Marine And CargoMarine Insurance covers loss or damage of goods during normal course of transportation. In case of any loss or damage during transportation/voyage the same would be settled according to the respective Institute Cargo and/or Rail/Road Clauses. The following are three types of Marine Cargo Insurance:-
- Import Insurance Import of all types of shipments through Sea, Air and/or Rail/Road from other countries is called “Marine Import Insurance”.
- Export Insurance All types of shipments being sent to other countries through sea, air and/or Rail/Road is called “Marine Export Insurance”.
- Transit Insurance This insurance covers loss or damage during transportation of goods within the country through sea,air, and/or Rail/Road.
Loss CompensationThe following risks are supposed to be happening during voyage:-
- Loss due to theft of goods
- Loss due to Snatching of goods
- Loss or damage due to Fire
- Loss or damage due to breakage/wear and tear of goods
- Loss or damage due to terrorism
Necessary required information for Marine Insurance
- Name of Insured
- Complete address of consignee/consignor
- Shipping advice, truck and/or Bilty Nos. and date of shipment/dispatch etc.
- Complete details of goods.
- International Packing standard etc.
The Chairman’s review included in this report gives comprehensive scenario on the overall performance of your company during the year and its prospects for the future. The Directors fully endorsed the views of the Chairman and would like to follow the guidance for growth and prosperity of the company in years ahead.