Business in today’s world, involves transporting of goods between various locations, sometimes with in the country or city or between countries and cities. This gives rise to risk of loss of goods while in transit. We will be able to identify such risks that the insured’s business may have and suggest adequate Goods in transit insurance covers. Such insurance could be on al all risk basis or on a more specific restricted basis.
Marine Annual Turnover Policy
Marine policies are generally either “specific-voyage” policies or “declaration” policies for either imports, exports, indigenous transits of raw material or finished goods, customs duty, transits from anywhere to anywhere in the world and to and from job works. While for a specific policy, the cover is issued from commencement to landing at the final destination, the other policies are generally continuous policies issued on an annual basis or for a specified period of time for an agreed value of transits based on the insured’s estimate of goods movement for the specified period. It is mandatory for all transits in the agreed period to be declared.
Marine Hull cover is for ship owners / ship managers, who are exposed to various maritime risks. Under this cover, all types of floating assets can be covered, be they small fishing boats to huge oil tankers, cruise ships, barges etc. Some of the underwriters cover vessels which are under extensive repair / undergoing dry docking or under construction.