Marine Cargo Insurance can be an open declaration policy. An aggregate sum assured is specified for the full year.
All transit thereafter are covered with a declaration at the end of each month.
Type of Marine Policies.
- Marine Import Policy
- Marine Export Policy
- Marine Open Policy (Inland)
- Sales turnover policy.
A Marine hull insurance policy provides complete protection to the hull and machinery of your vessel from loss of damage due to a range of perils like fire explosion, robbery, collision, and other ship-damaged risks.
A Marine hull insurance policy can cover vessels that use inland waterways, against a wide range of risks such as collision or piracy and against raising, removal or destruction of wrecks etc. The sinking of ship also be covered in marine hull insurance.
Commercial General Liability provides worldwide cover for both territory and jurisdiction. Business operation present across the world could be covered, with the ability to defend litigation abroad.
Commercial liability insurance indemnifies cost incurred to defend a claim including lawyer and consultants’ fees. Policy can be issued on the basis of either Right to Defend of Duty to Defend.
Director and officers’ liability cover a wide range of litigation that could arise from customers, vendors, shareholders, employees and general public. This board insurance also cover litigation arising due to acts of another company, where the insured is serving as nominee director.
D&O Insurance can provide world wide coverage. If the company has operation aboard, it can provide worldwide coverages.
Fidelity guarantee insurance (FGI) exists to safeguard your firm or organisation against theft of the firm's own money, securities or property by an employee, partner, contractor or volunteer. FGI can also be known as first-party fraud, theft or employee dishonesty cover.
Public liability insurance refers to business insurance that covers claims by the general public for medical expenses and other costs resulting from injuries, death, and property damage involving your business. The general public includes customers, visitors, and delivery personnel.
Public Liability insurance act 1991 is a mandatory liability policy for owners involved in the production & handling of hazardous substances, wherein immediate relief is provided to the vectims other than workers. It comes into effect mainly due to union Carbide Incident ( Popularly known as Bhopal gas tragedy) of 1984. Such incidences are unpredictable & unavoidable due to which this policy came into effect.
Group Personal Accident or GPA Insurance protects policyholders and their families financially against loss of income due to accidental disablement or death. This policy is offered by commercial or industrial establishments as accident coverage for employees, workers, members, etc.
A group term life insurance plan refers to a life insurance plan that covers a group of people for a specified term or period in exchange for a fixed rate of premium payment. It provides life coverage to a group of people and pays compensation to the group member's family if he/she dies during the policy term.
Group insurance is a type of insurance plan that covers a number of people in the same contract. Such a plan provides the same level of insurance coverage to all members of a group irrespective of their age, gender, occupation or socio-economic status.
A group gratuity scheme is the insurance policy that helps the employer save money to pay gratuity to the employees. All the employees covered under the Group Gratuity Scheme are eligible for payment of gratuity only if they fulfil the conditions specified under the Gratuity Act.
