Marine is a class of business that undertakes insurance on imports related to :-
- Cargo aboard a ship aircraft
- Cargo in transit within the country from port of discharge to final destination (Warehouse).
The cover involves transit by sea, air, rail or road. Depending on the insured’s specific needs, different covers exist:
Marine Open Cover Insurance
Cover effected on declaration basis for cargo aboard a ship or aircraft. Policies issued remain ‘open’ until the limit, per vessel; aircraft or conveyance is exhausted. The insured will be declaring every shipment as and when undertaken.
Marine Time on Risk Insurance
This covers goods on short period basis only and transit can be either by sea, air of on land. The period of insurance is very specific.
Marine Voyage Cover Insurance
It covers goods from one place to another irrespective of time taken for a very specific consignment.
Marine Mixed Cover Insurance
It combines the open cover and time on risk insurance. It specifies the voyage and period of time.