Marine Cargo Insurance

The policy provides wide coverage for accidental loss or damage caused to the cargo whilst in transit between any two points either by Sea / Air / Rail / Road.

 

Policy Highlights : 

  1. Coverage provided under this type will be as per institute clauses which are uniformly used in international markets. Three  types of coverage are offered for such transit: 
    1. Transit  By Sea 
      1. All Risk – Institute Cargo Clause “A” (Cargo). 
      2. Basic Cover – Institute Cargo Clause “B” (Cargo). 
      3. Fire & lightning Cover  – Institute Cargo Clause “C” (Cargo). 
    2. Transit by Air Coverage provided for transit of goods by air is on “All Risk” basis as per Institute Cargo Clause (Air). 
    3. Transit by Rail / Road 
      1. All Risk – Inland Transit (Rail / Road) Clause “A”. 
      2. Basic Cover – Inland Transit (Rail / Road) Clause “B”. 
      3. Fire & Lightning cover – Inland Transit (Rail / Road) Clause “C”. 
  2.  Basis of Valuation – A Cargo Policy is an agreed value policy, and claim will be assessed on the basis of the value stated. Insurance policy is normally issued on the basis of Cost, Insurance, Freight Plus 10%.

 

Exclusions:

Willful misconduct of Insured, ordinary (Inevitable) loss, Improper packing, Inherent vice, delay, insolvency or financial default of the carrier, owners, managers, charterers or operators of the vessel, deliberate damage/destruction, nuclear weapons exclusion, unseaworthiness and/or unfitness of the vessel, war, strikes. 

 

Procedure in the event of loss or damage

The assured and their agents should: 

  1. Try to minimize the loss. 
  2. All rights against the carriers, bailies, third parties are properly preserved and exercised. 
  3. Notice of Loss / Damage must be reported immediately & survey report be obtained from authorized persons. 

 

 

 

 

To help us process your request, kindly send the filled and signed Application to

Fax: 920005444 Ext: 444 Or scan it to Customer Care Email: customercare@wafainsurance.com