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  • Overview
  • Coverages
  • Key Features
  • Terminologies
  • Claim Process
  • Policy Download
  • FAQs

Types of Shriram Marine Insurance Policy

Specific Voyage (Inland/Import/Export)

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)

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)

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

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

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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