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The 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 type of policy is freely assignable and is an agreed value policy.

TYPES OF POLICIES
The types of policies issued to cover these transits are:
Specific Voyage: In Marine Insurance specific policies are issued to cover a specific single transit. Cover ends as soon as arrival of cargo at destination.
Open Policy: It is an Annual Cargo Insurance Contract expressed in general terms and effected for a round sum sufficient to cover a number of dispatches until the sum insured is exhausted by declarations. The Open Policy, also known as the Floating Policy, saves the assured the inconvenience of affecting individually the insurance of goods dispatched within the country. The policy may cover both incoming and outgoing consignments from anywhere in India to anywhere in India. The sum insured under the policy should ordinarily represent the assureds estimated annual turnover of the goods.
Annual Policy: Annual policy is granted in respect of goods belonging to the Assured and or held in trust by the assured and not under contract of sale and or purchase which are in transit by road or rail from specified depots /processing units to other specified depots /processing units. Important features of Annual Policy include:
     Insurable interest to remain with insured
     Policy not assignable or transferable
     Issue of Annual policy to transport operators/contractors, clearing and forwarding agents
     Prohibited Policy is subject to the condition of average

Open Cover: An open cover is an agreement (not a policy) whereby the insurer will accept insurance of all shipments made by the assured, within the terms of the cover for a fixed period, usually for 12 months. Being an agreement, it is not stamped. However, stamped policies or certificates of insurance are issued against the declaration made by the assured. The open cover is of great convenience to the clients engaged in regular import/export trade.

ADD ON COVERS
Inland transit policies can be extended to cover the following perils on payment of additional premium:
Strike, riot and civil commotion (including terrorist acts) (SRCC)
Free on Board (FOB) - Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel, this extension can be taken.

Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.

WHO CAN TAKE THE POLICY?
All cargo owners and Ship owners and any individual who has Insurable interest in the cargo.The most common contracts are:
FOB (Free on Board)
C & F (Cost & Freight)
CIF (Cost, Insurance & Freight)

In FOB and C&F contracts, the buyer is responsible for insurance. Whereas in CIF contracts, the seller is responsible for insurance from his own premises to that of the purchaser.


The following steps should be taken in event of a loss or damage to goods insured:
Take immediate steps to minimise loss.
Inform nearest office of the insurance company or claim settling agent mentioned on the policy.
In case of damage to goods whilst on ship or port arrange for joint ship survey or port survey.
Lodge monetary claim with carrier within stipulated time period.
Submit the original invoice and other documents required to substantiate the claim such as:
Claim Form Duly filled in.
Bill of Lading / AWB/GR
Packing list
Copies of correspondence exchanged with carriers.
Copy of notice served on carriers along with acknowledgment/receipt.
Shortage/Damage Certificate issued by carriers.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest FICO office for further details.

DOWNLOAD CLAIM FORMS

Fidelity
Marine
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