Marine Open Declaration Insurance

Some insurers offer specialized coverage or discounts for businesses that adopt sustainable shipping practices, such as using eco-friendly packaging or low-emission transportation.

Marine Open Declaration Insurance allows multiple shipments under one policy, whereas traditional policies usually cover single voyages or specific shipments.

All shipments declared within the policy period are covered, with the ability to report multiple shipments monthly without needing separate policies.

The policy typically does not have a minimum value requirement, but it’s important to declare the accurate value of each shipment.

Yes, the policy can be adjusted mid-term to reflect changes in shipping volumes, ensuring adequate coverage.

Shipments are reported through regular declarations to the insurer, often monthly, specifying details like value, route, and type of goods.

Coverage may be affected if a shipment is not declared. It’s crucial to follow the declaration schedule outlined in the policy.

Yes, the policy can be structured to cover both domestic and international shipments, depending on the business needs.

Under-declaring the value may result in reduced claim payouts, as compensation is based on the declared value.

The total insured value is the sum of all declared shipments within the policy period, subject to the maximum policy limit.

Yes, shipments from multiple suppliers can be covered, provided they are declared under the same policy.

There’s no set limit to the number of shipments, but the total value must not exceed the policy’s aggregate limit.

Goods already in transit are typically covered under the terms of the expiring policy until they reach their destination, but it’s important to coordinate with your insurer during renewal.

Renewal involves reviewing the past year’s shipments, adjusting coverage limits, and setting terms for the upcoming policy period.

Yes, warehousing coverage can be added to protect goods stored before or after transit, but this may require an additional premium.

Insurers often provide regular updates or online platforms to track declared shipments and remaining coverage limits.

If the actual value exceeds the declared value, coverage may be insufficient, leading to partial compensation in the event of a claim.

Yes, the policy can be adjusted to reflect higher volumes during peak periods, ensuring continuous coverage.

Under-declaration may lead to reduced claims, while over-declaration could result in higher premiums. Accurate declarations are essential to avoid penalties.

Yes, insurers may require documentation like invoices or bills of lading to verify declared shipments.

It offers flexibility to adjust coverage based on actual shipment volumes, avoiding the need for frequent policy changes.

Premiums can be recalculated based on actual declared values, potentially leading to adjustments or refunds at the end of the policy period.

Yes, but cancellation terms, including potential penalties or refunds, will be outlined in the policy agreement.

Documentation may include shipment records, declarations, invoices, and any correspondence related to the insured shipments.

Yes, partial losses are typically covered based on the declared value of the affected shipment.

Temporary storage during transit is usually covered, but it’s important to confirm the terms with your insurer.

Policy transfer is possible but requires insurer approval and potential policy amendments.

The insurer must be notified immediately, and failure to declare may affect coverage or claim settlement.

Yes, mixed-value shipments can be covered, but it’s important to accurately declare the value of each shipment for proper coverage.

Discrepancies may lead to coverage adjustments, and in some cases, claims may be denied if the discrepancies are significant.

You can request a mid-term adjustment to increase coverage limits, subject to insurer approval and possible premium recalculations.

Details about the cargo (type, value), total expected consignment in a year, transit route, mode of transport, packing method, and any previous claims history.

Consider the type of cargo, value, route risks, coverage level, exclusions, and the reputation of the insurer.

Premium is based on cargo value, transit route, type of goods, mode of transport, and the coverage level chosen.

It covers losses or damages due to events like accidents, theft, natural disasters, and other specified perils during transit.

Provide details about your cargo, transit route, and specific coverage needs to an insurer like GoInsureIndia.com for a customized quote.

Common types include total loss, partial loss, general average, and salvage claims.

It’s a maritime principle where all parties in a sea voyage share the loss if part of the cargo is sacrificed to save the vessel.

Bill of lading, invoice, insurance policy, survey report, and any relevant correspondence related to the loss or damage.

Yes, additional coverage can be added to protect perishable or high-value goods.

Claims are typically settled within a few weeks to a few months, depending on the complexity of the case.

Notify your insurer immediately, submit the required documents, and follow the insurer’s claims process.

The time frame varies but is usually within 30 to 60 days of the incident.

Yes, most insurers provide claim tracking services through their online platforms or customer service.

Claims must meet conditions outlined in the policy, such as proper documentation and adherence to coverage terms.

Yes, you can file a claim for partial loss or damage, and the compensation will be based on the extent of the damage.

Yes, improper packaging or handling typically leads to exclusion from coverage.

It’s the maximum amount the insurer will pay for a single shipment.

The maximum coverage amount for goods located at a single place or warehouse.

The total value of goods covered under the insurance policy, usually based on the cost, insurance, and freight (CIF) value.

It allows the insurer to recover the amount paid on a claim from a third party responsible for the loss.

It stipulates that if multiple policies cover the same risk, each insurer will contribute proportionately to the settlement of the claim.

Marine Open Declaration Insurance typically covers goods transported by sea, air, road, rail, and sometimes inland waterways, courier, etc., depending on the policy.

Yes, Marine Open Declaration Insurance can cover mixed shipments, but you should provide detailed information about each type of good for accurate coverage.

Coverage usually applies globally, but some countries may be excluded due to political risks, sanctions, or high-risk areas. Check the policy for specific exclusions.

Return shipments can be covered, but you must notify your insurer and ensure the policy includes provisions for goods being sent back to the origin.

Delays due to customs inspections are typically not covered under standard Marine Open Declaration Insurance, but some policies may offer coverage extensions for specific risks.

Yes, most policies include a deductible or excess, which is the amount the insured must pay before the insurer settles the claim.