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FAQs

What is Marine Cargo insurance?

Marine Cargo Insurance provides coverage to the Cargo against the loss or damage that can occur during the process of transportation from the point of origin till final destination.

Why Marine Cargo Insurance is important?

Various incidents can be reported during the transportation of goods that is carried by sea going vessels, aircraft, train, truck or trailer. Comprising mainly from the grounding of cargo ships, collisions at sea and in air, engine failure, piracy, hijacking & terrorism. These threats reflect significant monetary losses to Cargo owners in the absence of the appropriate Marine Cargo Insurance.

What are the types of insurance covers available for Cargo carried by sea?

There are many clauses that are being used according to the types of Cargo but the most commonly used clauses for Cargo carried by sea are as follows.

Institute Cargo clauses (ICC A) provides protection to the Cargo against the most comprehensive set of risks except for few specified exclusions and it is mainly known as "all risks" cover.

Institute Cargo Clauses B & C (ICC B & C) are known as named perils covers because perils covered are specifically mentioned in the clauses. They are best fit to vigorous, second hand or low valued bulk cargoes.

Can we cover custom duties under Marine Cargo Insurance?

Yes, custom duties can be covered.

What is general Average?

General Average is defined as the situation which is declared by the master of the ship when any loss is sustained by the vessel resulting in the delay in completion of voyage. When a GA is declared then Cargo owners are required to share the loss amount with the shipping line proportionally.

What mode of transportation is usually acceptable for Marine Cargo Insurance?

Cargo is usually transported through vessels, aircraft, rail, truck or trailer. We provide insurance coverage for all these mode of transportation.

What are the risks covered by ICC A, B & C?

Risk ICC-A ICC-B ICC-C
Fire or Explosion check check check
Vessel/Craft being stranded, grounded, sunk or capsized check check check
Overturning or derailment of land conveyance check check check
Collision of contact of vessel, craft or conveyance with external object other than water check check check
Discharge of cargo at port of distress check check check
General Average Sacrifice check check check
Jettison check check check
Earthquake, Volcanic Eruption or lightning check check cross
Washing Overboard check check cross
Entry of sea, lake or river water into vessel, craft, hold, conveyance, container, lift van or place of storage check check cross
Total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel or craft check check cross
Pirates, Thieves and non-delivery check cross cross
Rough handling check cross cross

What are incoterms?

These terms are published by International Chamber of Commerce, they indicate the basis of contract and clarify the responsibilities of buyers and sellers in international trading.

What information is usually required when obtaining Marine Cargo Insurance & how the premium is determined?

In order to obtain Marine Cargo Insurance and determine the rate of premium, it is very important that customer should give accurate and complete information to insurer. For cargo insurance following information is considered as very important.
  • Details of Goods.
  • Value of Goods.
  • Basis of valuation.
  • Date of shipment.
  • Period of Insurance (in case of period covers)
  • Voyage or point of loading & unloading.
  • Loss history

What is Jettison?

Jettison is the situation where master of the ship after declaring GA throw overboard the certain cargo to rescue the ship and other cargo on board. In this scenario all other cargo owners are required to contribute in the loss occurred except for the cargo owner whose cargo has been thrown.

How can I take out Marine Cargo Insurance for my goods?

To take out Marine Cargo Insurance, you need to contact any branch of EFU mainly with following set of documents.
  • Your company’s registration certificate
  • Your company’s NTN
  • Proforma invoice
  • Packing list
  • Form-e (in case of export)

What is Aviation insurance?

Under Aviation insurance, coverage is usually provided to the aircraft hull, spares & liabilities.

What comprises the sum insured for my Aircraft Insurance?

The usual components of sum insured for Aircraft are as under:
  • Aircraft Agreed Value: The value of an aircraft agreed between an underwriter and owner of an aircraft. The value should be close to the market value.
  • Spares: This includes the value of engines, spare parts & equipment to be fitted or to form part of an aircraft.
  • Third Party and Passenger Liabilities: This is usually covered through a combined single limit. It includes property and bodily damages to third parties, passengers’ baggage, passengers’ personal articles and cargo.
  • Personal Accident: Coverage for crew and passenger in the event of death or injury.

Are there any restrictions for the pilots who are going to fly my Aircraft?

Yes, in Aviation Insurance a warranty is applied called “Pilot Warranty”. Where insurer limits the insured to get its Aircraft flown by a Pilot who meet the eligibility criteria of underwriters.

How can I ascertain sum insured for my aircraft only?

In Aviation Insurance the value of Hull is usually ascertain on “Agreed Value” basis which means you and insurer mutually get agreed on a certain value of an Aircraft. The agreed value must be close to the market value of same make/model.

What is loss of License cover?

Loss of license cover provides protection against the potential loss of income of pilots caused due to their disability/injury.

What is Maximum Take-Off Weight (MTOW)?

MTOW is ascertain by the manufacturer of the aircraft. Mostly mentioned in terms of kilograms, at which an aircraft is authoriz to take-off.

What limit of Liability should I set against insurance of my Aircraft?

There is not a standard amount for the liability to get fixed, it depends upon the occupation of your aircraft, its make/model, its flying territories, passengers it carries etc.

What is Marine Hull Insurance?

Marine Hull insurance comprises of the insurance of Ship’s hull, Pleasure crafts, Yachts etc. Apart from these, marine hull also covers the port operators’ liability where protection against the losses incurred by the port operator to cargo owners or port authority. Stevedore liability is another venue where cargo handler’s liabilities is covered against the losses arising out of their services.

What factors are taken into account for ascertaining the premium of Jet Skies and Pleasure boats?

In setting up the appropriate premium for Hull insurance following factors can be considered as important.
  • Make/Model
  • Geographical scope
  • Uses
  • Operator
  • Loss history

Are jet skis and pleasure boats covered in marine hull insurance?

Yes, jet skis and pleasure boats can be covered under marine hull insurance. All risk covers are offered with certain exclusions.

What is Motor insurance?

Motor insurance can be purchased for cars, trucks, motorcycles and commercial vehicles. It is a financial agreement between an insured and insurer where insurer, gives financial coverage to the insured in return of the premium paid annually.

What documents are required for buying an insurance policy?

For buying an insurance policy, you need to submit your card registration copy and NIC.

What shall be the process for renewal of the policy?

The renewal notice shall be sent to you one month prior to the expiry of the policy after which you may contact the relevant branch for renewal of the policy.

Can a policy be taken for an unregistered vehicle?

Insurance can be taken for an applied for registration vehicle however, the registration documents should be provided within 15 days.

What is a cover note?

It is a temporary document given to the insured as a proof of insurance which is valid for 7 days. In this duration the insured can make the payment and then this document is void and the policy is issued.

In whose name should the policy be taken?

The policy should be taken in the name of the registered owner of the vehicle.
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The description mentioned about each insurance on this website is for our client's and customer's information and knowledge only. The benefits offered by these insurances as described herein will be completely dependent on the policy terms, conditions, limitations and exclusions and therefore the information provided through our website should not be misinterpreted.

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