Marine insurance is the oldest branch of insurance that covers marine cargo and marine hull. It provides protection to cargo during transit by road, rail, sea, and air. The insurance commences from when goods are dispatched and covers them until delivery at the final destination or for up to 60 days after unloading from a vessel. Major requirements for marine cargo export insurance include the invoice value and voyage details. Standard clauses set by Lloyd's of London are used worldwide in marine export and import policies.

2. Marine Insurance
This is the oldest branch of insurance divided into:
Marine cargo(goods)
Marine hull

5. The insurance is taken by
the buyer/seller as per the
terms of the contract.
If the contract is on C.I.F
basis, seller is taking the
insurance. In all other cases
the buyer is taking the
insurance.
Exporters can take a cover
if the contract is F.O.B and
c & f

6. In special circumstances a
sellers contingency
insurance cover will help the
exporter, in such cases the
covr will end at the
destination port
Insurance cover is an
important documents for the
bankers in the export /
import business.

8. Marine insurance
clauses(terms and
conditions) drafted by lloyds
london which is applicable all
over the world
In marine export/import
policies, the institute cargo
clause (icc) is used
ICC(A) clause cover the
goods for “all riks” of loss or
damage due to accidental
damages exluding the
following

10. Loss caused by
willful misconduct
of the insured
Ordinary loss in
weight or volume,
ordinary wear and
tear
Loss by inherent
wise(perishable
goods)

11. Loss/damage due to
inadequate packing
War/strike/terrorism/
malicious damages .
However, these
risks can be covered
on additional
premium
Loss arising from
insolvency or
financial default of
owners/operators

12. ADDITIONAL COVER

13. War and SRCC
cover can be added
along with the all
risk cover on extra
premium

15. Marine cover give protection to cargo
during transit by road/rail, sea and
air.
Marine cargo export cover is
universal.

17. The insurance commences from the time the
goods dispatched from the warehouse at the
place named in the policy, till delivery at the
final destination/on expiry of 60 days after
discharge from the vessel at the final port of
discharge in case of ships. For air cargo it is
30 days.

18. MAJOR
REQUIREMENTS

19. Invoice value Voyage from to

21. Premium has to be paid before
the commencement of risk.
Regular exporters can take open
cover policy, which will cover the
risk for the entire year, if
adequate deposit of premium is
held with the insurance company

22. The Premium rate
is in percentage
only
Eg:
0.15 % of the total
value. Sum insured
can be 10% more
than C.I.F value
Ie,CIF+10%

23. There is no service tax on
in insurance premium for
export policies.
But import policies attract
14% service tax on insurance
premium

24. Thank you
AIMS Insurance Broking Pvt. Ltd.
19/458, IInd Floor, Global Plaza
Poothole P.O., Thrissur- 04
Phone: 0487-2386364/2389703
Email:-info@aimsinsurance.in
Web: www. aimsinsurance.in