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Marine insurance
covers the loss or damage of ships, cargo, terminals, and any transport by
which the property is transferred, acquired, or held between the points of
origin and the final destination.
Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. Marine insurance is tariff business in Nepal. Marine insurance coverage and exclusion are governed by ICC A,ICC B and ICC C Clauses.
Rate of premium
depends on the proposed Terms of Cover (Basic Cover/ All Risk Cover). The
following risks are covered on paying additional premium:
1) War & SRCC
(Import & Export)
2) SRCC (Inland
Transit)
General Exclusions:
1) Wilful misconduct of the assured
2) Ordinary leakage in case of liquid cargo
3) Ordinary loss in weight
4) Ordinary wear & tear
5) Improper packing
6) Inherent vice
7) Insolvency of carrier
8) Deliberate damages
9) Nuclear weapons
10) Rats and vermin
Disclaimer: These are
for presentation purpose for detailed coverage and exclusion please refer terms
and conditions of policy.
Hope for the best, Prepare for the Worst
Main Features
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Hull Coverage
Cargo Coverage
Liability Coverage
Freight Insurance
General Average Coverage
P&I (Protection and Indemnity) Coverage
Marine Insurance –
Open Cover
1) The open cover is a contract for 12
(twelve) months which gives the Insured continuous protection to cover large
number of shipments / dispatches and the premium of which would be adjusted
from the respective cash deposit account maintained by the Insured.
2) The open cover is not having any Sum
Insured but issued with SCL / PBL along with Terms of Cover etc.
3) An open cover is not a policy and therefore
not stamped.
Marine Insurance –
Open Policy
1) The open policy is issued to cover several
shipments/ dispatches for the period of 12 (twelve) months based on the Sum
Insured sufficiently large and adjusted against the value of each cargo in a
reducing balance method.
2) Traders having regular dispatches are
interested to take the benefit of the Open Policy.
Marine Insurance –
Specific Policy
1) This type of policy covers specific goods
for a specified voyage / journey
2) The Cargo, its value, the name of the Ship
/ Conveyance, port of loading and discharge are all known and the risks are
well defined.
Rate of premium
depends on the proposed Terms of Cover (Basic Cover/ All Risk Cover). The
following risks are covered on paying additional premium:
1) War & SRCC
(Import & Export)
2) SRCC (Inland
Transit)