Page 40 - Ebook IC S01
P. 40

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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