Page 40 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

MULTI TRANSIT POLICY:

The Marine policy generally covers goods during ordinary course of transit from

Warehouse to Warehouse. However, if the consignment comes under the control of

the assured at any intermediate point for allocation, redistribution, processing etc.

the normal transit policy comes to an end and further transit shall be treated as fresh

transit. Risk during storage at such intermediate points shall be considered as a

separate non-marine risk. To effect a continuous cover whilst in transit or in storage

or during processing of the goods, multi transit policy can be issued to the client.

SELLERS’ CONTINGENCY POLICY:

To protect the interest of the sellers against physical loss or damage to the goods,

Sellers’ contingency insurance policy is issued to the exporter to protect their

interest

DUTY POLICY:

The Duty policy is taken out by an Importer who imports the cargo under a valid

import license. The policies are issued on actual assessed duty. The policy can also be

issued on provisional duty and the same is adjusted on the actual duty duly assessed

by the customs authority after arrival of the goods.

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