ASTRAINSURE With our inhouse qualified IRDA licensed resource, consultation to cover the risk of your most valuable cargo in factory, warehouse, in transit via rail, road, air or sea becomes so easy. let your cargo be at origin / destination port, cargo moving around the globe we can still cover the risk with our most astute ASTRAINSURE advisors. Risk covered and insured by leading National and Pvt sector multinational companies.
Some snapshots are mentioned below
Carrier Liability Insurance
Pay all sums for which the insured shall become legally liable as compensation for physical loss or destruction of or damage to goods or merchandise … while in transit … including during loading or unloading and while temporarily housed on or off vehicles in the ordinary course of transit.
• Damage to cargo directly caused by fire, explosion or accident to the carrying vehicle
• Carrier’s liability for cargo
• Cargo salvage, transhipment, emergency storage costs
• Financial loss due to the lost freight in respect of the damaged part of the cargo
• Legal and other costs, incurred in the litigation against the claimants
• Costs of average adjusters
• Breakage due to improper handling
• Flood or water damage or damage by other cargo
Commencement of Policy
The cover will commence with the loading of cargo on the vehicle and will be in force until unloading of the cargo at the discharging point or expiry of 7 days after the first arrival of the vehicle at the destination town whichever may first occur.
Marine Cargo Policy
This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.
• This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.
• Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.
• This policy is freely assignable and is basically an agreed value policy.
Transportation of goods can be broadly classified into three categories:
1. Inland Transport
The types of policies issued to cover these transits are:
For Inland Transit
1. Specific Policy - For covering a specific single transit
2. Open Policy -For covering transit of regular consignments over the same route .The policy can be taken for an amount equivalent to three months despatches and premium paid in advance.As each consignment is despatched, a declaration giving details of the despatch including GR/RR No. is to be sent to the insurer and the sum insured gets reduced by the amount of the declared despatch.The sum insured can be increased any number of times during the policy period of one year;but care should be taken to ensure that adequate sum insured is available to cover the consignment to be despatched.
3. Special Declaration Policy - For covering inland transit of goods wherein the value of goods transported during one year exceeds Rs.2 crores.Although the premium for the estimated annual turnover [i.e.the estimated value of goods likely to be transported during the year] has to be paid in advance,attractive discounts in premium are available.
4. Multi-transit Policy - For covering multiple transits of the same consignment including intermediate storage and processing.For e.g.covering goods from raw material supplier’s warehouse to final distibuter’s godown of final product.
1. Specific Policy - For covering a specific import/export consignment.
2. Open cover - This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported.A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate.The insurance co. will then issue a certificate covering the declared consignment.
3. Custom duty cover - This policy covers loss of custom duty paid in case goods arrive in damaged condition.This policy can be taken even if the overseas transit has been covered by an insurance company abroad,but it has to be taken before the goods arrive in India.