Optima Insurance Brokers Pvt. Ltd.

ICC A & ITC A are All Risk Marine covers for goods in transit. The policy covers all risks to the cargo except the exclusions mentioned in the policy. The illustrative list of risks to the cargo which are covered by an ICC A policy are:

• Fire or explosion
• Stranding, grounding sinking, capsizing
• Over turning or derailment
• Collision or contact of vessel craft or conveyance with any external object other then water
• Discharge of cargo at point of distress
• General average
• Jettison
• Earthquake, volcanic eruption or lightning
• Water damage by entry of sea/ river water
• Total loss of package lost overboard
• Total loss of package dropped during loading and unloading
• Breakage
• Scratching, chipping, denting, bursting
• Theft
• Malicious damage
• All water damage including rain damage

Additional cover

• SRCC

The main exclusions are:

• Willful misconduct,
• Ordinary leakage /loss of volume/weight,
• Insufficient packing,
• Delay,
• Inherent vice of the cargo,
• Insolvency of transporter,
• War & SRCC (These risks can be covered on payment of extra premium)

This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported. A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate. The insurance company then issues a certificate covering the declared consignment. This form of cover is used for exports and imports.

Sales Turnover Policy is a highly flexible and customizible marine insurance cover. Instead of covering a particular type of transit, this policy can cover all the transits that are requried to achieve a sales. Hence the policy can cover:

• Domestic Purchase of raw material, consumable & stores
• Imports
• Inter-Factory, Inter-Warehouse or Inter-Depot transfer
• To & Fro job work movements
• Domestic sales
• Export Sales

The sum insured in the policy is the expected annual sales turnover.

The benefits of Sales Turnover Policy are:

• Sizeable saving in premium
• Seamless cover with all movement of goods covered
• No hassles of submitting periodical declaration of movements
• Intermediate storage cover can be built into the policy
• Facility for quarterly or half yearly premium payment

This can be taken as a rider to a marine insurance policy and covers loss of custom duty paid if goods arrive in damaged condition. It can be taken as a standalone policy if the overseas transit has been covered by an insurance company abroad, but it has to be taken before the goods arrive in India.

This policy covers the interest of the seller against the contingency of non payment of the value of a consignment by the buyer on account of its condition having changed due to damage before retirement of documents.