TERMS OF COVER: All risk + SRCC
Subject To : Domestic: ITC A + SRCC Institute Cargo Clauses (Air) (excluding sendings by Post) CL.387 (1.1.09) Institute Strike Clause (Air Cargo) CL.389 (1.1.2009) Inland Transit (Rail or Road or Air) Clause 'A' - All Risk Inland Transit (Rail or Road) Clause 'B' Basic Risk Strikes Riots and Civil Commotion Clause (Inland transit not in conjunction with ocean voyage) Limitation of Liability (Inland Transit) Registered Post parcel clause Registered Post parcel clause amended for courier. Termination of Transit Clause (Terrorism) JC 2009/056 (01.01.09) Cargo Termination of Storage in Transit Clause 2004 Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical, Electromagnetic Weapons Exclusion Clause CL.370 (10.11.03) Institute Cyber Attack Exclusion Clause CL.380 (10.11.03) Institute Standard Conditions for Cargo Contracts 1/4/82 Bound to Declare Clause Important notice clause
Conditions / Warranties / Exclusion :: Warranted that the subject matter covered is properly lashed and secured in the carrying conveyance /container.
Warranted Fitness and suitability of the carrying conveyance
Warranted carrying vehicles are closed or adequately covered with weather proof material.
Open Policy Condition: The Policy issued herein is on declaration basis whereby the premium has been collected/is collectable upon the Estimated Shipment value for each voyages covered under this policy. Declaration for each shipment to be provided within agreed timeline. It is hereby agreed that claims, if any, under the Policy which being otherwise, admissible, would be processed and adjusted as per the Basis of Valuation stated in the Policy.
Premium Adjustment Condition: It is hereby agreed that the Policy would be adjusted (downwards only in view of Premium payment regulations) on the basis of the final declaration provided by the Assured including adjustment as per Basis of Valuation. In case of non-submission of timely declaration as per policy condition, declaration Certificate to be provided to Tata AIG which should be authorized by Insureds Auditors within 30 days from expiry of policy or an Independent Chartered Accountant certified declaration statement to be provided. However, in case the final declared value is less than 75% of the Total Sum Insured under this Policy, then 75% of the premium paid shall be retained at our end and balance refunded or transferred to the renewed policy as policy Sum Insured adjustment at the end of the policy term. Refund/request for transfer of balance, if any, under the policy will be allowed only if the request alongwith declaration of last month/quarter is received within one month from the expiry of the policy.
Issuing of Certificates Condition: For Voyage/transit legs where certificate issuance facility is required, the Assured will be authorized to issue Certificate of Insurance through e-marine which is Web based tool. As per Statutory Provision, premium adequacy of sum insured has to be ensured at any point of time.
Cancellation Clause Condition: This contract may be cancelled by either the Company or the Assured giving 30 days notice in writing to take effect from the midnight of date of notice but risks covered by Institute War Clauses may be cancelled at seven days notice and risks covered by the Institute Strikes Clauses may be cancelled at seven days notice, or at forty-eight hours notice in respect of shipments to or from the United States of America. Notice shall commence from midnight of the day when it is issued but cancellation shall not apply to any risks which have attached in accordance with the cover granted hereunder before the cancellation becomes effective.
Verification of Record Condition: The Company shall have the privilege at any time during business hours to inspect the records of the Assured in respect of the shipment or sending or risk falling within the terms of this contract.
Excluding shortages out of seal intact containers & /or sound packaging Excluding any bulk movement
In case claim experience declared by the client/intermediary is found to be incorrect or at variance, benefits under this policy shall be forfeited.
Notwithstanding anything mentioned elsewhere to the contrary, this policy shall exclude shortages out of non-containerized cargo
Waiver off Recovery Rights/Subrogation and FIR for claims upto INR 50,000/-. However, shortage certificates are mandatory for all shortage claims.
In absence of recovery rights, claims if any, will settled at non standard 90% of net assessed amount.
Excluding mould, mildew, moisture adulteration, sweat, deliquescence,contamination and infestation losses unless caused by ITC/ICC B perils.
For Rake/Rail movements:
Warranted for Rake/Rail, coverage is subject to loading and unloading survey supervision done by surveyor nominated or approved by Tata AIG at assureds cost. Failure to adhere to this warranty shall not affect this insurance except as respect to the individual shipment(s) concerned. This insurance will continue in full force and effect for all other shipments complying with the survey warranty.
Warranted reconciliation of cargo during rake movement is to be done on number of bags or weight basis.
BOUND TO DECLARE
It is a condition of this contract that the Assured is bound to declare hereunder each and every shipment or sending or risk without exceptions falling within the terms and conditions of this contract whether arrived or not the Company being bound to accept the same up to but not exceeding the limits specified herein. Any declaration made to the company which does not fall within the terms and conditions of the policy would be considered to be null and void ab initio and the Company would in no way be held liable for any consequence arising out of the declaration.