RISKS NOT COVERED BY MARINE INSURANCE

    

 

The information provided here is part of Import Export course online


 

RISKS NOT COVERED BY MARINE INSURANCE

 

 

RISKS NOT COVERED BY MARINE INSURANCEIn this article, we discuss about risks not covered by marine insurance.

 

What are the risks not covered by Marine Insurance?

 

Under Normal Conditions :

 

Due to nature certain goods carry inherent vice such as easy breakage. Damage to fragile glassware is not covered, if inadequately packed. Damages caused during original packing are excluded, no matter when the damage occurs, for instance, damages caused by a nail driven by careless packers into the contents of packages.

 

Insurance Contract Specifically Excluded:

Losses due to leakage or hook losses in case of goods packed in bags may be excluded by the insurance contract itself. Solidification of palm and coconut oil may be excluded, unless heated storage is available.

 

Delayed Arrival:

Loss of profit, market loss due to delayed arrival or deterioration arising due to delay is excluded.

 

Ordinary and Unavoidable Trade Losses:

Shrinkage and evaporation in the bulk shipment or infestation in case of copra are excluded, unless specifically provided.

 

Violence:

Certain perils such as wars, strikes, riot and civil wars ae excluded, unless specifically endorsed.

 

Dangerous Drugs Clause:

Insurance policy stipulates losses connected with shipment of opium and other dangerous drugs are not paid unless specified conditions are met.

 

 

Also read - KINDS OF LOSSES in Marine Insurance,   Terms Used in Marine Insurance,       Types of Insurance Documents,   Procedure and Documentation for Filing Claim of Marine InsuranceTYPES OF MARINE INSURANCE POLICIES .  I hope, these article provide you a better knowlege about Marine Insurance under international business.

 

In this article, we have discussed about the risks now not covered by Marine Insurance. Have you satisfied with this article about risks not covered by marine insurance?

 

Would you like to contribute your experience and knowledge about risks not covered marine insurance?

 

 

The above information is a part of Online Export Import course 


Share your experience below about risks not covered under Marine Insurance.

 

Posts about international trade cauching

 

Why to insure export goods?

Types of Insurance Documents.

Procedure and Documentation for Filing Claim of Marine Insurance.

KINDS OF LOSSES in Marine Insurance

Terms Used in Marine Insurance

TYPES OF MARINE INSURANCE POLICIEs

 

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Export Import Policy of India 2015-20
MEIS, Merchandise Exports from India Scheme
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Merge your Commercial Invoice and Packing List for all your future exports
Export procedures and documentation

 


Comments


Mohd.Qusroo: I'm beginner and just plan to start a Import Export Business from india. I have chosen olive oil/ olive fruit etc to import from middle east.In this regard i want to know from you the followings: 1. Is there any restriction on import of oil from middleeast? 2. Is IEC number enough to start the import ? 3. Documentation of import ? 4. Is we need to submit the information of import to any authority?

Jagdish Mewada: I have recently bagged my 1st order of machine equipment after months & months of efforts. But there is bit of fix regarding clearance & forwarding, I was hoping for your valuable advise.The Country of Origin Of the machinery (Pumps/13kg volumetric) which I have sourced is Germany. Now this pump brand has got a distributor in Pune, India & hence German principal does not cater to traders here directly. Thus, I had to buy it from its distributor in Pune who had got it imported (airway) and sold me on terms of Bonded Warehouse Mumbai. Now the client, who is from Dubai, wants it to be shipped to Dubai via a courier company (TNT or DHL, etc) which can be done by the CHA agent.However, the client has requested for a COO certificate as a part of shipping documents. As per my previous communication with client, I had confirmed the COO to be GERMANY of which, I have received the COO certificate from my vendor/pune distributor. This certificate is authorised from German chamber of commerce & consist of details of manufacturer (consignor) & distributor/my vendor (consignee) which I cannot disclose to my client.Now based on this certificate, I need some sort of documentation authorised by Indian government confirming the machinery to be of German make based on the German COO certificate. FIEO does not help with this since it can only assist in showing the products to be of Indian make.I'm trying to figure this out but in vain, so finally I thought of getting in touch with you for your expert inputs on this.

Admin: Mohd.Qusroo, More detailed posts are in this website for your requirements. Please read and utilize.

Soham Goenka: I was interested in knowing about the proof of remittance that is considered by RBI incase of adherence to FEMA guidelines.If I have to prove that an export realization has occured and seek adherence to FEMA guidelines, what is the proof i require for the same

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