Marine Open Cover Insurance

Marine Open Cover Insurance

Marine open cover allows individual or periodic declaration of shipments (eg monthly, quarterly) with premium payable on each declaration. Open covers are not subject to renewal and remain in force, providing cover on declared shipments as and when they are made.

Our Marine Open Cover has a broad, market-leading and competitive cover incorporating internationally recognised Institute Clauses with our own special conditions and additional clauses.

Cargo is insured for loss or damage during import, export and within Australia transit.   Stock and equipment at exhibitions or while on display can also be covered under the policy.

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MARINE CARGO INSURANCE Q U O T A T I O N

MARINE CARGO INSURANCE
Q U O T A T I O N

Type of Coverage   : Marine Cargo Insurance

The Insured : PT. ABC WORLDWIDE INDONESIA QQ CLIENTS for their respective rights and interests

Address                 : Plaza ABC, 22nd Floor Suite 123, Jl. Jend. Sudirman Kav. 25 Jakarta, Indonesia

Period of Insurance : Continuous Open Cover effective from date to be adviced subject to 30 (thirty) days Notice of Cancellation in writing by either party except for war risks, strikes and malicious damage where 7 (seven) days Notice of Cancellation shall apply.Such cancellation and/or alteration however shall not affect cover provided hereunder in respect of declarations or certificates or cover notes already issued.

Interest Insured      : Various General Cargo – Subject to declaration.

Packing Method     : Sufficient and suitable packing in accordance with the subject matter of insured (Container, Non Container and Truck)

Voyage                   : Inland & Inter Island Transit:

From & To              : the Insured’s warehouses anywhere in Indonesia Import - Export
From                       : country of origin worldwide including USA, European Union, Australia, New Zealand, etc
To                          : the Insured’s warehouses anywhere in Indonesia or vise versa Excluding shipment from/to war risk countries below:
Colombia, Georgia (abkhzia, south Ossetia), Afganistan, Angola, Burundi, Rusia (Chechnya, Dagestan, Ingushetia), Congo-Kinshasa (DR Congo), Congo-Bazzaville, Eritrea, Haiti, Iran, Iraq, Israel and the PA, Ivory Coast/West Africa, Liberia, Nepel, Nigeria, North Korea, Pakistan, Rwanda, Saudi Arabia, Somalia, Sri Lanka, Tajikistan, Ukraine, Yemen, Zimbabwe, Sudan, Chad, Bangladesh, Kenya, Algeria, Niger, India (Kashmir and Assam)

Vessel / Conveyance   : Sea Transit
Self propelled steel vessel, ocean going steel vessel subject to Institute Classification Clause 1/1/2001 and amended to include BKI Classes, with minimum Gross Tonnage (GRT) of 100 and not exceeding 25 years of age Excluding shipment by Wooden vessel, Tugboat, Barge and LCT
Land Conveyance (By Truck) covered by Tarpauline, Truck or Box must be in a road worthy condition as regulated in Indonesian traffic law

Limit of Liability       : USD 5,000,000.00 maximum value insured per shipment per vessel

Basis of Valuation    : As declared, but in the event of loss prior to declaration the basis of valuation to be Cost, Insurance and Freight (CIF) plus 10%

Terms & Conditions : Option 1
• Institute Cargo Clause “A” 1/1/82
• Institute War Clause (Cargo) 1/1/82
• Institute Strike Clauses (Cargo) 1/1/82
• Institute Theft, Pilferage and Non Delivery Clause 1/1/82
• Institute Replacement Clause 1/1/34
• Warehouse to warehouse
• Institute Classification Clause 1/1/2001 amended to include BKI Classification
• Institute Radioactive Contamination, Chemical, Biological, Bio Chemical and Electromagnetic Weapons Exclusion Clause 10/11/2003
• Institute Cyber Attack Exclusion Clause 10/11/03
• Institute War Cancellation Clause (Cargo)
• Electronic Date Exclusion Clause
• Excluding Rusting, Oxidation, Discoloration, Scratching, Denting, Bending, Contamination, Fungidation and Moulding
• Excluding mechanical, electrical & electronic derangement
Deductible / Excess : 0.50% of Total Sum Insured minimum US$ 250 any one accident in respect of other losses
Rate : 0.15%

Terms & Conditions : Option 2
• Institute Cargo Clause “B” 1/1/82
• Institute War Clause (Cargo) 1/1/82
• Institute Strike Clauses (Cargo) 1/1/82
• Institute Replacement Clause 1/1/34
• Warehouse to warehouse
• Institute Classification Clause 1/1/2001 amended to include BKI Classification
• Institute Radioactive Contamination, Chemical, Biological, Bio Chemical and Electromagnetic Weapons Exclusion Clause 10/11/2003
• Institute Cyber Attack Exclusion Clause 10/11/03
• Institute War Cancellation Clause (Cargo)
• Electronic Date Exclusion Clause
• Excluding Rusting, Oxidation, Discoloration, Scratching, Denting, Bending, Contamination, Fungidation and Moulding
• Excluding mechanical, electrical & electronic derangement
Deductible / Excess : 0.50% of Total Sum Insured minimum US$ 250 any one accident in respect of other losses
Rate : 0.12%

