The Marine Cargo Insurance policy covers your goods, freight and other interests against loss or damage to goods whilst being transported by rail, road, sea and/or air under a contract of affreightment.

Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted Accident only cover whilst the goods are in transit.

This policy is freely assignable and is basically an agreed value policy.

Significant Exclusions

This Policy does not cover loss or damage due to willful misconduct, ordinary leakage, insufficient/unsuitable packing, delay, insolvency/financial default of owners, inherent vice, war, strike, riot and civil commotion.

Premium

Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, Destination and routes, and past claims experience

Types of Policies

• Specific policy to cover single consignment
• Marine Open Policy for frequent dispatches within the country. These arrangements are valid for one year.
• Marine Open Cover for frequent dispatches out side the country (imports and exports). These arrangements are valid for one year.
• Marine Sales Turnover policy

The following are covered under this policy

Imports + Customs Duty (Actual or Deemed / Contingent) +

• Domestic purchase of raw materials, consumables & stores +
• Any number of inter – factory / inter-depot / to & fro job worker movements +
• Exports (FOB/CIF) +
• Domestic sales of finished goods
• Temporary storage of finished goods
• Temporary storage cover at intermediate locations like job workers / C & F premises etc.

Advantages of a sales Turnover policy -

• Sizeable saving in premium which is charged only on your sales turnover.
• Seamless cover with all movement of goods automatically covered.
• No hassles of submitting periodical declaration of movements to the insurer. Only monthly sales figures needs to be submitted.
• Premium on full annual sales turnover need not be paid in advance. Facility for payment of premium on half-yearly / quarterly basis.

Future connect-Marine on-line Certificate issuance facility-

Future Generali India believes in empowering its clients and with this in mind has launched Future connect.

What Is Future Connect?
Future connect is an extremely user-friendly Web based tool.

Benefits of Future Connect:
The client can issue Marine insurance certificates Any time, Anywhere – from the comfort of his office/home to meet his business requirements.

Any number of users in the client’s organization even from different locations can operate Future Connect-Marine with distinct user Ids and passwords.

As the records get updated simultaneously at our office too, there is No Need to submit separate declarations/details of certificates issued.

Balance available in the Deposit a/c can be Viewed by the client at any point of time facilitating timely replenishments.

Absolutely Free. Being an added benefit we offer our clients, there is no fee charged for usage of this site. Neither is there any need to install additional software.

Frequently asked Questions -

Why is Marine Cargo insurance so important?

Your cargo can be damaged on exposure to a wide variety of risks, including an accident of the vehicle carrying the cargo, failure of the stevedores in the port area, and damage to the container that can be washed overboard.

Importers and exporters are exposed to countless financial risks when they don’t insure their international shipments.  Trying to recover losses from carriers is difficult and time consuming.  The best way to protect their financial interest is with Marine insurance coverage.  Marine insurance relieves them of their financial exposure from physical loss or damage to their goods while in transit, since carriers have limited liability. The Carrier pays for loss only when the Carrier causes damage. Again, the Carrier is only required to pay a limited amount per package and not for the full value of the cargo. This is another reason for insuring your cargo.

Who can buy a Marine Insurance policy?
The contract of sale would determine who buys the policy. The most common contracts of sale also popularly known as Incoterms (International Commercial Terms) are :

• FOB (Free on Board)
• C & F (Cost & Freight)
• CIF (Cost, Insurance & Freight)

In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the purchaser.

How to select the sum insured
The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost.

What is a Certificate of Insurance?
A Certificate of Insurance certifies the existence of a marine insurance (open) policy. Under an open policy, it is the international practice to issue a Certificate for every shipment. A Certificate could be said akin to a Specific policy. In most cases, the open policy is adequately stamped and hence, individual Certificates need not be stamped. It is important to note that a Certificate has to be issued strictly as per terms and conditions of the corresponding open policy.


How to claim
The following steps should be taken in event of a loss or damage to goods insured :

• Take immediate steps to minimise loss.
• Inform nearest office of the insurance company or claim settling agent mentioned on the policy.
• In case of damage to goods whilst on ship or port , arrange for joint ship survey or port survey.
• Lodge monetary claim with carrier within stipulated time period.
• Submit duly assigned insurance policy/certificate along with the original invoice and other documents required to substantiate the claim such as :
  • Bill of Lading / AWB/GR
  • Packing list
  • Copies of correspondence exchanged with carriers.
  • Copy of notice served on carriers along with acknowledgment/receipt.
  • Shortage/Damage Certificate issued by carriers.
• Survey fees is to be paid to the surveyor appointed by the insurance company. This fees will be reimbursed along with the claim if the claim is otherwise admissible.

View Non-Motor Claims Procedure

Download Open Cover/Policy Proposal Form

Download Specific Policy Proposal Form

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