• Cargo policy cover goods, freight and other interests against loss or damage to subject matter 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.
• Cargo policies are generally freely assignable and on agreed value terms.

Transportation of goods can be broadly classified into three categories:

1. Inland Transport
2. Import
3. Export

Type of policies:

1. 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.
2. 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. The open cover is of great convenience to the clients engaged in regular import/export trade.

ICC (A): All Risk Insurance for various cargoes being transported by sea in break-bulk or containers.

ICC (B): A more restricted cover where shortage and rain water damage is not covered.

ICC (C): This is a still more restricted cover with the least price where shortage, water damage of any kind, washing overboard, earthquake, lightening, breakage, scratching, infestation, hook and sling damage etc. are not covered

Add On Coverages:

Inland transit policies can be extended to cover the following perils on payment of additional

premium:

1. SRCC – Strike, riot and civil commotion
2. 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?

The contract of sale would determine who buys the policy. 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.

How to select the sum insured?

The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost.

How to claim?

The following steps should be taken in event of a loss or damage to goods insured:

1. Take immediate steps to minimize loss.
2. Inform nearest office or claim settling agent mentioned on the policy.
3. In case of damage to goods whilst on ship or port, arrange for joint ship survey or port survey.
4. Lodge monetary claim with carrier within stipulated time period.
5. Submit duly assigned insurance policy/certificate along with the original invoice and other

documents required to substantiate the claim such as :

1. Bill of Lading / AWB/GR
2. Packing list
3. Copies of correspondence exchanged with carriers.
4. Copy of notice served on carriers along with acknowledgment/receipt.
5. Shortage/Damage Certificate issued by carriers.

Note: Policy details given are indicative only, not exhaustive. For a quote please send complete

details by fax or e-mail to us on the following number / address Fax- 28452133 info@newindiahk.com

• Cargo policy cover goods, freight and other interests against loss or damage to subject matter 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.
• Cargo policies are generally freely assignable and on agreed value terms.

Transportation of goods can be broadly classified into three categories:

1. Inland Transport
2. Import
3. Export

Type of policies:

1. 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.
2. 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. The open cover is of great convenience to the clients engaged in regular import/export trade.

ICC (A): All Risk Insurance for various cargoes being transported by sea in break-bulk or containers.

ICC (B): A more restricted cover where shortage and rain water damage is not covered.

ICC (C): This is a still more restricted cover with the least price where shortage, water damage of any kind, washing overboard, earthquake, lightening, breakage, scratching, infestation, hook and sling damage etc. are not covered

Add On Coverages:

Inland transit policies can be extended to cover the following perils on payment of additional

premium:

1. SRCC – Strike, riot and civil commotion
2. 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?

The contract of sale would determine who buys the policy. 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.

How to select the sum insured?

The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost.

How to claim?

The following steps should be taken in event of a loss or damage to goods insured:

1. Take immediate steps to minimize loss.
2. Inform nearest office or claim settling agent mentioned on the policy.
3. In case of damage to goods whilst on ship or port, arrange for joint ship survey or port survey.
4. Lodge monetary claim with carrier within stipulated time period.
5. Submit duly assigned insurance policy/certificate along with the original invoice and other

documents required to substantiate the claim such as :

1. Bill of Lading / AWB/GR
2. Packing list
3. Copies of correspondence exchanged with carriers.
4. Copy of notice served on carriers along with acknowledgment/receipt.
5. Shortage/Damage Certificate issued by carriers.

Note: Policy details given are indicative only, not exhaustive. For a quote please send complete

details by fax or e-mail to us on the following number / address Fax- 28452133 info@newindiahk.com

• Cargo policy cover goods, freight and other interests against loss or damage to subject matter 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.
• Cargo policies are generally freely assignable and on agreed value terms.

Transportation of goods can be broadly classified into three categories:

1. Inland Transport
2. Import
3. Export

Type of policies:

1. 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.
2. 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. The open cover is of great convenience to the clients engaged in regular import/export trade.

ICC (A): All Risk Insurance for various cargoes being transported by sea in break-bulk or containers.

ICC (B): A more restricted cover where shortage and rain water damage is not covered.

ICC (C): This is a still more restricted cover with the least price where shortage, water damage of any kind, washing overboard, earthquake, lightening, breakage, scratching, infestation, hook and sling damage etc. are not covered

Add On Coverages:

Inland transit policies can be extended to cover the following perils on payment of additional

premium:

1. SRCC – Strike, riot and civil commotion
2. 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?

The contract of sale would determine who buys the policy. 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.

How to select the sum insured?

The sum insured or value of the policy would depend upon the type of contract. Usually, in addition to the contract value 10/15% is added to take care of incidental cost.

How to claim?

The following steps should be taken in event of a loss or damage to goods insured:

1. Take immediate steps to minimize loss.
2. Inform nearest office or claim settling agent mentioned on the policy.
3. In case of damage to goods whilst on ship or port, arrange for joint ship survey or port survey.
4. Lodge monetary claim with carrier within stipulated time period.
5. Submit duly assigned insurance policy/certificate along with the original invoice and other

documents required to substantiate the claim such as :

1. Bill of Lading / AWB/GR
2. Packing list
3. Copies of correspondence exchanged with carriers.
4. Copy of notice served on carriers along with acknowledgment/receipt.
5. Shortage/Damage Certificate issued by carriers.

Note: Policy details given are indicative only, not exhaustive. For a quote please send complete

details by fax or e-mail to us on the following number / address Fax- 28452133 info@newindiahk.com