marine policy in india and types

8/9/2019 Marine policy in India and types

1/16

DIFFERENT TYPES OF MARINEPOLICIES

1) Specifc Policy

2) Floating or Open Policy

3) Open cover

4) Special Declaration Policy

5) Annual Policy

6) Multi Tranit Policy

!) Seller" #ontingency Policy

$) %uyer" #ontingency Policy

&) Duty Policy1')(ncreae *alue (nurance Policy+

11)Tea #rop Policy

12)Sale Turn over Policy+


2/16

SPECIFIC POLICY

T,e pecifc Policy cover a particular conign-ent .or

a pecifc voyage/tranit againt an iniviual propoalu0-itte 0y t,e client+ T,e co-plete etail lieco--oity veel particular %/ or / or A%nu-0er an ate u- inure etail o. voyageter- o. cover -ut 0e eclare ,ile e7ecting t,e

(nurance+A per Marine (nurance Act a policy -ut contain t,e.olloing particular 8

T,e na-e o. t,e aure

T,e u09ect -atter o. inurance : ri inure againtT,e voyage

T,e u- or u- inure

T,e na-e o. t,e inurer


3/16

FLOATING OR OPEN POLICYSec+ 31 o. t,e Marine (nurance Act tate t,at a ;oating policy

i a policy ,ic, ecri0e t,e inurance in general ter- anleave t,e na-e or na-e o. t,e ,ip or ,ip an ot,erparticular to 0e efne 0y u0e


4/16

Open Cove

An Open #over i iue .or a particular perio uually .or one year,ere0y t,e (nurer agree to cover inurance o. all ,ip-ent 0y ea/Air .ro- any port to any port+

ie an Open Policy t,e (nure i 0oun to eclare all ,ip-ent /

ipatc,e it,out any e?ception uring t,e perio o. inurance+

T,e Open #over i an unta-pe ocu-ent 0ut eparate policie to 0eiue againt eac, : every ipatc,+

T,e Policie iue uner Open #over ,all 0e uly ta-pe an igne+

(t i to 0e note t,at ,en #ertifcate o. (nurance an/or policy ,all 0eiue uner t,e Open #over againt eac, : every ipatc,e all

ter- conition arrantie an e?ce a -entione in t,e Open

#over ,all alo 0e ritten in t,e #ertifcate o. inurance / policie+


5/16

ANN!AL POLICY

T,e Annual Policy i iue only i+r+o+goo 0elonging to t,e aure or ,elin trut 0y ,i- not uner any ale orpurc,ae ,ile in tranit 0y roa or rail

.ro- pecife epot/ proceingcentre to ot,er epot / proceingcentre+ T,e epot -ut 0e one or

,ire 0y t,e aure 0ut t,eproceing unit -ay not 0e one or,ire 0y t,e (nure+#ont+ B+


6/16

ANN!AL POLICYT,e acceptance o. t,e propoal i u09ect to t,e

.olloing in.or-ation 8a)T,e particular o. tranitC

0)T,e total itance involve .ro- one epot toanot,er epot an/or proceing centreC

c) Decription o. t,e gooC

) ti-ate annual turn overC

e) Single carrying li-it at any one ti-eC

T,e -ini-u- rate o. pre-iu- i 3' ti-e o. t,e

c,argea0le rate+

T,e -ini-u- pre-iu- .or t,e Policy i + 5'''/E only+

T,e Policy ,all 0e u09ect to eintate-ent claue an

conition o. average+


7/16

M!LTI TRANSIT POLICY

T,e Marine Policy generally cover goo uring orinarycoure o. tranit .ro- are,oue to are,oue+

i uring torage at inter-eiate point ,all 0e conierea a eparate nonE-arine ri+

To e7ect a continuou cover ,ilt in tranit or in torage oruring proceing o. t,e goo -arine tranit policy can 0ee?tene to cover -ulti tranit ri an inter-eiatetorage cover i. t,e conign-ent i tore in covere goE

