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Marine Cargo Policy covers goods (machinery, raw materials, finished goods etc) during transit under a contract of affreightment.
These clauses are wider in scope covering all extraneous perils except War and SRCC risks. These are unnamed perils clauses unlike the other two clauses, which are named perils clauses. All risks are covered subject to exclusions.Inland Transit: Fire, Breakage of bridges, Collision with or by the carrying vehicle, Overturning of the carrying vehicle, Derailment or accidents of like nature to the carrying railway wagon / vehicle. Show MoreShow Less
AOG perils of earthquake, volcanic eruption and lightning Washing overboard Entry of sea, lake or river water into vessel craft hold conveyance container lift van or place of storage Total loss of any package dropped whilst loading/ unloading into the ship. Show MoreShow Less
Fire or Explosion, Vessel or craft being stranded, grounded, sunk or capsized, Overturning or derailment of land conveyance, Collision or contact of vessel, craft or conveyance with any external object other than water, Discharge of cargo at the port of distress, General Average sacrifice, Jettison. Show MoreShow Less
Fire, Lightning.
Wilful misconduct of the insured Ordinary and inevitable losses Improper packing Inherent vice Insolvency of ship-owner Delay Nuclear risks Risks that are covered under Institute War Clause. Unseaworthiness and unfitness of the vessels While certain exclusion like War & SRCC can be covered by payment of additional premium, there are certain exclusions which are absolute and cannot be covered under any circumstances e.g. wilful misconduct, nuclear).
* The details furnished here do not constitute entire terms & conditions. For More details refer policy documents.
Call us on our Toll-free Helpline number 1800-22-4030/1800-200-4030
A surveyor will be assigned who will assess the losses.
After successful verification, the claim amount will be disbursed.
I own a jewellery shop in Lucknow. Unfortunately, a few days back a theft incident happened at my shop. I was left devastated by thankfully I had Shopkeeper Insurance Policy from Universal Sompo.
My hospital got damaged in the Kolhapur floods. But the quick settlement offered by the Universal Sompo team made me a little optimistic about things. It was a ray of hope I needed. You are the best!
I am a dairy owner from Khera district in Gujarat and I have cattle insurance policy from universal Sompo. Recently, my cattle died because of some disease. On intimation of claim, the team from Ahmedabad helped and supported me in the whole claim procedure.
I want to say that I am really impressed with the services of Universal Sompo. The speed with which they settled my claim is commendable. I found the team efficient, realiable, & full of professionalism.
Marine Cargo Insurance policy designed to provide cover for loss or damage to Cargo during transit by air, rail/road, sea and other connected modes of transit.
Coverage provided by marine insurance policies interalia depends on the type of cargo, nature of transit and the risks covered i.e. Whether restricted cover or wider cover. Coverage is provided based on the clauses, conditions and warranties attached to the policy.
Any person with insurable interest in the property in transit can insure. Further the policy can be assigned freely to any person who acquires insurable interest during transit of the cargo.
Willful misconduct of the insured
Ordinary and inevitable losses
Improper packing
Inherent vice
Insolvency of ship-owner
Delay
Nuclear risks
Marine Cargo policies can also be extended to include Add-On Covers, a few of which are as listed below:-
Duty Insurance
FOB extension & Shut out Cargo
Seller’s Contingency.
Brief details of the types of policies/ coverage available for covering the cargo during transit are -
This is issued for covering Specific Shipments. Cover under this policy commences with the commencement of specific transit and terminates on arrival of the cargo at destination as specified in the relevant clause.
For clients who have transits round the year Open policy is a suitable instrument to address their insurance needs as it gives them automatic coverage for cargo movements without having to obtain a separate policy for each transit. Salient features of this policy are as follows:
The policy is issued for a period of one year at an initial Sum Insured which can be enhanced during the currency of the policy.
All shipments are automatically covered at the agreed rates and terms under the policy until the Sum Insured is exhausted.
Declarations are made by the client for all dispatches during the policy period on a periodical basis.
At the expiry of the policy premium for unutilized Sum Insured is refunded.
Insurer’s maximum liability restricted to pre agreed limit per sending and limit per location.
For clients with substantial Annual turnover, Sales Turnover policy can be issued. Salient features of this policy are as follows:
Sum Insured is based on the annual Sales Turnover of goods movement under various legs of transit.
Premium is charged on the sales turnover for the year.
At the expiry of the policy, Sum Insured is compared with the actual turnover based on the balance sheet and necessary adjustments made in the policy.
Is subject to minimum and deposit premium.
Policies to be issued only to bodies corporate registered under the Companies Act, 1956
Marine Cargo policies offer indemnity for loss or damage to cargo and thereby provide financial protection to the Insured which helps the business community to venture their capital more freely and expand their scope of business.
In a growing economy like India and with the increase in trade and commerce, protection offered by Marine Cargo policies play a very positive role in the stability of various industries and strengthens the trade and commerce of the country.
Many Banks accept Marine Cargo policy as a security towards advancing loans for import / export business.
In the unfortunate event of any claim under the policy, please intimate IMMEDIATELY to our Call Centre at Toll Free Numbers: 1800 200 4030 or Email at contactclaims@universalsompo.com. Please note that no delay should be allowed to occur in notifying a claim on the policy as the same may prejudice liability
The documents can be scanned and sent across to enable us to start with the claim process. Once we receive the originals the process would be complete
The documents have to be dispatched to the below address:
Universal Sompo General Insurance Co.Ltd. Airoli Office-Unit No.601 & 602,A wing, 6th floor, Reliable Tech Park, Cloud City Campus, Gut no 31, Mouje Elthan, Thane Belapur Road, Airoli, Navi Mumbai - 400708
Contact Details:
Name of the company: Universal Sompo General Insurance Company Limited
Registered & Corporate Office: Office No. 103, 1st Floor, Ackruti Star, MIDC Central Road, Andheri (East), Mumbai 400093, Maharashtra. Tel: 02241659800/ 900
Website: www.universalsompo.com.
E-mail: contactus@universalsompo.com
Customer Service: Toll Free Numbers: 1800 22 4030 / 1800 200 4030
Note: Please note that above is the gist. Please read the policy wordings in detail