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Marine Cargo

Product Class: Product Names:

Marine Cargo : Marine Open cover policy Marine Individual policy

Introduction: Define of the Product & GU Added Value (Competitive Advantages) Statement

What are the types at coverage that available? Three types of coverage are available and namely the institute cargo clause (A), (B) and (C). Briefly, Clause (A) covers all Risks of loss or damage to cargo except those excluded by the standard exclusions, such as delay, ordinary loss in weight or volume, ordinary wear and tear, insufficient and unsuitable packing and inherent vice. Institute Cargo clauses (B) and (C) provide less comprehensive coverage compared to clause (A).

Advantages of the Product (Benefits&Exclusions):

Marine Open Cover is a special arrangement given to customers who have many shipments a month. The terms of cover, limit per carrying per conveyance, rate is specified out in the marine open cover. All shipments which fall within the marine open cover are automatically covered. What the customer needs to do is to declare at the end of each month, the details of each shipment on a declaration form. The form to be submitted via email or fax to marine underwriting dept. An insurance policy for the declared month will be issued to reflect all the shipments declared for the month. Marine cargo individual policy. These policies issued on each and every shipment up on request by the insured.

Additional Benefits and Extensions:

It offers protection against losses and/or damages to goods during transportation. Losses are covered even if they occur before details of the shipments have been given to the insurer. The policy remains in force indefinitely until cancelled, usually by either party giving thirty days’ notice of cancellation ( insurers reserve the right to) withdraw war risks cover fallowing seven days’ notice. The method of premium payment can be tailored to suit the insured needs, annual adjustable quarterly or monthly declaration. Extensions : What risks can be covered? A variety of risks can be covered but the most common and widest are the institute cargo clauses (A) which cover loss or damage to goods. In addition, war risks, strikes, riots and civil commotions may be insured. War and strikes are rated from an agreed scale to which all insurers are bound. The risks insured are defined in sets of condition called the institute clauses. These are issued by the institute of London underwriters they are under stood globally and are used widely. Some types of loss are not insured. The marine exclusions are losses or expense proximately caused by: Will full miss conduct of the insured, inherent vice or nature of goods ordinary leakage, loss in weight, wear and tear of goods. etc.