Marine insurance is a type of insurance policy that provides coverage against any damage/loss caused vessels, ships, terminals, etc. In which the goods are transported from one point of origin to another.
Marine Insurance Coverage/Scope
This insurance covers the risk of physical loss or damage to the insured goods caused by fire, Lightning, breakage of the bridges, collision with or by the carrying vehicle, over turning of the carrying vehicle, derailment or accidents of like nature of the carrying railway wagon/vehicle.
Insurance attaches from the time the goods leave the premises for the commencement of the transit and continues during the ordinary course of transit, including customary transhipment, if any.
1. Until delivery to the final warehouse at the destination, named in the policy.
2. In respect of transits by rail and road, until the expiry of 7 days after the arrival of railway wagon at final destination station or in respect of transits by road only, until the expiry of 7 days after the arrival of the vehicle at the destination town, whichever shall first occur.
Some Important Full Forms In Marine Insurance
TR = Transit Risk.
TRND = Transit & Non delivery of entire Consignment/Packets.
TRTPND = Above plus Theft & pilferage Risk.
AR = All Risk. sub. to following exclusions :
Attributable to the wilful misconduct of the assured, Ordinary leakage, ordinary loss in weight or volume, ordinary wear and tear. Insufficiency or unsuitability of packing or preparation. “Packing” includes storage container/liftvan but only when such storage is carried out prior to attachment of circumstance when the assured has control or should have control of the storage, such as prior to transit or when carried out by the assured or his servants.
Proximately caused by delay even though the delay be caused by a risk insured against or caused by inherent vice or nature of the subject matter insured.