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Types of Shriram Marine Insurance Policy

Specific Voyage (Inland/Import/Export)

This type of policy is offered when there is only one transit involved, i.e. from one place to another using any mode of transit (air, road, sea)

Open Policy (Inland)

This type of policy is proposed when there is a requirement for multiple transit(s) in a year for the same customer with the mode of transit as Rail/Road/Air, but the transit should be within India

Open Cover (Import/Export)

This type of policy is proposed when there is a requirement for multiple transit(s) in a year for the same customer with the mode of transit as Rail/Road/Air/Sea; the transit can be either for Import /Export

Sales Turnover Policy

This type of policy is offered to the customer(s) involved in manufacturing and having a company(s) turnover of 100 Crores or more

Types of Shriram Marine Insurance Coverages

Marine Cargo insurance coverage is based on the type of Clause(s) offered to the insured at the time of quotation. There are three types of clause(s) mainly used for Inland and Import/Export proposals:

Inland Transit Clauses (A), (B), (C)

These clause(s) are offered for Inland transit(s) i.e. within India and mode of transit as Rail/Road/Air/Postal/Courier

Inland Transit Clause	Coverage	Exclusion
Inland Transit Clause (A)	This clause is an All Risk Cover (A+B+C)	Wilful misconduct of the insured Ordinary (inevitable loss) Insufficient/Unsuitable packing Delay Inherent vice War perils Strike, riot and civil commotion
Inland Transit Clause (B)	This clause is a basic cover that includes- the risks of physical loss or damage to the insured goods Risks Clause (coverage against named perils) caused by a) Fire Lightning Breakage of bridges b) Collision with or by the carrying vehicle The overturning of the carrying vehicle Derailment or accidents of like nature to the carrying railway wagon/ vehicle	Ordinary (inevitable loss) Insufficient/Unsuitable packing Delay Inherent vice War perils Strike, riot and civil commotion
Inland Transit Clause (C)	This clause is a Named Peril cover which includes - loss or damage to the subject matter insured caused by the risks clause (very limited coverage against the named perils) (a) fire (b) lightning	a) Wilful misconduct of the insured Ordinary (inevitable loss) Insufficient/Unsuitable packing Delay Inherent vice War perils Strike, riot and civil commotion Breakage of bridges b) Collision with or by the carrying vehicle The overturning of the carrying vehicle Derailment or accidents of like nature to the carrying railway wagon/ vehicle

Inland Transit Clause

Coverage

Exclusion

Inland Transit Clause (A)

This clause is an All Risk Cover (A+B+C)

Wilful misconduct of the insured
Ordinary (inevitable loss)
Insufficient/Unsuitable packing
Delay
Inherent vice
War perils
Strike, riot and civil commotion

Inland Transit Clause (B)

This clause is a basic cover that includes- the risks of physical loss or damage to the insured goods Risks Clause (coverage against named perils) caused by

Fire
Lightning
Breakage of bridges

Collision with or by the carrying vehicle
The overturning of the carrying vehicle
Derailment or accidents of like nature to the carrying railway wagon/ vehicle

Ordinary (inevitable loss)
Insufficient/Unsuitable packing
Delay
Inherent vice
War perils
Strike, riot and civil commotion

Inland Transit Clause (C)

This clause is a Named Peril cover which includes - loss or damage to the subject matter insured caused by the risks clause (very limited coverage against the named perils)

(a) fire

(b) lightning

Wilful misconduct of the insured
Ordinary (inevitable loss)
Insufficient/Unsuitable packing
Delay
Inherent vice
War perils
Strike, riot and civil commotion
Breakage of bridges

Collision with or by the carrying vehicle
The overturning of the carrying vehicle
Derailment or accidents of like nature to the
carrying railway wagon/ vehicle

Institute Cargo Clauses (A), (B), (C)

These clause(s) are offered for Import/Export transit(s) mode of transit as Sea/Air/Courier/Sea/Air **The main leg of transit is through the Sea

Institute Cargo Clause	Coverage	Exclusion
Institute Cargo Clauses (A) or ICC (A)	All Risk Cover with General exclusions	Wilful misconduct of the insured Ordinary (inevitable loss) Improper packaging Inherent vice Delay Insolvency or financial default Nuclear Weapons risk Unseaworthiness of vessel or craft War perils Strikes, riot and civil commotion
Institute Cargo Clauses (B) or ICC (B)	Fire and Explosion Vessel/ Craft being Stranded, Grounded, Sunk or Capsized Overturning/Derailment of land Conveyance Collision or contact of the vessel, craft or conveyance with any external object other than water Discharge of Cargo at a port of Distress Earthquake, Volcanic Eruption or Lightning General Average Sacrifice, Jettison and Washing on Board Entry of Sea, lake or river water into the vessel/craft, container or place of storage Total loss of any package lost overboard or dropped whilst loading or unloading from a vessel or craft	Wilful misconduct of the insured Ordinary (inevitable) loss Improper packaging Inherent vice Delay Insolvency or financial default Nuclear Weapons risk Unseaworthiness of vessel or craft War perils Strikes, riot and civil commotion
Institute Cargo Clauses (C) or ICC (C)	Fire and Explosion Vessel/ Craft being Stranded, Grounded, Sunk or Capsized. Overturning/Derailment of land Conveyance Collision or contact of the vessel, craft or conveyance with any external object other than water Discharge of Cargo at a port of Distress General Average Sacrifice, Jettison General Average and Salvage charges Breakage of bridges Charges reasonable and properly incurred to avert/ minimize an insured loss and to preserve and pursue recovery rights	Wilful misconduct of the insured Ordinary (inevitable) loss Improper packaging Inherent vice Delay Insolvency or financial default Nuclear Weapons risk Unseaworthiness of vessel or craft War perils Strikes, riot and civil commotion

Institute Air Cargo Clause (Air)

These clause(s) are offered for Import/Export transit(s) mode of transit as Rail/Road/Air (Exclude sending by post) **The main leg of transit is through Air

Note: Please refer to the policy wording for detailed policy coverage

Frequently Asked Questions

How Sum Insured is calculated in Shriram Marine Insurance?

The sum insured in the policy is the turnover of the company, including Sales, Capital Goods, Custom duty and other legs of transit(s)

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