Marine Policy

Marine Cargo business is universal in the sense that the practice followed by the insurers in the world is more or less uniform and it reflects the principles and practices prevailing in the London Market, popularly known as ‘LLOYDS’. The Law of Marine insurance obtaining in UK has been adopted in India and codified as Marine Insurance Act in 1963 and the conduct of Marine insurance Business is governed by this Marine Insurance Act and the rules and regulations framed by respective insurer.

Marine insurance evolved as a contract insuring ocean transit of cargoes, overland and air transits also came to be insured under marine policies, in course of time. Accordingly, all types of transits, i.e., sea, road, rail, air and registered post are now insured under marine policies.

Scope of Cover

  • The Marine policy is freely assignable. It traces ownership and changes hands with other documents of title to the goods.
  • The sum insured mentioned in the policy is the blue agreed between the insured’s and insurers and will not be re-opened except under extenuation circumstances.
  • Unlike other classes of insurance is sufficient if the insured has insurable interest at the time of loss.


  • Loss, damage, or expense by to willful misconduct of the insured.
  • Ordinary leakage, ordinary loss in weight or volume, or odinary wear and tear of the subject matter insured.
  • Loss, damage or expense caused by insufficiency or unsuitability of packing or preperation of the subject matter insured (for the purpose of this Clause 4.3, packing shall be deemed to include stowage in a container or lift van but only when such stowage is carried out prior to attachment of this insurance or by the insured or their servants).
  • Loss, damage or expense caused by inherent vice or nature of the subject matter insured.
  • Loss, damage or expense proximately caused by delay, even though the delay be caused by a risk insured against.
  • Loss, damage, or expense arising from insolvency or finanical default of the owners, managers, charterers, or operators of the vessel (insured must show prior to loading of the goods on the vessel all reasonable, practical, and prudent measures were taken to establish financial reliability of the party in default).
  • Loss, damage, or expense arising from the use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.
  • In no case shall insurance cover loss damage or expense arising from unseaworthiness of vessel or craft, unfitness of vessel, craft, conveyance, container or lift van for the safe carriage of the subject-matter insured, where the insured or their servants are privy to such unseaworthiness or unfitness, at the time the subject-matter insured is loaded therein.
  • The underwriters waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship to carry subject-matter insured to destination, unless the insured or their servants are privy to such unseaworthiness or unfitness.
  • In no case shall cover apply to loss, damage or expense caused by War, Strikes, Riots, and Civil Commotion (available under separate Clauses).

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