1. Marine Open Cover

This provides a blanket cover against loss or damage to all goods transported by a specific carrier, or by a specific shipper, during a stated period. The terms applicable in the policy are agreed in advance at the beginning of the policy period but premiums are charged as and when the actual shipment is done. The insured is required to periodically provide the insurer with the description, quantity, and value of goods shipped during that period.

1. Marine Specific Policy

This is issued to cover a specific single transit. Mainly this cover ends upon the arrival of cargo at destination.

The perils covered and excluded depend on which type of coverage you choose. There are three basic forms of coverage known as Institute Clauses A, B and C.

Marine Insurance offered by Goldstar Insurance is issued based on an All Risks basis.

An All Risk policy offers even broader coverage than a With Average policy. As the name suggests, this policy covers all transportation risks. An All Risk policy will not, however, cover loss of market or loss or damage caused by delay, inherent vice of the goods, war, strikes, riots and civil commotions, unless specifically included.

It is important that the insured is aware of the exclusions applicable to “all risks” cover. The most common are loss, damage or expense:

• Attributable to willful misconduct of the insured
• Caused by insufficiency or unsuitability of packing or preparation of the cargo
• As a result of ordinary leakage and wastage
• Arising from the insolvency or financial default of the owners, charterers or operators of the vessel
• Caused by inherent vice of the cargo (e.g. the innate tendency of a product to deteriorate over time. For example, fruit will go rotten)
• Caused by delay
• Resulting from strikes and labour disturbances (covered by strike clause)
• Arising from un-seaworthiness of the vessel where the insured is privy to the defects at the time of loading cargo

An important point to note when taking out marine insurance is that the onus is on the insured to ensure adequate packaging and marking. In the event of loss or damage to cargo attributable to inadequate packaging or marking, Goldstar Insurance Company will disallow any claim made.

Choose optional add-ons at an additional cost to create cover that suits you.

• Political Violence and Terrorism: Cover against political violence and terrorism