IMPORT EXPORT INSURANCE

rkinsure

Import Export Insurance is a type of insurance cover that relates to goods that are transported to and from countries. If your company is an exporter or importer – or both – then having the relevant insurance cover in place is essential to ensure the continuing success of your company in the future.

The coverage is generally defined by reference to clauses known as Institute Cargo  Clauses. The ICC ( C ), ICC (B) and ICC (A) Clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses.

It is a primary obligation under every international sale of goods contracts that either the seller or the buyer will have to arrange adequate insurance for the goods in accordance with the agreed shipment terms (INCOTERMS).

Cargo may be exposed to risks specific to the mode of transport and the route taken, as well as perils beyond the reasonable control of all parties to the contract, for instance:

  • Fire
  • Explosion
  • Armed Robbery
  • Storm, flood and other weather hazards
  • Washing overboard in the heavy sea
  • Leakage
  • General Average Claims (sea freight)

RKinsure’s import-export insurance has designed a variety of simple yet comprehensive coverage solutions exclusively for its clients.
We offer industry-specific insurance products to support your business during every stage of transportation and storage.

BENEFITS

rkinsure
rkinsure
Standard International Covers
The import-export policy provides the international covers which have been defined under Institute Cargo Clauses (ICC). This maritime insurance plan for import and exports covers mishaps like fire, lightning, grounding or capsizing of the vessel, stranding, sinking earthquake and many more, under these clauses.
rkinsure
Clear Loss Assessment
The import-export insurance policy follows two standard and internationally accepted principles of total loss and average loss. Total loss occurs when the subject matter is completely destroyed or lost forever or the damage is so huge that it is uneconomical to repair the same. The average loss is when the subject matter is partly destroyed and can be repaired. The goods in transit insurance assess the damage and take a decision accordingly.
rkinsure
Several Policy Types
You can opt between different insurance policies of export-import like specific, open and duty policy as per your requirement. The three policies in marine transit insurance are specific policy, open policy, and duty policy. The specific policy covers specific transits and the insurance expires once the transit is over. Open Policy covers all the shipments over a particular period of time. Duty policy issues custom duty for imports. It also includes Sales Turnover insurance which provides covers specific sales turnover limit.

TYPES OF POLICIES

rkinsure

Specific Policy

The policy issued for a specified transit. The coverage under the policy will cease on completion of the transit contemplated

Open Policy

This is a policy intended to cover Import movement of consignments for a specified period of time which is usually one year. This policy is suitable for insured with numerous transactions throughout the year. The availability of the open policy facilitates the insured in having automatic and continuous cover and the insured is free to declare the consignment movement subject to the terms and conditions of the policy. The open policy is issued with an initial sum insured which can be enhanced at policy rate any time during the currency of the policy.

Duty Policy

This is a policy intended to cover customs duty which is incurred in case of Imports. The policy is an agreed value policy and the indemnity is subject to the duty sum insured or actual customs duty whichever is less

Rkinsure provides import-export insurance that is essential when your goods need to be transported from one place to another. However, these goods not only require import export insurance but also marine insurance to keep them insured when they are being taken through the sea. At the same time, inland transit insurance keeps your goods safe when they are being transited through the roads. Rkinsure is the right choice for all your marine insurance needs. We provide you with insurance that safeguards and covers your transportation cargo.