What is commercial inland marine insurance ?
– Commercial Inland Marine Insurance is a comprehensive policy.
– Provides 24/7, 365-day coverage.
– Safeguards businesses involved in importing, exporting, or transporting goods within India.
– Covers goods in transit via various modes, including road, rail, and air.
– Protects against potential damage, loss, accidents, and perils during operations.
2. Key Benefits in a Nutshell
– Extensive coverage for various risks.
– Damage due to accidents, theft, natural disasters, and fire incidents included.
– General expenses like contributions to general average, salvage costs, and sue and labour expenses covered.
– Protection against liabilities arising from collisions, contact with other vessels, or property damage.
– Coverage for delays in transit, quarantine compensation, temperature-controlled cargo, and more.
3. Who Needs Commercial Inland Marine Insurance?
– Essential for importers, exporters, manufacturers, distributors, and businesses involved in goods transportation.
– Beneficial for those dealing with valuable items.
4. The Crucial Coverage – Explained
– Comprehensive coverage for goods in transit via various modes.
– Includes protection for damage due to accidents, theft, natural disasters, and fire incidents.
4.1 Standard Coverage under Marine Insurance Policy:
1.Accident Cover: This covers damage to cargo due to accidents during transportation.
2. Theft Cover: This covers the loss of cargo due to theft or pilferage.
3. Natural Disaster: This covers damage caused by natural disasters such as storms, floods, or earthquakes.
4. Fire Accident Cover: It provides coverage for losses resulting from fire incidents during transit.
5. General Expenses Cover: This covers general average contributions, salvage, and sue and labor expenses.
6. Liability Cover: It offers protection against liabilities arising from collisions, contact with other vessels, or property damage.
7. Delay in Transit Cover: This provides coverage for delays in transit that lead to financial losses.
8. Quarantine Compensation: This offers compensation for expenses incurred due to vessel detention or quarantine.
9. Temperature Sense Cover: This covers the deterioration or spoilage of perishable goods.
10. Riots, War & Civil War etc: It provides protection against risks associated with war or political unrest affecting transportation routes.
11. Business Financial Safety: It offers financial security for businesses involved in international trade or shipping.
5. Riding the Wave of Additional Coverage Options
– Flexibility with additional coverage options.
– Protection for high-value goods.
– Coverage against strikes, riots, civil commotions, war, terrorism, and temperature-controlled cargo.
– Specialized coverage for items exhibited at trade shows or transported via oversized cargo.
5.1 Additional Add-ons Under the Open Marine Insurance Policy:
1. Extended Coverage for High-Value Goods: This add-on provides extra protection for transporting valuable items, ensuring they are fully covered in case of any unforeseen incidents during transit.
2. Strikes, Riots, and Civil Commotions (SRCC) Coverage: This protects against losses or damages caused by strikes, riots, or civil commotions during transit.
3. War and Terrorism Coverage: This provides coverage for losses or damages resulting from acts of war, terrorism, or political violence.
4.Temperature-controlled Cargo Coverage:This offers protection for perishable goods that require temperature-controlled transportation, covering losses caused by temperature deviations or equipment failures.
5. Exhibition or Trade Show Coverage: This extends coverage to goods displayed or exhibited at trade shows, exhibitions, or fairs.
6. Customised Coverage: This tailors the policy to meet the specific needs and requirements of the insured, providing additional coverage for unique or specialised goods or circumstances.
7. Valuable Papers and Documents Coverage: This add-on ensures the safety of important business documents during transit, covering the loss or damage of these valuable papers, offering financial security and minimising disruptions to your operations.
8. Loading and Unloading Clause: This clause provides coverage for any damages that occur while goods are being loaded onto or unloaded from the transport vehicle, protecting against potential losses during these critical stages.
9. ODC (Over Dimensional Cargo) Clause: The ODC clause offers specialised coverage specifically for transporting large or oversized cargo, ensuring protection for these unique shipments and addressing any potential risks associated with their transportation.
6. The Art of Claiming: How it Works
– The claiming process involves systematic steps.
– Promptly notify the insurance company about the loss.
– Provide necessary documentation, including policy copy, a detailed statement, shipping documents, proof of value, and relevant evidence.
– The claim is assessed, and the eligible amount is determined for settlement.
6.1 Where are the following step which are carried out when a claim arises.
Notification:
You should promptly inform the insurance company about any loss or damage that occurs during transit.
Documentation: You are required to submit necessary documents, including a copy of the policy, a detailed statement, shipping documents, proof of value, and relevant evidence.
Detailed Sales and Purchase Proofs: These documents should demonstrate your financial transactions from the policy start date to the claim initiation date.
Claim Form: You should complete and submit the provided claim form with essential information.
Additional KYC Documents: This involves including copies of identification documents, such as the Aadhaar card and PAN card, as well as a self-declaration letter of ownership.
Verification: The insurance company assesses the claim, conducts investigations if necessary, and may appoint a surveyor for assessment.
Settlement Decision: The insurance company determines the eligible amount and communicates this decision to the insured.
Additional Supporting Documents: You should also provide an image of a cancelled cheque, a subrogation letter (if applicable), and a discharge voucher.
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Frequently Asked Questions : Commercial Inland Marine Insurance
Commercial Inland Marine Insurance is a comprehensive policy that provides 24/7, 365-day coverage for businesses involved in importing, exporting, or transporting goods within India.
It covers a wide range of risks, including damage due to accidents, theft, natural disasters, fire incidents, and more. It also includes coverage for general expenses, liability, delays in transit, and temperature-controlled cargo.
Commercial Inland Marine Insurance is essential for importers, exporters, manufacturers, distributors, and businesses involved in goods transportation. It’s especially beneficial for those dealing with valuable items.
The key benefits include extensive coverage for various risks, protection for general expenses, and liability coverage. It offers financial security for businesses engaged in international trade or shipping.
Yes, you can tailor the policy to meet your specific needs and requirements, providing additional coverage for unique or specialised goods or circumstances.
Additional coverage options include protection for high-value goods, coverage against strikes, riots, civil commotions, war, terrorism, and temperature-controlled cargo. You can also get specialised coverage for items exhibited at trade shows or transported via oversized cargo.
The claiming process involves systematic steps. You need to promptly notify the insurance company about the loss, provide necessary documentation, and submit a claim form. The claim is assessed, and the eligible amount is determined for settlement.
Yes, there are exclusions, and they typically include losses due to willful misconduct, delay-related losses without physical damage, losses arising from the inherent nature of goods, insufficient or improper packaging, unseaworthiness of the vessel, nuclear or war-related risks, confiscation or detention by customs, and losses covered under separate policies.
Yes, you can get extended coverage specifically for high-value items, ensuring they are fully covered in case of any unforeseen incidents during transit.
Commercial Inland Marine Insurance offers protection for perishable goods that require temperature-controlled transportation. It covers losses caused by temperature deviations or equipment failures during transit.
Yes, Commercial Inland Marine Insurance extends coverage to goods displayed or exhibited at trade shows, exhibitions, or fairs, ensuring they are protected during such events.
The policy provides coverage specifically for transporting large or oversized cargo, ensuring protection for these unique shipments and addressing any potential risks associated with their transportation.Bus but in such cases we have to keep in mind that before taking the policy we must declare it to the insurance company . so the policy was issued accordingly .
Documents typically required for claim settlement include the insured party’s Aadhaar card, GST registration certificate, PAN card, E-way bill, invoice copy, LR copy, transporter letter if applicable, monetary claim letter, and a self-declaration letter of ownership.
