It is designed to insure Merchandise from the time it leaves the seller's premises until it reaches the buyer. It encompasses all modes of conveyances, be it by land, sea or air.
a. Cargo - ordering of goods from foreign country
b. Hull & Machinery - insurance of ships
a. Ocean Marine
c. Inland Marine
- by truck
- by train
It provides a temporary coverage on the shipment. Cover notes are replaced by policy when the shipping details are available.
Considered as a marine Insurance contract despite deficiency in material particulars. However, the insured is required to have a Marine Open Policy with the Company
It is the evidence of the marine insurance contract
It states the value of the goods to be insured under the policy on a case to case basis.
Is a contract effected for a period of time, usually twelve months.
The seller provides the goods, insurance and transport as a package and arranges insurance for the whole transit on a "warehouse to warehouse" basis.