In the case of cargo loss or harm due to a peril protected against when at risk under the scheme, a cargo insurance policy compensates the cargo owner. The bulk of cargo insurance plans are “all risk” underwritten. This means that the insured are covered for all risk of loss or damage except for those risks that are specifically excluded in the policy such as loss or damage due to wilful destruction of the goods by the insured or the inherent vice of the goods.
Furthermore, if a claim is made, the process can be time-consuming and frustrating.
If a lawsuit is filed, international shippers are often dealing with courts in other countries, putting the consumer at risk of not receiving the loss amount.
It is always better to deal through an intermediary like consultant or broker for cargo insurances to get help with the correct product and mainly help with claims.
It Insures Cargo against risks for Specific Voyage, based on INCOTERM (International Commercial Terms). It can be within India or export/import transit.
It provides automatic Insurance protection for a Specific Period of Time. Premium is a Deposit and adjustable on declaration. Always open until cancelled by Insurer or Insured.
STOP- It’s a tailor-made product for discerning customer. The coverage is similar to an Open Policy for the term. It covers / protects the sales turnover of the customer. Requires minimum turnover. The premium is charged on the turnover.
ICC-A, ICC-B, ICC–C