Import Cargo

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Cholamandalam

The Cholamandalam MS Marine policies are designed to provide suitable coverage and offer adequate indemnity for cargo / goods carried through various modes of transport and transit

The Cholamandalam MS Import Policy covers the insured against Total loss/ partial loss/ general average/ salvage and other related expenses.

Features and Benefits

Cargo policies are freely assignable

Existence of Insurance Interest needs to be established only at the time of loss

Most of the marine policies are agreed value policies

An element of profit can also be included in the sum insured which is allowed by the insurers. This is referred to as mark up in Marine Insurance parlance

Marine policies are transit / voyage policies and not limited to any specific period

The interpretation and applicability of various statutes, the legislation in various countries, the port conditions, customs procedures and the legal systems in various parts of the world, govern the operation and interpretation of a Marine Insurance policy

Types of policies

Specific Policy –The policy issued for a specified transit. The coverage under the policy will cease on completion of the transit contemplated

Open Policy – This is a policy intended to cover consignments (Inland / Export / Import) for specified period of time which is usually one year. This policy is suitable for insured with numerous transactions throughput the year. The availability o t the open policy facilitates the insured in having automatic and continuous cover and the insured is free to declare the consignment movement subject to the terms and conditions of the policy. The open policy is issued with an initial sum insured which can be enhanced at policy rate any time during the currency of the policy

Duty Policy – This is a policy intended to cover customs duty which is incurred in case of Imports. The policy is ant a agreed value policy and the indemnity is subject to the duty sum insured or actual customs duty whichever is less

* Conditions Apply