Overview:

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.

Marine Insurance – Open Cover

1) The open cover is a contract for 12 (twelve) months which gives the Insured continuous protection to cover large number of shipments / despatches and the premium of which would be adjusted from the respective cash deposit account maintained by the Insured.

2) The open cover is not having any Sum Insured but issued with SCL / PBL along with Terms of Cover etc.

3) An open cover is not a policy and therefore not stamped.

Marine Insurance – Open Policy

1) The open policy is issued to cover several shipments/ despatches for the period of 12 (twelve) months based on the Sum Insured sufficiently large and adjusted against the value of each cargo in a reducing balance method.

2) Traders having regular despatches are interested to take the benefit of the Open Policy.

Marine Insurance – Specific Policy

1) This type of policy covers specific goods for a specified voyage / journey

2) The Cargo, its value, the name of the Ship / Conveyance, port of loading and discharge are all known and the risks are well defined.