All types of goods carried can be covered by insurance policy, may it be bulk, powder or liquid form (like chemical, agriculture, minerals or fertilizers) or non bulk (like clothing, machinery, timber, frozen food, or other consumer goods). Raw material such as oil, coal, iron ore and grain, represents 80% of cargo sent by sea in 2006.Payload protection is convoluted as it includes numerous gatherings: from cargo forwarders who facilitate all gatherings to haulage temporary workers who convey the products between two offering focuses, to stockroom guardians who give storerooms, to ship proprietors or airfreight bearers and stevedores who stacks and empties the merchandise onto ship.
All parties have to work together and liability should be clearly identified in order to manage future claims. For this reason, Incoterms rules (January 2011) has been set out in order to clarify the duties of the seller and the buyer.
Marine Cargo insurance policies follow standard international wording known as Institute Cargo Clauses.
WE OFFER SINGLE OR OPEN CARGO POLICIES:
1. SINGLE VOYAGE POLICY
By a wide margin the most well-known type of Cargo protection. A voyage arrangement covers the load all through its the whole adventure. Scope begins from the time the payload leaves the dealer, amid its voyage and upon landing in the purchaser.
2. OPEN COVER
An open cover is an agreement, not an insurance cover, between the insurer and the insured. The agreement seeks to cover all the shipments under the terms and conditions negotiated between the two parties. The agreement includes details of the transit, nature of cargo, packaging and rates applicable, maximum value of the cargoes in any one shipment.
On an individual or monthly basis. the insured would then have to declare his shipments to the insurer.
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