Specific Voyage Policy

Specific voyage policy under this policy, the subject matter is insured against the risk of a particular
voyage i.e. from the warehouse of the consigner to the warehouse of the consignee, for example:
warehouse of consigner at mumbai to warehouse of the consignee at new york. Therefore: the risk
commences from the departure of goods from the warehouse named in the policy and terminates on
arrival at the warehouse named in the policy.
Specific voyage policy this policy covers the subject matter irrespective of the time factor this policy is not
suitable for hull insurance as: a ship usually does not operate over a particular route or voyage. The
policy is used mostly in case of cargo insurance.
Specific voyage policy to sum up, this policy is issued for: a specific voyage (one place to another) period
of insurance not very significant here and is: suitable for clients having limited number of sendings and
expires on completion of the voyage.
Open Policy Policy
Open policy an open policy is also known as floating policy it is issued for a period of twelve months and
all consignments sent during the period are covered by the insurers this policy is suitable for big
companies that have regular shipments it saves them the tedious and expensive process of acquiring an
insurance policy for each shipment.
Open policy the rates are fixed in advance the assured has to declare the nature of each shipment and the
cover is provided to all the shipments the assured needs to deposit a premium for: the estimated value of
the consignment during the policy period.
Declaration each consignment needs to be declared on each declaration the sum insured gets reduced
open policy is issued for aggregate value of: anticipated shipment during the period of insurance. Sum
insured shall not be less than: specified percentage of annual turnover and depending on the distance
involved.
Premium as and when the consignments are sent, the declarations are given to the insurers the sum
insured is adjusted accordingly if the premium is exhausted during the year additional premium is charged
on: the rates already agreed upon falling which: the policy stands terminated.
Certificate/ policy a certificate is issued against each declaration the certificate of insurance is: unstamped
whilst the policy is stamped. Clauses for coverage i.e. itc a, b or c, are attached to the policy.
Increase in sum insured the sum insured under the open policy can be increased: before the policy is
exhausted or after the premium paid is exhausted. Balance premium if any under the policy is refunded to
the insured open policies are generally issued for inland transit.
Advantages advantages of open policy: automatic and continuous insurance protection saving in
administrative expenses saving in stamp duty vis a vis: specific policies being issued for each and every
declaration and stamp duty is charged every time.
Open Cover
Open cover open cover gives the insured an automatic and continuous insurance protection so that there
is no risk of: any shipment remaining uninsured/ uncovered even through an oversight. The rates and
terms and conditions are agreed in advance open cover is valid for one year.
Open cover it is obligatory on the part of the insured to declare: each and every shipment without fail and
no attempt should be made to: withhold any declaration to save premium. An open cover is not a policy
but is an agreement binding in honour. The insurer would insure all shipments and the insured similarly
bound to declare each shipment.
Open cover as per the provisions of the insurance act, the premium for the risks has to be paid in
advance and therefore: the premium is required to be paid on each and every declaration. open cover is
suitable for persons engaged in: regular imports and exports and separate policy is issued for each
shipment.
Duty Insurance Policy
Duty insurance this insurance is on increased value of cargo, by reason of payment of custom duty at
destination it is subject to same clauses and conditions as the insurance of cargo and pays the same
percentage of loss as may be paid thereon, however: excluding claim in respect of: total loss of whole or
part of cargo prior to duty becoming payable.

Increased Value Insurance

Increased value insurance this insurance is on increase value by reason of market value of the goods at
destination on the date of landing is higher than the value of cargo insured the terms and conditions are
same as that of the original policy, however: the insurers pays 75% of the value & the assured has to
bear 25% of the claim amount.
Special Declaration Policy
Special declaration policy it is a form of open policy or floating policy issued to client who have a large
turnover and frequent dispatches of goods any where within the country by: rail, road or inland
waterways. The policy is issued to the clients, whose estimated annual dispatches are for at least 2 crs.
Annual Policy
Annual policy annual policy under the marine department is issued for: 12 months to cover goods
belonging to: the assured or held in trust by the assured but: not under contract of sale or purchase
provided..
Annual policy such goods are in transit by rail or road from: specified depots/ processing units to other
specified depots/ processing units, however: the depots/ processing units must be owned or hired by the
assured. The policy is not assignable or transferable.
Special Storage Policy
Special storage risk policy (ssri) the cover under special storage risk policy policy takes into
consideration: the requirement of the consigner of the goods for insurance to protect his goods during
storage at: railway yard or carrier premises.
Special storage risk policy (ssri) pending clearance by the consignees on termination of cover (7 days)
under open policy or special declaration policy (sdp), however: the cover is granted in conjunction with
open policy or sdp covering transit of goods by rail or road.