any person with insurable interest in the goods during its transit can be insure.
- Exporters
- Importers
- Manufacturers
- Traders
- Merchant Exporters
- Contractors of Projects
- Logistics Operators
- C&F Agents
Marine Import & Export Policies are governed by Institute Clauses Cargo
- Institute Cargo Clauses – A (All Risk)
- Institute Cargo Clauses – B (Named Perils)
- Institute Cargo Clauses – C (Basic Cover)
- Institute War Clauses
- Institute Strike Clauses
Risk covered under Institute Cargo Clauses A, B & C
Clause A
- All Risks Covered
Clause B (Addition to Clause C)
- Washing overboard
- Earthquake, Volcanic eruption or lightning
- Entry of sea, lake or river water into vessel, craft, hold, container
- Total loss of package lost overboard or dropped whilst loading/unloading
- Any other risk not specifically excluded
Clause C:
- Fire & Explosion
- Vessel or craft being stranded, grounded, sunk or capsized
- Overturning / Derailment
- Collision or contact of vessel craft or conveyance with any external object
- Discharge of cargo at a port of distress
- Jettison
- Both to Blame Clauses
Exclusions
- Wilful misconduct
- Improper packing
- Ordinary leakage, wear and tear
- Insolvency of the carriers
- Inherent vice
- Delay, war, strikes
- Radioactive contamination
- Nuclear Perils