Terms & Conditions : Option 3
• Institute Cargo Clause “C” 1/1/82
• Institute War Clause (Cargo) 1/1/82
• Institute Strike Clauses (Cargo) 1/1/82
• Institute Replacement Clause 1/1/34
• Including Loading & Unloading Risks
• Warehouse to warehouse
• Institute Classification Clause 1/1/2001 amended to include BKI Classification
• Institute Radioactive Contamination, Chemical, Biological, Bio Chemical and Electromagnetic Weapons Exclusion Clause 10/11/2003
• Institute Cyber Attack Exclusion Clause 10/11/03
• Institute War Cancellation Clause (Cargo)
• Electronic Date Exclusion Clause
• Excluding Rusting, Oxidation, Discoloration, Scratching, Denting, Bending, Contamination, Fungidation and Moulding
• Excluding mechanical, electrical & electronic derangement
Deductible / Excess : Nil
Rate : 0.10%

Underwriters : PT. Asuransi XYZ Indonesia (Share: 100%)
Date of issue : 10 May 2009
marine-cargo-insurance-claims-procedure

Annual Marine Cargo Insurance PDF

Marine Cargo Insurance Claims Procedure

Marine Cargo Insurance Claims Procedure

A.      Duty of the Insured / Consignee / Its Agent or Representative

In case of any loss or damage to the cargo, it is a duty of the Insured / Consignee / Its Agent or Representative to take following procedures

1.    Do no give clear receipt on the delivery order but to give such notice of loss or damage

2.    In case of containerised cargo:
-      Check carefully condition of the containers if  it was damaged or holed.
-      Check carefully condition of its seal if numbers is matched with the document or if it was damaged or cut.
-      If it was found damage, Give such notice of loss or damage on the delivery order.
3.    Immediately contact the carriers or its representative to do survey.

4.    Immediately contact THE INSURANCE COMPANY to do joint - survey.

5.    Immediately notify Police in case of traffic accident, theft or other malicious acts.

6.    Take photographs showing details of container, its seal and numbers, its floor, wall and roof where it was damaged and condition of the cargo.

7.    Write claim to the carriers holding them responsible for loss or damage.

B.    Survey & Claim Reporting to THE INSURANCE COMPANY

Claim shall be reported immediately to THE INSURANCE COMPANY or Its survey agent in order to have the damage inspected to conclude the cause of loss or damage. Claim reporting shall not later than 7 days from the time loss or damage noticed.

It is a duty of the Insured to give THE INSURANCE COMPANY or Its survey agent an opportunity to inspect the damage, vessel, interview with the master and crews and other related parties.

C.      Documentation

Claim Form
Original Insurance Certificate / Policy
Original Bill of Lading
Invoice
Packing List
Delivery Order
Official damage / Survey Report
Letter of claim against the carriers and their reply
Estimated cost of repair
EIR (Equipment Interchange Receipt)
Ship accident report and complete of its document
Police report (in case of theft or traffic accident)
Picture of damage

D.      Salvage

1.     It is a duty of the Insured / Consignee / Its Agent or Representative to mitigate the loss and secure the salvageable cargo safe, do not destroy or sell them without THE INSURANCE COMPANY’s written approval.

2.     THE INSURANCE COMPANY for and on behalf of the Insured have a right to sell on tender the salvageable cargo and invite some buyers to quote.

3.     The Insured or Consignee can participate on the above tender.

4.     Terms and condition of the tender and to choose the winner are absolute right of THE INSURANCE COMPANY

5.     Value of salvage is to be paid to the Insured and is to be deducted from amount of claim payable.

E.      General Average

In case of GA the Insured / Consignee / Its Agent or Representative is not authorized to sign Average Guarantee or to pay cash deposit without THE INSURANCE COMPANY’s written approval.

INSTITUTE WAR CLAUSES (CARGO)

INSTITUTE WAR CLAUSES (CARGO)
RISKS COVERED
1. - Risks Clause
1 This insurance covers, except as provided in Clauses 3 and 4 below, loss of or damage to the subject-matter insured caused by
1.1 war, civil war, revolution, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power
1.2 capture seizure arrest restraint or detainment, arising from risks covered under 1.1 above, and the consequences thereof or any attempt thereat
1.3 derelict mines torpedoes bombs or other derelict weapons of war.
2. - General Average Clause
2 This insurance covers general average and salvage charges, adjusted or determined according to the contract of affreightment and/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from a risk covered under these clauses.
EXCLUSIONS
3. - General Exclusions Clause
3 In no case shall this insurance cover
3.1 loss damage or expense attributable to wilful misconduct of the Assured
3.2 ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured 3.3 loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject-matter insured (for the purpose of this Clause
3.3 "packing" shall be deemed to include stowage in a container or liftvan but only when such stowage is carried out prior to attachment of this insurance or by the Assured or their servants)
3.4 loss damage or expense caused by inherent vice or nature of the subject-matter insured
3.5 loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against (except expenses payable under Clause 2 above)
3.6 loss damage or expense arising from insolvency or financial default of the owners managers charterers or operators of the vessel
3.7 any claim based upon loss of or frustration of the voyage or adventure
3.8 loss damage or expense arising from any hostile use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.

4. - Unseaworthiness and Unfitness Exclusion Clause
4.1 In no case shall this insurance cover loss damage or expense arising from unseaworthiness of vessel or craft, unfitness of vessel craft conveyance container or liftvan for the safe carriage of the subject-matter insured, where the Assured or their servants are privy to such unseaworthiness or unfitness, at the time the subject-matter insured is loaded therein,
4.2 The Underwriters waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship to carry the subject-matter insured to destination, unless the Assured or their servants are privy to such unseaworthiness or unfitness.