on+

T,e -a?i-u- torage perio ,all 0e -entione in t,epolicy at all goon put toget,er+ (t oul 0e in orer togrant cover againt fre an allie peril an 0urglary ri

uring t,e perio o. torage+


8/16

SALES T!RNO"ER POLICY #STOP$

Turnover contitute 8

All (nco-ing a Material Do-etic Purc,ae/(-port+

All Outgoing fni,e goo Do-etic Sale/?port+

(nter Depot tran.er o. Material / Se-i fni,egoo .or

9o0 or+

#an inclue tore pare an conu-a0le in a


9/16

AD"ANTAGES OF T!RNO"ER O"ER POLICY

Go tranit ie eclaration to 0e givenC

All tranit auto-atically covere incl+ inter aleepot

tranit an i-port t,oug, pre-iu- pai onlyon ale o.

fnal prouctC

Fi?e rate covering all port/ countrie e?ceptt,oe

pecifcally e?clue+


10/16

%RO&ER DRI"EN

T,ee Policie are generally %roer Driven+

Hence De-an co-e .or 8

Turnover eclare .or loer value t,an e?piring

turnoverC

Facility to increae Su- (nure at .reneclare torage area+

De0ri re-oval #laue

5'E5' claue

Freig,t .oraring e?pene

P everal ti-e PM

%uyer/ Seller contingency

#onceale Da-age #laue

%roer ee avantage o. Open Policy : Fire Policy uner t,i Policy at rate

o. Open Policy+


11/16

%ASIS OF "AL!ATION%ai o. valuation ,oul 0e pecifcally

-entione a uner 8(-port 8 Delivere #ot at fnal etinationincluing

utie an ta?e incurre+

?port 8 (nvoice value incluing .reig,tutie an

ta?e incurre+

(nter Depot tran.er 8 *alue a per c,allanincluing

.reig,t pai+

(. t,e 0ai o. valuation i #(F @ 1' t,e

pre-iu-


12/16

*aantiesAitional Pre-iu- .or loaing an unloaing+

?cluing Overloaing o. egitere / icene carrying capacity o. t,e ve,icle+

(n cae o. conceale a-age claue t,e perio o.cover

,oul 0e retricte to -a?i-u- o. 3' ay+Te-porary torage not -ore t,an tice t,e nor-al

torage perio+

arrante ae


13/16

SELLERS+ CONTINGENCY POLICY

Seller" #ontingency ,all 0e iue to t,e ?porter ,o

e?port t,e conign-ent uner FO% or # : F ter- an notuner confr-e /#+

T,e #over uner Seller" #ontingency ill co--ence a.tert,e conign-ent i a.ely place on 0oar t,e veel an ,all

continue until" t,e %uyer accept t,e goo an relativeocu-ent+

T,e (nurance i iue to protect t,e Seller" interet ue tonon pay-ent o. t,e invoice value+

T,e Policy i not aigna0le+

T,e Policy cannot 0e e?tene 0eyon t,e Port o. Dic,arge+

#ont+ BB


14/16

SELLERS+ CONTINGENCY POLICY

T,e Sale #ontract cannot 0e altereu0e


15/16

POLICY

T,e (nurance cover %uyer" interet only inrepect o. purc,ae uner FO% or FAS or # : Fter-+

T,e ia0ility o. t,e (nurer ,erein ill co--ence.ro- t,e ti-e o. conign-ent leave t,e Supplier".actory / are,oue/ Store+

T,e (nurance i not aigna0le e?cept %anoperating in (nia+

arrante t,i inurance not to 0e ee-e aDou0le (nurance+

arrante t,at t,e (nure ,all a.e guarrig,t o. recovery againt carrier+

#lai- ,all 0e ettle in (G+


16/16

D!TY POLICYDuty Policy i iue to t,e (-porter ,o ,a vali (-port

icence+

T,e Policy i iue on Proviional Duty *alue 0utu0e

marine policy in india and types

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