Every year, goods worth crores are damaged, lost, or stolen in transit across Indian ports, highways, and warehouses. For businesses involved in import, export, or domestic trade, marine cargo insurance is not a formality , it is the difference between absorbing a significant loss and recovering from one.
What It Covers
Marine cargo insurance protects the value of goods in transit by sea, air, road, rail, or any combination. A standard policy covers fire, explosion, sinking, stranding, collision, theft, pilferage, non-delivery, and damage from natural perils including storms and floods during transit.
Policies are issued on Institute Cargo Clauses (ICC): A, B, or C. Clause A is all-risk coverage (broadest). Clause C offers the most restricted cover. For valuable or fragile cargo, ICC-A or all-risk basis is strongly recommended.
What It Excludes
Normal wear and tear, improper packing, inherent vice of goods (natural spoilage), delay in delivery, and consequential losses are excluded. War and strikes require separate endorsements particularly relevant for businesses trading with regions of active geopolitical instability.
Open vs Specific Voyage Policies
Businesses that ship frequently benefit from an open marine policy, which covers all shipments within agreed parameters — commodity type, mode, route, maximum per-shipment value without declaring each consignment separately. A specific voyage policy covers a single named shipment. For businesses with regular cargo movements, an open policy is far more practical.
Insure at CIF + 10%
For imports, insurance should be taken at CIF value (cost + insurance + freight) plus 10% to account for expected profit and incidental costs. Underinsuring cargo is a common mistake at claim time, an underinsured consignment receives a proportionally reduced settlement even if the actual loss is less than the sum insured.
Draco Insurance arranges marine cargo cover for importers, exporters, and domestic traders. Whether your goods move by sea, air, or road, we can put the right cover in place. Visit dracoinsurance.in or call +91 7064106417.
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