Marine Insurance (Cargo)
It is a type of insurance policy which covers any loss or damage happened to the marine cargo while on its transit. It covers the single specific shipment from the ‘origin’ to the ‘destination’ during the shipment period.
Insurance Club marine cargo insurance policies include:
- Marine Cargo Open Cover: Open cover is a type of marine insurance policy in which the insurer agrees to provide coverage for all cargo shipped during the policy period. It is suitable for goods that are imported and exported. This will be a contract for 12 months and covers all the frequent shipments during the policy tenure.
- Marine Cargo Voyage Policy: Voyage policy offers coverage for a cargo from the risks during a specific voyage. It offers protection against all the risks for the particular shipment, during its transit from the source to the destination as stated by the merchant during the purchase of policy. The policy expires once the cargo reaches the destination or by the stipulated date whichever is earlier.
