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INSURANCE
Marine
Insurance
Tata AIG General Insurance Company Ltd.
Registered Office : Peninsula Corporate Park, Nicholas Piramal Tower, 9th Floor, Lower Parel, Mumbai - 400 013.
Ahura Office :Ahura Centre, 4th Floor, 82 Mahakali Caves Road, Andheri (E), Mumbai - 400 093.
Tata AIG General Insurance Company Limited
Tata AIG General Insurance Company Ltd. is a joint January 22, 2001, we have been working towards
venture company, formed by the Tata Group and our commitment to be With You Always. Tata AIG
American International Group, Inc. (AIG). Tata AIG General offers the complete range of non-life
combines the Tata Group's preeminent leadership insurances for individuals and companies including
position in India and AIG's global presence as the insurance for automobile, home, personal accident,
world's leading international insurance and financial travel, energy, marine, property and casualty, as well
services organization. as financial lines.
Tata AIG General Insurance Company Limited Tata AIG General Insurance Company Ltd. currently
provides insurance solutions to individuals and has it's presence in over 20 cities in the country.
corporates. Licensed to operate in India on
With the globalisation of the economy, supplier Tata AIG General brings to you, the capabilities of AIG
linkages span oceans, but still require goods to be Marine, one of the largest marine insurers in the
delivered to the concerned party in a pristine state, world. AIG's world-wide network, with it's presence in
just-in-time. For that kind of criticality, who do you over 130 countries, means that your business is in the
trust for your Marine Insurance? Only Tata-AIG. Our able hands of people who understand local maritime
marine cargo policies are indispensable for any laws and customs, all around the world. Our marine
corporate engaging in trade and commerce. We cover policies provide you with safe harbour in turbulent
your goods every step of the way. seas.
READY RECKONER FOR EXPORT INSURANCE
Your goods are as good as the carrier you select; hence, do not compromise on this selection for making a small saving on your freight
bills. Here are a few tips that will help you select the right carrier:
R Age of the vessel should not exceed 20 years for bulk and heavy cargoes and 25 years for general and containerized cargoes.
R Anything beyond these age limits would not only jeopardize your cargoes but be liable for additional premium.
R Vessel should be 'Classed' by one of the approved Classification Societies. Classification ensures physical seaworthiness of the vessel
based on regular inspection by the approved societies.
R Vessel should be entered into one of the reputable P&I Clubs. This will ensure financial stability of the ship owners and / or charterers.
R Liners are vessels which ply on regular advertised time schedules and routes. Liners are a better risk than tramps.
R Register yourself on www.equasis.org and check on the complete details of the vessels. This is a free site.
R Tata AIG assists their customers by arranging for cleanliness, sea and cargo worthiness surveys, giving immense comfort to its clients.
Incoterms
Incoterms are your ready guide to knowing your insurance needs.
Seller/ Export Delivered at Loading Onboard Onboard Discharging Delivery at Import Buyers/
export er Document named place of: port of Ships Rail Ships Rail port of named place of Document Importe rs
Premis es Formalities Frontier/ shipment arrival destination: Formalities premises
Terminal/ Quay Frontier/
Terminal/ Quay
EXW-Ex Works
AIG
CFR- Cost and Freight
CPT-Carriage Paid To
INSURANCE
DAF- Delivered at Frontier (Country of Export)
DES-Delivered Ex Ship
Æ Does Marine insurance cover Inland transit from the factory / inland warehouse to the load port?
Although the word Marine may appear to be synonymous with Ocean voyage, in actuality, the modern day Marine insurance
policies covering exports are 'warehouse to warehouse' policies i.e. from the factory / inland warehouse of the Indian exporter to
the inland warehouse of the overseas buyer and encompass transits by all modes of transportation.
Æ Does Marine insurance cover storage at intermediate locations &/or at the port &/or at the final destination?
The standard Marine policy covers movements during the “ordinary course of transit” and extends up to 60 days after completion of
discharge overside of the insured goods from the carrying vessel at the final port of discharge. Therefore, this would include
customary transshipments beyond the control of the Assured. The Marine insurance cover would, however, terminate where
storages are intentional, voluntary and avoidable i.e. where there is a break in the “ordinary course of transit”. In short, as against
common perception, the 60 days is not an automatic storage cover. Marine Policies terminate on goods reaching final destination. If it is
the intention of the Assured to store the goods during the transit/voyage, it is pertinent to bring this to the notice of the
Insurance Company at the beginning and the insurer may agree to extend the cover to include such storages at a premium and
conditions to be agreed.
Æ Could the exporter receive claim payment under an export policy covering CIF shipment?
