Marine Insurance

                        This Insurance covers  the risk of physical loss or damage to the insured'goods/ machinery/raw materials etc., caused by fire lightning breakage of bridges, overturning of vehicle , collision with or by the carrying vehicle derailments or accidents of like nature to the carrying railway wagon or vehicle.


     1. Theft, pilferage and/or non delivery (TPND)  :-

                        It should be noted that non delivery refers only to non delivery of entire package due to any cause and that short delivery or shortage, meaning the delivery of packages short of their full weight, would not be covered. The policy may for certain commodities be extended to cover shortage but evidence of actual loss would be necessary.

  2. Fresh Water and/or Rain Water Damage :- 

                       These risks exist particularly  when inland transit it is involved before shipment or after discharge and while awaiting shipment or delivery. This cover is sought for cotton shipments, piecegoods, hides skims and general merchandise.

3. Hook Damage :-

                        Goods may be damaged by hooks used in the process of loading and/or unloading. Bagged cargo and carpets are particularly liable to hook damage.

4. Oil Damage :-

                        This risk generally arise from contact of cargo  with oil that has leaked from the engines of the steamer. Damage by oil taint is very common in the case of food stuffs and other cargo like tobacco and tea.

5. Damage by Mud, Acid and Other Extraneous Substances.

6.  Heating :-

                        Some cargos like rise oil - cakes, fishmeal, coal etc. are liable to "Spontaneous". heating due to  growth of micro organisms, insects or by straight oxidation.

7. Sweating :-

                       Damage due to condensation of water in the ships holds, as a  result of climatic changes or insufficient ventilation is covered under the team "Sweating". The term also includes damage caused by the sweating of the commodity itself. e.g., groundnuts from the west coasts of Africa are notorious for their tendency to sweat.

  • Loading & Unloading :-

                        If  loading on to the carrying in vehicle/wagon at the commencement of the transit is intended to be covered under inland Transit  Rail/Road - I.T.C. A.B.C. , it should be  mentioned specifically on the face of the policy by charging additional premium of 0.005%. Unloading from vehicle/wagon is automatically covered under inland transit clause(Rail/Road - I.T.C.A.B.C.)

  • All Risk Cover :-

                       This is an all embracing term and includes all the extraneous risks mentioned above and also risk of physical loss or damage due to any other perils including leakage ,breakage country damage etc.

1. Leakage :-  

                       The risk of leakage depends, largely on the condition of the containers. In new, solid steel drums, the risk of leakage is comparatively less. In wooden barrels, however, there always a certain amount of  leakage and in such cases a trade allowance for customary  wastage is usual for which insurer is not liable.The cover against leakage is usually granted subject to an "Excess", that is leakage claims are paid only in excess of a specified percentage of the value of the consignment. One liquids the cover granted against "Leakage and /or Breakage" is usually in excess of a certain percentage.

2. Breakage :-

                        Breakage is  generally caused by rough handling of goods in transit. The nature of packing is very important while considering the risk of breakage.

3. Country Damage :-

                       The risk refers damage arising from whether  conditions and exposure-during inland transit prior to shipment and/or whilst awaiting shipment. The risk is particularly covered for cotton shipments.

  • Additional Risk :-

1.SRCC(Inland Transits) :-

                        As per HO Circular NO. Teach/M/140-113 dtd. 17-10-2003, SRCC rate is to be charged as per the discretion of the U/w office.


'A' (All Risk)

1. Fire


3.Breakage of Bridges

4.Collision with or by the Carrying Vehicle

5. Overturning of carrying vehicle

6. Derailment or accident of like to the carrying railway wagon/vehicle


7. Non-Delivery of entire consignment of packets

8. Theft, Pilferage

9. Fresh & /or rain water damage

10. Damage by Hooks Nails, Oil, Mud, Acids & other extraneous substances

11. Any other risk not specifically excluded under the policy 

'B' (Basic Cover)



3.Breakage of Bridges

4.Collision with or by the Carrying Vehicle

5. Overturning of carrying vehicle

6. Derailment or accident of like to the carrying railway wagon/vehicle




Rate : . 40% of the 'minimum' rates applicable to ICC 'B' Cover



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