Marine Insurance- Specific Policy

Highlights of Marine Specific Policy

Here are some of the highlights of marine specific policy:

• The buyer gets coverage for specific voyage under a specific policy as and when required.
• In order to evaluate the risk, the buyer must provide details of commodity, conveyance mode, packaging, voyage details as well as the value of the commodity.
• The premium of the marine specific voyage policy is paid before the beginning of the journey.

Marine Specific Policy Coverage

This marine insurance policy covers all risk according to ICC (A)/ITC (A) and Basic cover according to ICC (B)/ITC (B). Apart from this any damage caused due to accident of the carrying conveyance and fire damage during the journey. 

The rate of premium is decided according to the terms of cover. However, basic cover premium would be lower than all risk cover. Here are the following risk covered if the insured pays an additional premium amount:

• War & SRCC (Strikes, Riots, & Civil Commotion in Import and Export)
• SRCC (Inland Transit)
• TNPD (Theft, Pilferage & Non-delivery) in basic cover only
• Storage coverage for storage of goods before the delivery of cargo to the final destination

Marine Specific Policy Does Not Cover

The exclusions under marine specific voyage policy are as follows:

• Ordinary weight loss
• Ordinary leakage in case of liquid cargo
• Ordinary wear and tear
• Wilful misconduct of the assured
• Improper packaging
• Insolvency of carrier
• Inherent vice
• Nuclear weapons
• Deliberate damages
• Rats and Vermin