Marine Cargo Open Transit (Inland & Import/Export) Policy

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 -

1. Specific voyage Policy:

   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.

2. Open Policy:

   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.

3. Sales Turnover Policy:

   For clients with substantial Annual turnover, Sales Turnover policy can be issued. Salient features of this policy are as follows:

   1. • 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, 6^th 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