LIC PREMIUM POINT
M M ROAD PILATHARA
PO. PILATHARA, DT. KANNUR 670504
9447035472
8848656959
kalasaparambil@gmail.com
United India Insurance Company (UIIC) plays a crucial role in safeguarding the global movement of goods and vessels through its comprehensive range of Marine Insurance policies. Essential for importers, exporters, shipping companies, and logistic firms, these policies provide financial protection against risks faced by goods in transit and the vessels that carry them.
Marine insurance is traditionally divided into two main components:
1. Marine Cargo Insurance (Goods in Transit):
This is the most common type, covering the actual goods, materials, or merchandise being transported.
It protects against loss or damage to the cargo while being moved by sea, air, rail, or road. This is crucial as most international trade involves multimodal transport.
Coverage Extent: Policies can be issued for a single voyage (Specific Voyage Policy) or for all shipments over a period (Open Policy or Annual Policy).
2. Marine Hull Insurance (Vessels):
This policy covers the ship itself (the hull and machinery) used for commercial purposes.
It provides protection against damage to the hull, machinery, and equipment, as well as liability towards third parties.
Target: Ship owners, fleet operators, and fishing trawler owners.
The extent of protection for cargo is typically governed by the globally recognized Institute Cargo Clauses (ICC), which UIIC's policies adhere to:
| Clause | Coverage Level | Scope of Protection |
|---|---|---|
| ICC 'A' | All Risks (Broadest) 🌎 | Covers all risks of loss or damage, except those specifically excluded (e.g., wilful misconduct, wear and tear, inherent vice). |
| ICC 'B' | Named Perils (Intermediate) 🌥️ | Covers specified risks like fire, explosion, stranding, sinking, collision, discharge of cargo at a port of distress, and entry of sea/lake/river water into the vessel. |
| ICC 'C' | Basic Cover (Narrowest) 📉 | Covers only the most catastrophic risks, primarily collision, stranding, sinking, fire, and explosion. |
Global Exposure: Goods are exposed to theft, piracy, bad weather, improper handling, and accidents during long voyages and multiple transshipments.
General Average: A critical concept where all parties (ship owner and cargo owners) share the losses when a voluntary sacrifice (e.g., jettisoning cargo) is made to save the entire venture from a peril. UIIC's policy covers the cargo owner's liability for such contributions.
Customs and Trade: Marine insurance is often a prerequisite for international trade contracts (like CIF or CIP Incoterms) and for securing customs clearance.
UIIC's Marine Insurance ensures that businesses can focus on international growth, knowing their goods and vessels are financially protected, regardless of the challenges posed by the sea and logistics chain.
🚢 United India Marine Insurance: Navigating Global Trade with Confidence ⚓
“Protecting lives and dreams with LIC’s trusted assurance.”
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