One of Perilwise’s Specialities is marine cargo insurance(transit insurance), for road based transportation. We have distributors, logistics operators and truck fleet owners as clients. One of the reasons is because of the value add perilwise offers in marine insurance. We offer specialised API integrations, that tie up with your trip data systems, and take care of all your policy issuance, declaration, endorsements, and claim processing needs. The types of cover we offer are:
Marine covers fall under three types- Institute Cargo Clauses A (ICC-A), Institute Cargo Clauses B (ICC-B), Institute Cargo Clauses C (ICC-C). While referring to transit by land these are also called Institute Transit Clauses(ITC).
Institute Cargo Clauses C (ICC-C)
This covers, in general, catastrophe claims. Natural disasters such as earthquake, floods etc. can affect shipments, and ICC-C cover insures you against them. Everything else is excluded.
Institute Cargo Clauses B (ICC-B)
This cover includes all the benefits of ICC-C cover, in addition to damage caused by fire or explosion, overturning or derailment, collision with other vehicles, and, in case of ships covers discharge of goods at a port of distress, or losses due to vessel being stranded.
Institute Cargo Clauses A (ICC-A)
ICC A cover is the best cover offered under marine insurance, which covers all risks except certain exclusions- such as theft, pillaging, transit damage, in addition to all risks covered under ICC-B.
There are two basic types of marine policy offered by insurers:
Marine open policy
This type of cover allows you to take one policy that covers your total sending(value of goods shipped) over a year. You then have to declare every trip made to the insurer(made simple and automated thanks to Perilwise’s systems).
Marine Specific Voyage Policy
This cover is a very simple marine cargo insurance policy(or transit insurance policy). It insures one specific trip, from source to destination. It is often used by customers who want on demand insurance on an occasional basis. The class of cover provided depends on the material being shipped, whether it is a tail end risk, etc.