Marine Cargo Insurance covers loss or damage to your goods while being transported by rail, road, or air or sea. The policy compensates you for the losses suffered and offers total financial protection during the transit of your goods.
Who can take a Marine (Cargo) Insurance Policy?
Buyers, Sellers, Import/Export merchants, Buying Agents, Contractors and Banks etc can benefit from this policy. Marine Cargo Policies basically cover the interest in the cargo and also extend to cover the interests of any third party who has acquired interest upon transfer of ownership, as determined by the Terms of Sale.
Cargo can be damaged on exposure to a wide variety of risks, including an accident of the vehicle carrying the cargo, damage due to jolts, jerks etc. Hence you need to see whether you want to take a Basic Cover or a wider cover. However, before choosing any of these insurance policies it is advisable to carefully read all the terms/regulations of the policy.
What is generally excluded in a Marine Cargo Insurance Policy?
• Loss or damage due to Inherent Vice , Delay, dearth of packing
• Loss or damage due to any sort of financial default or insolvency of the ship owner etc.
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