Scribd
Upload
203 views4 pages

UNITED INDIA INSURANCE-Marine Insurance Products Offered by United India Insurance

United India Insurance offers two main types of marine insurance: marine cargo and marine hull insurance. Marine cargo insurance covers goods in transit by sea, air, road, or rail for owners and bankers. It insures against risks like fire, sinking, collisions, and more. Marine hull insurance covers vessels like fishing boats, ocean-going ships, and other watercraft for owners and bankers against risks like fire, sinking, collisions, and general average sacrifices. The document provides details on who can insure, what is covered, risks not covered, premium rating, and types of marine insurance policies like open policies and specific voyage policies.

Uploaded by

fraustudentin
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
203 views4 pages

UNITED INDIA INSURANCE-Marine Insurance Products Offered by United India Insurance

United India Insurance offers two main types of marine insurance: marine cargo and marine hull insurance. Marine cargo insurance covers goods in transit by sea, air, road, or rail for owners and bankers. It insures against risks like fire, sinking, collisions, and more. Marine hull insurance covers vessels like fishing boats, ocean-going ships, and other watercraft for owners and bankers against risks like fire, sinking, collisions, and general average sacrifices. The document provides details on who can insure, what is covered, risks not covered, premium rating, and types of marine insurance policies like open policies and specific voyage policies.

Uploaded by

fraustudentin
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

UNITED INDIA INSURANCE-Marine Insurance

Products offered by United India Insurance


 Marine Cargo Insurance
 Marine Hull Insurance

1. MARINE CARGO

Who can insure

 Owners or bankers of goods in transit/shipment.

What is insured?

 export and import shipments


 goods in transit by rail, sea, road, air or post
 goods carried by coastal vessels plying between the various ports within the country
 cargo transported by small vessels or country craft over inland waters
 goods moved from place to place by river transport

Risk coverage

The policy covers loss/damage to the property insured due to:

 Fire or explosion; stranding, sinking etc.


 Overturning, derailment ( of land conveyance)
 Collision
 Discharge of cargo at port of distress
 Jettison
 General average sacrifice, salvage charges
 Earthquake, lightning
 Washing overboard
 Sea, lake, river water
 Total loss of package lost overboard or dropped in loading or unloading
 War is specifically covered
2. MARINE HULL INSURANCE

Who can insure

 Owners or bankers of ship or vessel

What is insured?

The various vessels that are covered under this policy are :

 Fishing Vessels
 Ocean Going Vessels
 Sailing Vessels
 Other Vessels

Risk coverage

The policy covers loss/damage to the property insured due to:

 Fire or explosion; stranding, sinking etc.


 Overturning, derailment ( of land conveyance)
 Collision
 General average sacrifice, salvage charges

Risk not covered

The policy does not pay any loss/damage caused by, attributable to, due to

 Deliberate damage/destruction of the vessel by wrongful act of any person


 Use of any weapon of war employing atomic / nuclear fission and or fusion
 Insolvency or financial default of the vessel owner / operators / charterers
 War / civil war · Strike, Riot or Civil Commotion
 Any terrorist or person/s acting with political motive
Premium Rating

The normal basis of valuation for ocean/air consignment will be CIF + incidentals up to a
percentage which is agreed upon at the inception of the policy ( normally this is 10 %)

Open Cover

 Issued for import/export


 It is a contract effected for a period of 12 months, whereby the insurance company agrees
to provide insurance cover to all shipments coming within the scope of the open cover.
 As and when shipments are declared , specific policies are issued as evidence of the
contract and on collection of premium.

Some of the policies that are issued are as follows

1. Open Policy

  This policy is issued for transit of goods within India. Policy is valid for one year and
all transits during the policy period and declared are automatically covered by the
insurance company subject to the availability of the overall sum insured.
It is a stamped document. In this case specific policies are not issued for each
consignment. Premium can be collected in advance for the entire estimated value during
the policy period. Stamp duty is collected in advance along with premium for despatches
to be declared periodically.

2. Specific Voyage Policy

 This policy is valid for a single voyage or transit.


 The policy will be issued before the voyage starts.
 The coverage will cease immediately on completion of the voyage

The specific voyage policy must show complete details of the risk.
It should contain particulars of conveyance/Vessel name/ Bill of Lading or Way bill
and date , sum insured ,terms and conditions of cover, voyage , cargo description etc like
all other marine policies.

3. Annual Policy

This policy may be issued to cover goods in transit by road or rail or sea from
specified depots or processing units owned or hired by the insured. The goods covered must
belong to or held in trust by the insured . These policies can not be issued to transport
operators , clearing , forwarding and commission agents or freight forwarders or in joint
names.. They can not be assigned or transferred. For such policies the sum insured should not
be less than Rs 5000/-

You might also like