Sanghavi Insurance

Marine Insurance

A cushion to your financial loss

The technology is developing evermore, but the transport still remains a risky business. Choosing a good transporter and packaging may safeguard goods, but different modes of transport face different kinds of losses and damages.

None of which is absolutely safe. To deal with such losses, marine insurance is essential.

Marine Insurance manages losses and damages during transportation. It protects against business losses incurred during water transport operations and covers risks faced by ship owners, cargo owners, terminal handlers and intermediaries in shipping business.

SANGHAVI’S SIMPLIFICATION – Marine insurance safeguards against the risk of damage or loss to cargo, ships or any transport by which goods or property is transferred between origin and final destination.

WHAT ALL CAN YOU INSURE UNDER MARINE INSURANCE?

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	Covered	Covered
Any other risk not 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	Covered	Covered	Covered
Earthquake / Lightning	Covered	Covered	Not Covered
General Average Sacrifice	Covered	Covered	Covered
Jettison	Covered	Covered	Covered
Washing Overboard	Covered	Covered	Not Covered
Entry of sea water	Covered	Covered	Not Covered
Total loss	Covered	Covered	Not Covered
Any other risk not 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?

Rise in Cargo Theft – Increasing theft leads to heavy losses. Marine insurance protects you financially.
Disasters Can Strike Anywhere – Covers most natural and man-made calamities.
Safeguards the Goods – Covers theft, damage and other transit risks.
Carriers Cannot Be Held Responsible – You cannot always claim from transporters.
Customization – Flexible policies as per business needs.
Faster Handling of Claims – Claims are settled faster compared to liability claims.
Transfer of Coverage – Coverage follows goods during transit.
Affordable Premium – Premiums are reasonable based on type of goods.

THE PROCESS OF CLAIM UNDER MARINE INSURANCE

Immediate intimation to Insurance Company in writing.
In case of Flood/Storm immediate intimation.
Do not start repair unless surveyor visit.
Salvage to be disposed after consulting 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 fulfill client requirements with wide range of plans.
We help you 24/7 during financial crisis.
We review internal policy terms for client benefit.
Claims are settled with transparency.
Continuous claim status updates provided.

FAQs on Marine Insurance

1. What are the advantages of sales turnover policies?

Ans:

Rate is charged on annual turnover
Need to monitor a single policy
No hassles of submitting monthly declarations
Non submission of declarations will not jeopardize claims
Reduces operational cost of submitting declarations and managing different policies

2. Who should buy marine insurance?

Ans:

Manufacturers
Importers and exporters
Cargo owners
Buying agents
Buyers

3. What are the basic requirements for the marine insurance policy?

Ans: Details description of cargo

Journey details
SI along with PSL (Per sending limit) and PLL (Per location limit)
Last 3 year's claim experience (Not for specific policy)
Nature of packing
Leg wise SI for Import export, domestic purchase, domestic sale and inter-depot movement

(Only for STOP proposal)

Note: For sensitive cargo/ODC or Project cargo additional information will be required on case to case basis.

4. What should you do if an accident takes place?

Ans:

When you have an incident to deal with, it is very important, for expediency sake, to take photographs and make a small written declaration as to what has occurred. If it’s a theft, then it should be accompanied by a police report. This is far better than just ringing or writing as it will speed up the process as it will be requested anyway. If you are at sea and you are concerned about running around then seek assistance. Insurers will look favorably upon efforts made to reduce risk and avoid total loss of the craft or personal injury.