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What is Marine Open Insurance?

Marine Open Declaration Policy enables you to insure all your goods in transit or shipment during the year under a single policy. This policy is of a huge advantage for logistic companies, for multiple transits during the year and a single insurance policy can cover loss or damage of the cargo for multiple transit.

Marine Open Declaration policy are of three types, covering movement of goods from one place to another.

  • Within the country (Inland)
  • From India to Country outside India (Export)
  • From Country outside India to India (Import)
Open Marine Insurance
Marine Open Cargo Insurance

Who needs Marine Open Insurance?

  • Entities or individual dealing in multiple shipment of cargo, during the year should buy this insurance policy to protect the goods from loss or damage.

Business goods and consignments are usually very high in value and needless to say it is exposed to risk when it is in transit.

Why you should Buy ICICI Lombard’s Marine Open Insurance?

One of the leading General Insurance Company with following strengths:

1

One floating policy for your multiple transits during the period.

2

Automated and timely insurance of all the cargo declared.

3

Periodic declaration of sum insured utilized.

4

Expertise in handling marine claims

Why do you need Marine Open Insurance?

When an entity is dealing in multiple shipments in year, it is very tough and time consuming for the insured to insure goods for each shipments. Rather, one can insure all goods in transit in a single open policy subject to periodic declaration.

Marine Open Cargo Insurance

What is covered by Marine Open Insurance?

Below are the detailed inclusions and exclusions of our Marine Open Insurance

Covers Import / Export Inland
ICC A ICC B ITC A ITC B
Fire or Explosion
Overturning or derailment of vehicle
Discharge of cargo at port of distress
Collision between 2 Vehicles
Jettison
Washing overboard
Earthquake, Lightening or Volcanic Eruption during transit
River or lake water entering cargo
Damage/Loss to goods during loading & unloading
Damage/Loss to goods during handling of goods in transit
Theft or malicious damage
Hijack of goods
Any other risk not specifically excluded

Get answers to common questions about
Marine Open Insurance policy

Get answers to common questions about Marine Transit Insurance policy

What do you mean by bill of lading?

A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type of shipment, quantity of the shipment and destination of the shipment being carried
Per sending limit is defined as the maximum amount of liability which the insurer would assume in respect of goods belonging to the insured carried on a single transit. The policy may have a single limit per sending across different modes of conveyance or specify different limits for different modes of conveyance.
Single insurance policy which can cover loss or damage of the cargo for their multiple transit.Thus, Marine Open Declaration Policy enables you insure all your goods in transit or shipment during the year in a single policy.
They determine the point of change of responsibility between the buyer and seller. Inco terms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer. Some commonly used Inco Terms:
  • Ex Works (EXW): Seller has to place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer
  • Free On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the buyer has to bear all costs &risks to the goods from that point
  • Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from seller to buyer
Every entity or individual dealing in shipment of cargo and they are involved in multiple shipments during the year can buy this insurance policy to protect the goods from loss or damage.

What are the types of covers provided under marine open transit insurance policy?

  • All risk cover (ITC A/ICC A)
  • Basic Cover (ITC B/ICC B)
No Terrorism is not covered in Marine open transit insurance.

How is premium determined under marine open transit insurance policy?

Premium is calculated by multiplying the Sum insured with the defined rate of specific cargo. Premium is subject to total value of cargo insured and type of cargo.
Cargo is prone to damage during the loading into the vehicle/ship and unloading of the goods from the vehicle. Such damages can be covered under marine open declaration policy with all risk cover (Cover A).
  • Wilful Misconduct of the Assured
  • Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured
  • Insufficiency or unsuitability of packing
  • Inherent vice or nature of the subject-matter insured
  • Delay
  • Insolvency or financial default of owner, manager, charters or operators of the vessel
  • Unfitness/ Unseaworthiness of carrying conveyance

What is claim settlement process in marine open transit insurance policy?

  • Claim Intimation: Where the consignment is found in damage condition at the time of taking delivery or if consignment carrying vehicle met with an accident, being a rightful claimant, claim to be intimated immediately after delivery or notification of loss through Web Claim portal. Link : https://app3.icicilombard.com/claimstracker/Index.aspx).
  • List of Requirements: After survey inspection, surveyor will share quantification of loss and list of documents to be submit (For Claim Above 1 Lakh)
  • Submission: Insured should arrange all requested details to surveyor / insurance company within time.
  • Assessment: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
  • Consent/Discharge voucher: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
  • Final Survey Report: Surveyor will arrange to prepare and submit their report to insurer upon receipt of all requested details along with consent.
  • Processing: Upon receipt of final survey report from surveyor, notarized subrogation (claims above 2 lakhs) and duly singed Discharge voucher (claims above 10 lakhs) Insurer will arrange to release payment.
Yes, partial loss is covered. It is of two types. One is particular average which means losses shall be covered up to the level of damage on subject matter insured. Other one is general average, which means, in order to avoid any other risk or danger, if the remaining cargo is voluntarily destroyed, the same shall be covered.
Below 1 lakh- Self Survey
  • Invoice copy
  • Final Repair Bill
  • Repair Estimate (If repairable) claim and original AD
  • FIR copy
  • Salvage Bill
  • LR Copy
  • Photographs (In case of damage claim
  • Shortage Certificate(In case of shortage)
  • Driving License, RC Book of transporters of vehicles
  • Discharge voucher on mail
Above 1 lakh- surveyor will be deputed
  • Original invoice
  • Repair Estimate
  • Acknowledged copy of letter lodging monetary
  • FIR in case of accident and theft claims
  • Salvage Bill
  • Photographs (In case of damage claim)
  • Original LR
  • Original Damage certificate issued by transporter
  • Final claim Bill along with salvage value
  • Driving License, RC Book of transporters vehicle
  • Original Letter of subrogation on Rs 200 on stamp paper notary
  • Original Discharge voucher
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