Does Marine insurance cover storage at intermediate locations &/or at the port &/or at the final destination?
The standard Marine policy covers movements during the “ordinary course of transit” and extends up to 60 days after completion of discharge overside of the insured goods from the carrying vessel at the final port of discharge. Therefore, this would include customary transshipments beyond the control of the Assured. The Marine insurance cover would, however, terminate where storages are intentional, voluntary and avoidable i.e. where there is a break in the “ordinary course of transit”. In short, as against common perception, the 60 days is not an automatic storage cover. Marine Policies terminate on goods reaching final destination. If it is the intention of the Assured to store the goods during the transit/voyage, it is pertinent to bring this to the notice of the Insurance Company at the beginning and the insurer may agree to extend the cover to include such storages at a premium and conditions to be agreed.
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