Marin Insurance
Oceangoing cargo marine insurance
Ocean freight venue insurance is essential insurance for companies engaged in international trade. Please consider it.
Oceangoing cargo marine insurance
| oceangoing cargo marine insuranceContent
Through our company, you can apply for Ocean Cargo Marine Insurance, which supports safe and reliable international cargo transportation.
Oceangoing cargo marine insurance is insurance that covers international cargo transportation. An insurance policy is a document that certifies the contents of an insurance contract, and uses a common format that is internationally distributed.
| ProtectionMain cases in which insurance premiums are paid
The international cargo marine insurance provided by our company uses the Association Cargo Conditions (ICC (2009)) established in 2009 as standard conditions and complies with the conditions of ICC(C). The main damages and accidents covered by compensation are shown in the table below. In the event of a loss, English law will apply to the liability for payment of insurance claims and the procedures for settlement thereof.
✔ Payment is applicable.
✘ Not eligible for payment.
| Protectionperiod andwarRisk of war/strike
The period during which the insurance company is responsible is called the insurance period. The insurance period for oceangoing cargo marine insurance begins when the cargo is first moved for the purpose of transportation from a warehouse or other storage location at the place of origin specified in the insurance policy to the final warehouse at the destination specified in the insurance policy.It is supposed to end when unloading is completed at other storage locations. This means that the insurance period begins when the cargo moves from the warehouse or storage location where it was submitted for insurance to the insurance company to the warehouse or storage location where it actually begins transportation, and when the cargo is transported to its final destination. The insurance period ends when the cargo arrives and is unloaded.
Please note that insurance will terminate for the following three items even during transportation.
1. unloaded at a warehouse for storage other than in the normal course of transportation or for the allocation or distribution of cargo.
2. If a transport vehicle or other transport device or container is used for storage other than in the normal course of transport.
3. When 60 days have passed since the cargo was unloaded from the ship.
Unlike the above, in principle, war risks are not compensated while the cargo is on land, but from the time the cargo is loaded onto the ship to the time it is unloaded (or from 12:00 p.m. on the day the ship arrives at the final port of discharge). The insurance period is until 15 days have passed (whichever comes first).
FIVE POWERS WAR CLAUSE
Where any war risks coverage is provided by underwriters, this(re)insurance excludes loss damage liability or expense arising from the outbreak of war (whether there be a declaration of war or not) between any of the following: United Kingdom, United States of America, France, the Russian
Federation, the People's Republic of China.
JC2023-024
6th Jan 2023
Territorial Exclusion: Belarus, Russia and Ukraine
Notwithstanding anything to the contrary in this Policy, this Policy excludes any loss, damage, liability,
cost or expense of whatsoever nature, directly or indirectly arising from or in respect of any:
i. entity domiciled, resident, located, incorporated, registered or established in an Excluded Territory;
ii. property or asset located in an Excluded Territory
iii. individual that is resident in or located in an Excluded Territory;
iv. claim, action, suit or enforcement proceeding brought or maintained in an Excluded Territory;
V. payment in an Excluded Territory.
vi. transits to/from/within an Excluded Territory
This exclusion will not apply to any coverage or benefit required to be provided by the insurer by law or regulation applicable to that insurer, however, the terms of any sanctions clause will prevail.
Exclusion vi. above shall not apply to any transit risk which is not destined for and does not originate from an Excluded Territory but transits through an Excluded Territory, provided such transit is beyond the control of the Insured. For purposes of this exclusion, “Excluded Territory" means:
| When applyingimportant point
Duty to notify
When purchasing oceangoing cargo marine insurance, you will need to inform us of the following matters:
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Origin/Destination/Final destination
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transportation equipment
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Cargo details
If any of these matters are intentionally or grossly negligently misrepresented, the insurance contract may be canceled as a violation of the duty of notification. Also, please be sure to let us know if you have other insurance contracts for the same cargo.
Subject to economic sanctions
We cannot accept import/export cargo from countries, individuals, or companies designated as subject to economic sanctions by Japan, the United States, etc. When applying, please check whether your trading partner is subject to economic sanctions.
Receipt of insurance money
As the insurance claimant (insured person) is, in principle, the consignee, insurance claim procedures are carried out between the consignee and the local insurance claim office. Please search for the nearest Claims Settling Agent from all over the world and contact us. The local insurance claims office will guide you regarding the documents and procedures required for making an insurance claim.
The local Claims Settling Agent will pay the insurance claim directly to the consignee.
(* In cases where the Shipper wishes to receive the insurance payout, a "Power of Attorney" from the Consignee is required to authorize the receipt of insurance money.)
| Notes after signing the contract
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contractIf there are any changes to the content, announcements, or transportation conditions, we will notify you immediately.It is necessary to notify the company.
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Failure to notify due to intent or gross negligenceIn such cases, insurance claims may not be payable for the resulting damage.