What is Marine Insurance Policy?

Marine Insurance policy is a type of insurance plan that covers damage or loss to cargo, ships, terminals and any transport or property through which cargo is being transferred or held between its origin and destination points.

Who Should Buy Marine Insurance?

Since marine insurance helps cover against damage and loss to goods while being transported from one point to another, buying Marine insurance policy becomes important for Merchants, Contractors and anyone engaged in the transportation of goods.

Features of Marine Insurance

Internationally Accepted Wording

Marine Cargo Policy covers global trade, i.e. Export and Import. That’s why, International Wording is used to compare with local laws or regulations of various countries, so as to avoid disputes at the time of a claim.

Commercial security/protection

Marine Insurance is a pre-agreed-value policy. This means that the Sum Insured and the basis of valuation is agreed at the time of issuance.

Voyage-based Policy

Marine Cargo underwriters promise to insure assets for any journey or transport. Such a promise is not linked to any timeframe. The premium is calculated depending on the value of the cargo. Short periods and/or pro-rata computing of premium is not followed here.

Insurable Interest

Unlike other policies, in case of a Cargo Insurance Policy, the person who claims may not have an insurable interest at the time of issuing the policy. However, they should have this insurable interest while claiming.

Freely Assignable

Due to the commercial nature of Marine Cargo Insurance, this policy can be freely assigned to any person with whom the original Insured Person has a commercial contract. To assign this policy, the original Insured Person doesn’t need prior approval from underwriters.

Why should you buy Zuno Marine insurance In India?

When The Going Gets Tough, We’ll Help You Stay Afloat! Sending goods across the world isn’t always easy. In fact, it can be downright terrifying, especially if you consider the number of things that might go wrong. Thankfully, our product will help lessen the blow should anything go wrong while you’re transporting cargo.

Zuno Marine Insurance Plans

Basic Cover

You'll be covered against fire and explosions, standing, grounding, sinking or capsizing, overturning or derailment, collision or contact of the mode of transport with external objects (other than water) and discharge of cargo at a point of distress.

Restricted Cover

Along with everything covered under the Basic Cover, you will also be covered against earthquakes, lightning, volcanic eruptions and water damage due to sea water or river water, but not rainwater, total loss of packages lost overboard and total loss of packages dropped during the loading and unloading process.

All Risk Cover

Like the name suggests, we will cover all the risks under the Basic Cover and Restricted Cover, except for a few named exclusions. You will also be covered against breakage, theft, malicious damage, non-delivery and water damage, including by rain water.

Add-ons you can take with Zuno Marine Insurance

Duty Insurance Clause

This insurance is on the increased value of cargo by reason of payment of customs duty at the destination.

Seller’s Contingency Clause (arising out of Marine perils)

It covers the sellers' interest if the consignee refuses to accept damaged goods or is unable to take delivery by paying for goods, due to insolvency.

FOB Extension

Here, insurance is arranged by the buyer overseas for his own benefit.

Shut Out Cargo Clause

This is for goods that arrive too late for a vessel at a loading port, or are not loaded because the vessel is already full.

What does Zuno Marine insurance cover? A lot!

Damage to the ship
Damage to the machinery
Loss to the cargo during the actual journey
Loss to the cargo during transport to or from the port, etc

What is not covered by Zuno Marine Insurance?

Perils that our policy doesn’t cover - View
Willful misconduct by the insured party
Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the insured cargo
Insufficiency or unsuitability of the packing or preparation of the insured cargo
Inherent vice or illegal nature of the insured cargo
Proximate delay
Insolvency or financial default by the owners, managers, charterers or operators of the vessel
Atomic or nuclear weapons
Unseaworthiness or unfitness of conveyance
War and strikes

Why choose Zuno Marine Insurance?

Single point of contact

All our services are handled through a dedicated person, so you don’t have to deal with multiple people.

Quick decision-making

Your proposal and claims are both are processed quickly.

Minimum documents

Both to issue your policy and to settle your claim.

How do I claim Zuno Marine insurance Policy?

Step 1

Call us on our Toll free number -1800 12000 / Paid landline - 022 423 12000 or email us at support@hizuno.com to let us know the details of your claim.

Step 2

Email us the scanned documents and we’ll get the ball rolling. Once we receive the originals from you, the process is almost complete.

Step 3

Mail your claim documents to Claims Desk – Zuno General Insurance Company Limited, 5th Floor, Tower 3, Kohinoor City Mall, Kohinoor City, Kirol Road, Kurla West, Mumbai – 400 070.

Step 4

Our Claims Team will sort everything out and keep you updated at every step.

Step 5

Of course, if you still need us to answer any queries, you can get in touch with us at support@hizuno.com and we’ll reply ASAP.