The Marine Cargo policy indemnifies the insured for physical loss, damage, expenses and liability to the goods insured during direct transit from the time the goods leave the warehouse, or place of storage to the final port of discharge or warehouse. If you are an importer or exporter and have regular shipment by sea or air then you should opt for marine open cover that provide automatic protection for all shipments falling within the open cover.
Marine cover may be affected by either buyer or seller of goods depending on the terms of the contract of sale.
The types of contracts entered are
- Free on Board (FOB): buyer effects the insurance
- Cost on Freight (C&F): buyer effects the insurance
- Cost Insurance and Freight (CIF): seller effect the insurance
Information provided under each product is general information actual coverage and terms will be as per policy when issued.