Marine is the oldest branch of Insurance known to exist 400 years ago. It covers losses or damages to your goods/cargo in transit. The cargo is exposed to various risk associated with the journey either by Rail/Road/Sea or Air including cargo handling risks at each stage of the journey.
The risks covered range from a named perils risk to an All Risks cover which include the Perils of the Sea, Theft, Fire, Malicious Damages, Strike, Riots, Civil Commotion,Overturning, Jettison, Act of Gods perils and Accidents. The ocean journey also covers the perils of War and war like activities including General Average and Salvage Charges. One can take a Specific Voyage Policy or an Annual Policy. These days a single annual policy covering all the incoming and outgoing goods are covered is in vogue.
The cover can be customized for:
- General Cargo movements of Industries like Chemicals, Pharma, Engineering, etc.
- Bulk Cargo involving Oil, Coal, Fertilisers etc.
- Project Cargo involving heavy project equipments.
Some of the factors determining the premiums are:
- Nature of Cargo & its Packing
- Value of Cargo per Truck /Trailer /Container Load
- Accumulation of Cargo Value at Port of Discharge or on the Vessel
- Mode of Conveyance and Age of Vessel
- Open Deck, Under Deck and Over Dimensional Cargo
The sum insured has to be carefully chosen which shall cover the Invoice Value, Freight and other incidental expenses. Though Marine Insurance is an freely assignable interest the contract of Sale viz; Free on Board (FOB), Cost, Insurance & Freight (CIF), Cost & Freight (C&F), Ex-Works etc shall deteremine who will buy the policy.
Disclaimer: The above is a broad indication. The actual available are as described in the policy wordings of the insurance company and will be subject to the policy terms, conditions and exclusions.