Does Marine insurance cover Inland transit from the factory / inland warehouse to the load port?
Although the word Marine may appear to be synonymous with Ocean voyage, in actuality, the modern day Marine insurance policies covering exports are ‘warehouse to warehouse’ policies i.e. from the factory / inland warehouse of the Indian exporter to the inland warehouse of the overseas buyer and encompass transits by all modes of transportation. 2. What is an ‘open’ policy? An ‘open’ marine cargo policy is a policy which remains open for 12 months from the date of its inception. The open policy is advantageous to an exporter with regular shipments. Under an ‘open’ policy, the exporter is not obliged to ‘declare’ the shipment in advance: the shipment could be declared, as per agreement, at a later date subject to maintenance of adequacy of premium. 3. What is a Certificate of Insurance? A Certificate of Insurance certifies the existence of a marine insurance (open) policy. Under an open policy, it is the international practice to issue a Certificate for every shipment. A Certificate coul
