What do you mean by bill of lading?
A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type of shipment, quantity of the shipment and destination of the shipment being carried
What is the meaning of per sending limit?
Per sending limit is defined as the maximum amount of liability which the insurer would assume in respect of goods belonging to the insured carried on a single transit. The policy may have a single limit per sending across different modes of conveyance or specify different limits for different modes of conveyance.
What is open policy in marine insurance?
Single insurance policy which can cover loss or damage of the cargo for their multiple transit.Thus, Marine Open Declaration Policy enables you insure all your goods in transit or shipment during the year in a single policy.
What are INCO terms in marine insurance in India?
They determine the point of change of responsibility between the buyer and seller. Inco terms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer. Some commonly used Inco Terms:
- Ex Works (EXW): Seller has to place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer
- Free On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the buyer has to bear all costs &risks to the goods from that point
- Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from seller to buyer
Who can buy marine open inland transit insurance?
Every entity or individual dealing in shipment of cargo and they are involved in multiple shipments during the year can buy this insurance policy to protect the goods from loss or damage.
What are the types of covers provided under marine open transit insurance policy?
- All risk cover (ITC A/ICC A)
- Basic Cover (ITC B/ICC B)
Can I cover terrorism under marine open transit insurance?
No Terrorism is not covered in Marine open transit insurance.
How is premium determined under marine open transit insurance policy?
Premium is calculated by multiplying the Sum insured with the defined rate of specific cargo. Premium is subject to total value of cargo insured and type of cargo.
Is damage due to loading and unloading covered in marine declaration policy?
Cargo is prone to damage during the loading into the vehicle/ship and unloading of the goods from the vehicle. Such damages can be covered under marine open declaration policy with all risk cover (Cover A).
What are the exclusions of open marine policy?
- Wilful Misconduct of the Assured
- Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured
- Insufficiency or unsuitability of packing
- Inherent vice or nature of the subject-matter insured
- Delay
- Insolvency or financial default of owner, manager, charters or operators of the vessel
- Unfitness/ Unseaworthiness of carrying conveyance
What is claim settlement process in marine open transit insurance policy?
- Claim Intimation: Where the consignment is found in damage condition at the time of taking delivery or if consignment carrying vehicle met with an accident, being a rightful claimant, claim to be intimated immediately after delivery or notification of loss through Web Claim portal. Link : https://app3.icicilombard.com/claimstracker/Index.aspx).
- List of Requirements: After survey inspection, surveyor will share quantification of loss and list of documents to be submit (For Claim Above 1 Lakh)
- Submission: Insured should arrange all requested details to surveyor / insurance company within time.
- Assessment: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
- Consent/Discharge voucher: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
- Final Survey Report: Surveyor will arrange to prepare and submit their report to insurer upon receipt of all requested details along with consent.
- Processing: Upon receipt of final survey report from surveyor, notarized subrogation (claims above 2 lakhs) and duly singed Discharge voucher (claims above 10 lakhs) Insurer will arrange to release payment.
Can I claim for partial loss of cargo under marine open transit insurance policy?
Yes, partial loss is covered. It is of two types. One is particular average which means losses shall be covered up to the level of damage on subject matter insured. Other one is general average, which means, in order to avoid any other risk or danger, if the remaining cargo is voluntarily destroyed, the same shall be covered.
What are the documents required to file claim under marine open transit insurance policy?
Below 1 lakh- Self Survey
- Invoice copy
- Final Repair Bill
- Repair Estimate (If repairable) claim and original AD
- FIR copy
- Salvage Bill
- LR Copy
- Photographs (In case of damage claim
- Shortage Certificate(In case of shortage)
- Driving License, RC Book of transporters of vehicles
- Discharge voucher on mail
Above 1 lakh- surveyor will be deputed
- Original invoice
- Repair Estimate
- Acknowledged copy of letter lodging monetary
- FIR in case of accident and theft claims
- Salvage Bill
- Photographs (In case of damage claim)
- Original LR
- Original Damage certificate issued by transporter
- Final claim Bill along with salvage value
- Driving License, RC Book of transporters vehicle
- Original Letter of subrogation on Rs 200 on stamp paper notary
- Original Discharge voucher