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All Risk Coverage
Did you know? All Risk Coverage is a game-changer, safeguarding against 95% of potential cargo losses. In 2023, Indian exporters successfully claimed a whopping ₹2,400 crores, showcasing just how valuable this policy can be.
Coverage Scope and Protection
When it comes to FCL shipping and other cargo movements, All Risk Coverage offers the most extensive protection you can find. It covers any physical loss or damage caused by external factors during transit. This top-tier insurance option shields you from theft, fire, collisions, weather-related damage, handling mishaps, and a host of other risks. The only things it doesn’t cover are inherent vice, improper packing by the shipper, war risks, and strikes, which need separate coverage.
Premium Calculation and Cost Factors
Insurance premiums usually fall between 0.15% and 0.45% of the cargo's value, influenced by the type of commodity, route risk assessment, packaging quality, and claims history. For high-value electronics and pharmaceuticals coming from India, you can expect lower rates (0.15-0.25%) thanks to their excellent packaging standards. On the flip side, textiles and machinery might incur higher premiums (0.30-0.45%) due to their handling characteristics and vulnerability to damage.
Claims Process and Settlement
Top insurers in India have dedicated marine claims departments, with average settlement times of 45-60 days for straightforward claims. To ensure a smooth process, you'll need to provide essential documents like the original policy, survey reports, carrier liability statements, and thorough evidence of damage. Freight forwarding companies often suggest keeping detailed photo documentation and notifying them immediately of any damage to facilitate a hassle-free claims process and maximize your recovery of losses.