Consignment Value under Marine Insurance Policy

[ritesh kumar saini]

Dear Sir,

In Marine Open Insurance Policies, Policy excess states that "0.5% of
Consignment value Minimium Rs. 10000/-". Please clarify what is the
"Consginment value" in Marine Policy. For example in case of Imported
consignments whether consignment value will be value as per BOE
which is based on Invoice or the value of Materail which has been
transported through Trucks separately (say Truck/Lorry value) up to
final destination.

Hope to receive positive responce for above query.

Regards,
Ritesh Saini

[admir...@gmail.com]

Consignment value would be the landed cost of goods incl. Freight and duties at destination - incoterm should be CIF

please let us know the incoterm and basis of valuation.

Dear Sir,

Regards,
Ritesh Saini

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[Hemant Ambaselkar]

In my opinion the declaration value, which is the basis of insurance risk by insurance company and on the basis of which premium has been charged, should be the value of consignments. It may be under insured too.

Hemant Ambaselkar

SLA Nagpur

--

With Kind Regards

Er. Hemant Ambaselkar

ME,FIE, FIV,CE,PGDRIM,IIISLA,

MS State Comitee Member Instn. of Engineer India

Honorary Secretary Butibori Mfrs Association

Founder Secretary,Federation of Industries Vidarbha

Member Regional Direct Tax Advisory Comittee

Valuer for DRT, PSU Banks

Managing Director Thermorub India Pvt Ltd, Butibori MIDC

CEO Urja Shodh, Hero Electric Bikes,

 

 

[joseph bose]

Since it is an imported consignment, the terms of cover provided in the policy is to be looked into - whether the cover was given from warehouse to warehouse or up to the port and then further covered from port to the final destination. The value would vary considerably depending of the same.

 

Detailed study of the Policy would help.

 

With Warm Regards,

 

P. Joseph Antony   Bose,

Surveyor & Loss Assessor.
217, Royal Arcade,
Next to GIDC Office,
Char Rasta,
GIDC, Vapi - 396 195
Gujarat, India .
Alternate Id. : Josephb...@gmail.com
+91 9824146816; +91 2602434013 ;
+91 2602433416 ( Telefax)

Every person must be respected not just for what he does, but because he/she is a human being. 

[ritesh kumar saini]

Dear All,

The policy is warehouse to warehouse basis. The point of discussion
is, In case of Imported consignments whether consignment value will be
the Invoice value or BOE in which all the cargo value included. OR the
value in which the cargo/single packages has been consigned from Port
to final destination through trucks. In case consignment value to be
considerd as per BOE than the policy excess will be high as the same
is 0.5% of CV. In case the same is based on truck value in which
single cargo/packages consigned the policy excess will become less.

Comments from some more Sr. Surveyor's awaited.

Regards,
Ritesh Saini

On 2/3/12, joseph bose <josephb...@yahoo.com> wrote:
> Since it is an imported consignment, the terms of cover provided in the
> policy is to be looked into - whether the cover was given from warehouse to
> warehouse or up to the port and then further covered from port to the final
> destination. The value would vary considerably depending of the same.
>
> Detailed study of the Policy would help.
>
> With Warm Regards,
>
> P. Joseph Antony Bose,
> Surveyor & Loss Assessor.
> 217, Royal Arcade,
> Next to GIDC Office,
> Char Rasta,
> GIDC, Vapi - 396 195
> Gujarat, India .
> Alternate Id. : Josephb...@gmail.com
> +91 9824146816; +91 2602434013 ;
> +91 2602433416 ( Telefax)
>
> Every person must be respected not just for what he does, but because he/she
> is a human being.
>
>
>

> ________________________________

[Piyush Siinghal]

The consignment value to be taken as "per bottom". If the carriage was in import when the whole consignment was together the excess should apply as per the whole value, when distributed over a number of trucks, consignment value of each truck should apply. Some insurers however differ and apply the full value excess, which is not correct.

B/Rgds

Piyush Siinghal
0-9811047785
psingh...@yahoo.com
www.salvagemanagers.com

[Ashraff Tim]

Dear Mr. Ritesh Saini

This is the landed cost in the case of import cargo, and you can take
it, as the value as per BOE, which includes duties whtsoever

In normal case, this policy ends at the shore installations of the
consignee at the disport, after receipt into the shore tanks. Further
oncarriage is covered separately under transit policy

Best Regards
Tim

On Sat, Feb 4, 2012 at 9:09 AM, ritesh kumar saini <rites...@gmail.com> wrote:

[R. L. AGARWAL SURVEYORS PVT LTD.]

On Sat, Feb 4, 2012 at 9:09 AM, ritesh kumar saini <rites...@gmail.com> wrote:

Dear All,

 

As the excess is percentage of consignment value, it is to be considered at its FOB or CIF value as per Invoice plus Custom Duty based on the basis of valuation specified in the Policy schedule.

 

Only when the Excess is specified per Coveyence, it is to be taken as the Value of consignment in the Truck or rail as the case may be.

 
There is no Average Clause condition in the Marine Insurance Policies.
--

Regards,

O. P. AGARWAL
R. L. AGARWAL SURVEYORS PVT LTD.
144, NEHRU APARTMENTS,
OUTER RING ROAD,
KALKAJI,
NEW DELHI-110019
PH: 011 - 26292240/ 40575956
FAX: 011 - 26292240

RES:011 - 41047883
MOB: 0-9810129056
EMAIL: rla...@bol.net.in
            rla...@gmail.com

[Amol Sawant]

Dear Sirs,

By specifying such kind of Excess, the Insurer is inviting troubles because of the ambiguity. We can see so much of difference of opinions. Imagine what the loss assessment would be for each of the basis.

In this case I endorse views of Mr. Hemant. The declaration sent to the Insurer, can be taken into consideration for getting basis of consignment value, and it has to be compared with basis of valuation clause of policy.

Other suggestion is to leave it to the insurer by mentioning the same suitably in Survey report. Anyway what Insurers are paying are Per Day basis and is not based on amount of Loss Assessed.

Best Regards,
Amol Sawant
Sent on my BlackBerry® from Vodafone

---

From: Piyush Siinghal <psingh...@gmail.com>

Sender: insurance...@googlegroups.com

Date: Sat, 4 Feb 2012 12:24:02 +0530

To: <insurance...@googlegroups.com>

ReplyTo: insurance...@googlegroups.com

Subject: Re: [Adjusters:12113] Consignment Value under Marine Insurance Policy