C
overage against any damage/loss caused to the goods in transport from one point of origin to another.
Inclusions
- All risk coverage
- Fire or explosion
- Overturning or derailment
- Earthquake, volcanic eruption and lightening
- Water damage by entry of sea/river water
- Breakage
- Theft
- Malicious damage
Exclusions
- Willful misconduct of the assured
- Ordinary leakage,loss in weight or volume
- Ordinary wear and tear
- Non standard and non customary packaging
- Unfitness of truck
- Over dimension of transport vehicle
- Over Weight of transport vehicle
- Exceeding per sending limit and location
- War
Institute Cargo Clause A and B
| Clause A |
Clause B |
| All risk policy |
Only accidental |
| Newly manufactured product |
Tail end risk |
|
Loading and unloading excluded |
|
Second hand manufactured product |
Key Notes
- After unloading 7 days extension of fire insurance coverage of goods
- Insurance starts from LR copy and ends at unloading at gotdown or when reached to party
- Transshipment is covered
- Intimation should be early(10 days or max two months)
- Invoice plus 10%(0.5 access or minimum 5000)(freight charges)
- Balance premium can be carry forward next in new policy or can br refunded
- 75% of sum assured should be utiliized
Documents Required in claim
- Original invoice
- Original LR
- FIR Copy
- Damage certificate
- Party letter
- Letter to transporter with registered AD slip
- Company cancel cheque
- Company pan card
- Letter of subrogation
- Photographs
- Kyc(above Rs.1 lakh)
Requirement for proposal
- Annual turnover
- Per sending limit
- Per location limit
- Standard packaging
- Pervious year claim history
Type of policies covered
- Specific
- Declaration
- E-marine