Depending on the merits of a case an exporter could definitely have the right to claim, as an 'unpaid vendor'. There could also be
cases when the importer who is the rightful claimant desires that the claim be settled with the exporter so that the latter could make
early/immediate replacement. In such cases, claim payment to the exporter could be considered against an 'NOC' from the importer.
Check the following important Policy wordings to be satisfied that it is correctly issued, as per your requirements.
R Subject Matter Insured: Be satisfied that all items required to be insured are included. Items which are not specifically included or not
appropriately worded in the policy would fall outside the scope of the policy.
R Packing: By “standard & customary” it is meant that the packing should be strong, stable & suitable to withstand the intended journey
keeping in mind the nature of the goods, the journey involved, the port conditions at origin & destination, handling methodology at the
ports & on board the conveyance, season, duration & all other aspects which would fall within the ordinary course of the transit.
R Conveyance: Check that all the probable modes that would carry the insured cargo have been included; otherwise, shipments by
conveyances not included would remain uncovered. Ensure that the conveyance chosen / used is fit, suitable & clean to carry the
intended cargo.
R Voyage: Check that the places included meet your requirements. Shipments to or from, as may be applicable, places not included
would not be covered under the policy.
R Limit per Bottom / Sending Limit: This denotes the maximum value of any one of your shipment. Shipment values exceeding this limit
would remain uncovered unless prior notice is given to the Company & suitable amendments have been made in the policy.
R Location Limit: This denotes accumulation of all your shipments at any one place at any one time, e.g. intermediate storage, carriers' or
other godowns, at the port awaiting shipment & similar places.
R Basis of Valuation: This denotes the components on the basis of which the valuation should be arrived at by you, e.g. FOB (Free on Board
value) value + 10%, Invoice value, Invoice value + 10%, C&F (Cost & Freight value) value, CIF (Cost, Insurance & Freight) value + 10% etc.
The additional 10% is generally allowed by the Company, as per universal practice, to take care of various incidental expenses that may
have to be incurred by the supplier/exporter. Shipments exceeding the Basis of Valuation incorporated in the policy would fall outside the
scope. The premium is calculated on the value declared for the shipment which, as explained, should neither exceed the 'Sending Limit' nor
the 'Basis of Valuation'.
R Sum Insured: Ensure that there is always adequate sum insured balance before a shipment is made, otherwise, inadequate
balance would render the shipment concerned to be uncovered.
R Premium: As per Section 64 VB of the Insurance Act, 1938, adequate premium balance is required to be maintained before the
commencement of a shipment. Inadequate premium balance would render a shipment uncovered.
R Declarations: Declarations assist you in maintaining adequate premium balances at all times. It is mandatory to declare all shipments that
fall within the scope of the Policy within the time limit.
R Excess, Exclusions, Warranties, Conditions etc: Read these carefully & make yourself conversant with the same.
Techno Vantage: eMarine
Taking forward our commitment to make insuring with us a truly pleasant experience, Tata AIG has launched
eMarine. eMarine or electronic-Marine is an extremely user-friendly Web based tool. This facility has been
introduced in India after its resounding success in Hong Kong, Singapore, Taiwan, Malaysia, Indonesia, China &
Philippines.
Tata AIG's eMarine is a web based tool which allows you to:
Æ Generate Marine Policies / Certificates at anytime, from anywhere in the world. All you require is an Internet
Connectivity and a Printer.
Æ Manage your policies independently, view declarations and transactions journal, check premium balances, 24
hours a day, 365 days a year, wherever you are, even from multiple locations.
Æ Save time, as you won't require a separate manual declaration of shipments covered.
Æ All this is absolutely free of cost! You don't need to pay any software fee or access charges.
Æ eMarine is useful for manufacturers, exporters, importers, logistics operators, insurance brokers and insurance
agents; anyone who is looking for hassle free marine insurance. And your data is completely secured with
industry standard encryption technology. We will give you a ‘username’ and a ‘password’ and you are ready.
MLCE Advantage:
Æ Reducing loss frequency and severity.
Æ Providing timely and accurate information on worldwide and regional industry trends, high risk areas, potential
hazards and threats.
Æ Providing direct contact with the different transport vendors and security providers.
Just & Fair Claims
With over 30% of the work force deployed in claims, we are determined to deliver just and fair claim settlements. We enter into
Service Level Agreements with our customers, laying down mutually acceptable documentation, turn around times and specific
customer requirements which go a long way in setting the service parameters and ensuring a smooth ride when claims arise.
Tata AIG claim settlement time lines are now the industry benchmarks.
Our global presence also provides customers with claims servicing and settlements by a local office of AIG in over 130 countries of the
world. Our servicing in exports is not dependant on external third party providers. We also have in our midst, the expertise of
marine recoveries which help in minimizing losses.
45
Globally AIG is among the 40
Cargo Premium is Rs. in Croers
AIG
INSURANCE