Marine cargo
The following Plans under this category are intended to cover goods whilst in transit by Sea or Air, depending upon the needs of the client:
SINGLE/INDIVIDUAL MARINE TAKAFUL PLAN
Under this Plan, coverage is given to a single shipment from a specified point of origin to the specified destination.
OPEN COVER/ANNUAL MARINE TAKAFUL PLAN
An Open Cover/Annual Takaful Plan is a contract covering all shipments of the Participant during the period of takaful on terms as agreed on a declaration basis. By availing this plan, the participant is relieved of the hassle of arranging separate takaful plans for individual shipments and need only to make periodical declaration of the details of shipments on a monthly or quarterly basis.
Coverage can vary as under, based on the mode of transport or type of goods carried:
- All risks by sea or air or parcel post.
- Restricted cover by sea, air or parcel post.
The Amount covered is the agreed value, which in most cases will be CIF and/or C&F plus 10% or FOB plus 10% to 20%.
The factors taken into account for calculating the contributions depend on the nature and type of cargo, method of packing, mode of shipment, age and type of vessel and the ports to be used
Scope of Cover
The participant has the option choose the coverage as per the following Institute Cargo Clauses (ICC):
ICC (C): Fire, lightning, stranding, grounding, sinking or capsizing of vessel or craft, overturning or derailment of land conveyance, collision or contact of vessel, craft or conveyance with any external object other than water, discharge of cargo at a port of distress, general average sacrifice and jettisoning.
ICC (B): Earthquake, volcanic eruption or lightning, washing overboard, entry of sea, lake or river water into vessel, craft, hold, Conveyance, container, lift van or place of storage, in addition to the perils of ICC (C).
ICC (A) - All risks, subject only to the specified exclusions
ICC (Air) –Pertains to air cargo covering “All risks”, subject only to the specified exclusions
ICC (War & Strikes) – Covering war, strike etc. which are excluded in the basic ICC clauses.
