Marine Insurance Policy
1. Marine Insurance Policy provides coverage for risks associated with maritime, road, rail & air transportation of goods, vessels, and cargo
2. It covers various types of marine risks, including damage or loss to ships, crafts, vessels, cargo, and terminals during transit by sea, air, or land.
3. Marine insurance is essential for businesses involved in international trade, shipping, and transportation to mitigate financial losses resulting from maritime perils.
Add-On
War Risk Coverage - Extends coverage to include damages or losses resulting from acts of war, hostilities, terrorism, or political unrest.
SRCC Coverage - Offers protection against damages or losses caused by strikes, labor disputes, riots, civil commotion, or political disturbances.
Loss of Hire Insurance - Provides coverage for loss of income or revenue resulting from vessel downtime or off-hire periods due to insured perils.
Exclusions
1. Damage or deterioration resulting from the nature or inherent characteristics of the insured goods, such as perishable goods, fragile items, or inherent defects. Intentional Damage
2. Financial losses resulting from delayed delivery or late arrival of goods, without physical damage or loss, unless specifically covered under a delay in transit endorsement.
3. Damages or losses resulting from the unseaworthiness of the vessel, including lack of maintenance, improper loading, or unfitness for the intended voyage.
4. Financial losses resulting from indirect or consequential damages, such as loss of market value, loss of profits, or loss of goodwill, unless specifically covered under a marine consequential loss policy.