MARINE CARGO – INLAND TRANSIT

• INLAND TRANSIT CLAUSE (A) – ALL RISK COVER.
• INLAND TRANSIT CLAUSE (B) – BASIC COVER.
• INLAND TRANSIT CLAUSE (C) – RESTRICTED COVER.
• SRCC (STRIKE, RIOT AND CIVIL COMMOTION CLAUSE).

Risks	Inland Transit-A	Inland Transit-B
Fire	Covered	Covered
Breakage of bridges	Covered	Covered
Collision - carrying vehicle	Covered	Covered
Overturning-carrying vehicle	Covered	Covered
Derailment or accident to the carrying vehicle.	Covered	Covered
Any other risk not specifically excluded-ALL RISKS	Covered	Not Covered
Inland Transit-C offers cover against loss by FIRE & LIGHTNING
Add-On: Theft, Pilferage & Non-Delivery (TPND) with Extra Premium

MARINE CARGO – OCEAN TRANSIT

• INLAND TRANSIT CLAUSE (A) – ALL RISK COVER.
• INLAND TRANSIT CLAUSE (B) – BASIC COVER.
• INLAND TRANSIT CLAUSE (C) – RESTRICTED COVER.
• SRCC (STRIKE, RIOT AND CIVIL COMMOTION CLAUSE).

Risks	I.C.C(A)	I.C.C(B)	I.C.C(C)
Discharge of cargo at a port of distress.	Covered	Covered	Covered
Earthquake,Volcanic eruption or lightning.	Covered	Covered	Not Covered
General Average Sacrifice	Covered	Covered	Covered
Jettison	Covered	Covered	Covered
Washing Overboard	Covered	Covered	Not Covered
Entry of sea, lake or river water into the vessel	Covered	Covered	Not Covered
Total loss of any package lost	Covered	Covered	Not Covered
Any other risk not specifically excluded - ALL Risks	Covered	Not Covered	Not Covered
Inland Transit-C offers cover against loss by FIRE & LIGHTNING
Add-On: Theft, Pilferage & Non-Delivery (TPND) with Extra Premium

WHY YOU SHOULD BUY MARINE INSURANCE?

1. RISE IN CARGO THEFT - In the past years we have seen that cargo theft is increasing at an alarming rate which resulted in loss of billions of rupees. What if somebody steals your cargo? In such a situation, marine insurance will help you and you will not have to worry about any financial loss.
2. DISASTERS CAN STRIKE ANYWHERE - natural or man-made calamities can take place anywhere and anytime resulting into huge losses. Marine insurance covers most of these calamities except for certain exclusions.
3. SAFEGUARDS THE GOODS - Like theft, damage to goods is also very common and can happen to anyone even after taking all the safety measures. So, in order to make sure you don’t face any losses just because of faulty packaging or inadequate ventilation, you should buy marine insurance.
4. CARRIERS CAN NOT BE HELD RESPONSIBLE - As per the law, one cannot blame or ask carriers to compensate for the losses incurred. Thus, you cannot really depend on them in case you suffer any losses.
5. CUSTOMIZTION - One thing which is really interesting about marine insurance is that you can customize your insurance contract as per your needs. Marine insurance offers flexible solutions for meeting your business demands.
6. FASTER HANDLING OF CLAIMS - In most common cases to settle a marine insurance claim takes much less time in comparison to a liability claim. This is valid especially for claims where the cause of damage is uncertain or the claim is for a significant amount and requires a thorough investigation.
7. TRANSFER OF COVERAGE - Marine insurance follows the goods, instead of the party who purchased it. If you are the seller and purchase a marine insurance your client will benefit from it after the risk passes to him in accordance with your arrangements.
8. AFFORDABLE PREMIUM - If we consider the premiums for marine insurance, they are not very high. But it also depends on the type of goods which you are insuring along with the mode of transport.

THE PROCESS OF CLAIM UNDER MARINE INSURANCE

• Immediate Intimation to Insurance Company in writing with acknowledgement.
• In case of Flood/Storm immediate intimation to Insurance Company.
• Do not start any repair / replacement work unless surveyor visit for estimating the loss
• Salvage to be disposed after consulting the Surveyor

Documents required

• Insurance Policy Copy with Endorsement If Any.
• Claim Form Duly Filled in & Signed
• Claim intimation letter with acknowledgement
• Invoice copy
• Delivery challan
• Packing list
• Bill of lading with shipped on board certificate.
• Bill of entry
• GST paid certificate.
• Clearing agent’s delivery challan
• Clearing agents’ bill
• Lorry receipt
• Claim lodged on carrier
• Damaged certificate issued by carrier
• Survey reports
• Pre-survey reports if any (for export / import)
• Detail Estimate of Loss Giving Break Up of Labor & Material Charges.
• Set of Photographs of damage Material
• Description of Occurrence in Detail.
• News Paper Cuttings, If Any.
• Loss certificate from Transporter / Ship / Air.
• Fitness certificate of vessel / vehicle.
• Pan Card Copy. GST certificate
• Bank Account No. Bank Name. NEFT Form Along with cancelled cheque
• Estimate of repair from manufacturer.
• Original Repair Bills.
• Payments received, receipt from supplier / manufacturer in Original
• Salvage Value of Damaged Items.
• Set of Photographs of Repair Work Completed.
• Any other additional papers as and when required by Insurance Company / surveyor.

Why Buy Marine Insurance from SANGHAVI INSURANCE AND FINANCE CONSULTANT?

• We continuously try to fulfil our client’s requirements, by providing and advising them about wide range of plans and riders available in the market.
• We know that a financial crisis or an emergency can arise anytime and thus we are here to help you 24/7.
• We are the one who will go through the internal terms and conditions of the policy and make sure that they are favorable to our clients
• Our insurance claims are settled with utmost ease and transparency.
• We continuously update the client on claim status at every level of claim.