Export & Import Insurance
The export import policy provides the international covers defined under Institute Cargo Clauses (ICC). The covers called ICC (A), ICC (B) and ICC (C) clauses cover different levels of risks and are universally accepted.
This insurance covers perils like fire, lightning, stranding, and grounding, sinking or capsizing of vessel, earthquake and many more. Maritime, Extraneous and Strike perils can also be covered under the export import insurance policy.
One can opt between different export import policies like specific, open and duty policy according to your requirement. The specific policy is issued for a specific transit and the insurance expires once the transit is over. Open Policy covers all the shipments over a period. Duty policy covers custom duty incurred in case of import. Sales Turnover insurance provides an umbrella cover within a specific sales turnover limit. The export import insurance policies are easy to administer and covers raw material, finished goods and machinery etc
Coverage:
- Institute Cargo Clause (C)
- Institute Cargo Clause (B)
- Institute Cargo Clause (A)
ICC (A) offers the widest form of cover under Marine cargo insurance.
Exclusions:
- Ordinary Leakage, Wear & tear of cargo, Improper packaging and any delay, howsoever caused
- Wilful misconduct and illegal activities
- Damage to cargo due to war, riot, strike, and civil commotion
- Insolvent or default by the carrier
