Page 6 - Marine Insurance IC67 EBOOK

(2) Fob Covers : allowed for cargo despatched by full load
FOB Covers as per FOB Clause "A" & "B" The containers.
minimum rate will be 0.03% (2) Despatch at carrier risk, 10% Discount of
note : applicable rate.
(1) Despatches should be by vehicle/wagon (3) When despatches are by AIR charge 75% of
reference rate.
which is closed or covered with Tarpaulin. If (4) Discount of 50% in premium rate for journey
such is not the case 25% loading of premium not exceeding 80 kms allowed for wider cover
(ITC 'B' Premium Basic). But nature of rates also.
commodity is such that despatch of the same
by closed vehicle/closed wagon is not Exclusion :
possible, loading is not to be charged.
(2) Liability of the company shall be limited to 1. Wilful misconduct of the Insured.
75% in case despatches by private carriers. 2. Ordinary Leakage/loss in weight or volume
However in the above circumstances if the
Insured pays an additional premium of wear & Tear.
minimum 25% over & above premium the 3. Improper Packing.
above warranty shall not apply. 4. Delay.
5. Inherent/or nature of subject matter.
Special Discount : 6. Caused by war.
7. Caused by resulting from strike, riots, labour
(1) Discount not exceeding 10% would be
disturbances.

COVERAGE OF INLAND TRANSIT CLAUSE (ITC) A-B-C.

ITC 'A' (ALL RISK) ITC 'B' (BASIC COVER) ITC 'C'

1. Fire 1. Fire 1. Fire
2. Lighting 2. 2. Lighting
3. Lighting 3. Rate :
3. Breakage of Bridges 4. Breakage of Bridges 40% of the minimum'
rates applicable to ITC
4. Collusion with or by the 5. Collusion with or by the Cover.
vehicle vehicle
6. Overturning of carrying
5. Overturning of carrying vehicle
vehicle
Derailment or accident of
6. Derailment or accident of like like to the carrying.
to the carrying.

7. Non delivery of entire
consignment or packets.

8. Theft, pilferage.
9. Fresh &/or rain water

damage.

10. Damage by Hooks, Nails,
oil, mud, acids & other
extraneous substances.

Due to detariffing, companies are charging premium on case to case basis
depending upon experience, claim rates, market consideration. Please refer to

your companies manual for rates

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