Marine Open Cover Insurance

WHAT IS OPEN COVER IMPORT/EXPORT TRANSIT

Open Cover Import/Export Transit Insurance is a robust policy designed to safeguard goods throughout the import and export journey. It offers seamless coverage against perils like theft, damage, and loss during transit, providing reassurance to businesses engaged in global trade. By consolidating coverage under one policy, it simplifies insurance management and enhances operational efficiency. This policy is adaptable, allowing businesses to tailor coverage to evolving needs. Open Cover Import/Export Transit Insurance is indispensable for mitigating risks and ensuring smooth international trade operations.

WHY IS OPEN COVER IMPORT/EXPORT TRANSIT INSURANCE IMPORTANT?

Open Cover Import/Export Transit Insurance plays a pivotal role in the realm of international trade by offering comprehensive coverage for goods during transit. Its importance stems from several key factors.

Streamlined Process:

Consolidates coverage under one policy, simplifying administrative tasks and reducing paperwork for businesses engaged in global trade.

Flexibility:

Allows customization of coverage to suit specific needs and shipment requirements, providing businesses with the freedom to adjust limits and terms.

Continuous Coverage:

Ensures goods are protected throughout the import and export process, offering uninterrupted security from origin to destination.

Critical for International Trade:

Essential for businesses involved in global trade, offering comprehensive coverage, flexibility, and peace of mind to ensure successful operations.

CLAUSES UNDER OPEN COVER IMPORT EXPORT TRANSIT INSURANCE

Explore the essential clauses governing Marine Open Cover Import/ Export Transit Insurance, offering comprehensive protection and streamlined processes for businesses engaged in transportation activities.

International Cargo Clause:

● Coverage for goods transported overseas

● Shields against risks such as vessel sinking, piracy, or customs seizure

● Protects businesses engaged in international trade

● Addresses perils specific to maritime journeys abroad

● Compensation for loss or damage due to acts of terrorism or vandalism during transportation

Inclusions

Marine Open Cover Import/Export Transit insurance encompasses a range of essential inclusions tailored to protect goods during international transportation. Major ones are listed below:

● Comprehensive coverage for goods during international transportation

● Protection against risks including theft, damage and loss

● Coverage extension to include handling and intermediary stops

● Offers peace of mind by safeguarding goods from origin to final destination

● Facilitates smooth and secure international transactions

Exclusions

Marine Open Cover Import/Export Transit insurance excludes:

● Inadequate packing

● Inherent vice or nature of goods

● Delays

● Wear and tear

● Losses during war and nuclear risks

● Fraudulent or dishonest acts

ELIGIBILITY

Eligibility for Marine Open Cover Import/Export extends in frequent marine trade, including exporters, importers, manufacturers, and traders. This policy offers comprehensive coverage for multiple shipments, streamlining shipping operations and ensuring continuous protection for goods in transit. Here’s a quick look who all are eligible:

● Exporters

● Importers

● Manufacturers

● Risk profile

● Traders

● Businesses engaged in frequent marine trade

● Eligible for Marine Open Cover Import/Export Policy

● Offers comprehensive coverage

● Covers multiple shipments over a specified period

● Streamlines shipping operations

● Ensures continuous protection for goods in transit

CLAIM PROCESS - OPEN COVER IMPORT EXPORT TRANSIT

Follow these steps to lodge a claim under marine insurance policy:

Step 1:Notify the Insurer Immediately: Report any loss promptly to the insurer.
Step 2:The insurer provides a claim reference number and surveyor details if appointed, or/and Letter of Requirement (LOR) is issued for further claim processing.
Step 3:Submission of Documents: Submit necessary claim-related documents as per the LOR.
Step 4:Documents Verification: The surveyor/insurer examines the submitted documents and informs about any pending requirements. Upon verification, if all documents are satisfactory, the insurer/surveyor assesses the reported claim based on marine insurance policy terms and conditions.
Step 5:Claim Approval: Upon assessing the loss, the insurer seeks consent from the insured and requests NEFT details for payment processing, along with any additional documents, if required.
Step 6: Claim Settlement: Once the insurer transfers the claim payment via NEFT, it reflects in the insured's account within 3-4 working days.

DOCUMENTS REQUIRED TO FILE CLAIM

After a successful claim filing, the insurer provides URN number/claim number for document upload and status tracking. The necessary documents are as follows:

● Marine Insurance Policy Copy

● Invoice Copy

● Transit Document (Lorry Receipts/Good Receipts/Consignment Notes/Rail Receipts/ Bill of Lading / Airway bill copy)

● Packing List

● Insured’s Claim bill

● Damage Photos (in case of damage to the cargo)

● Copy of Monetary Claim lodged on carrier