CIF+10% under Marine policy claims.

[ritesh kumar saini]

Dear All,

In Marine claim, where Marine insurance policy is based on CIF + 10%,
is the supporting for 10% expenditure (whether incurred or not)
required to submit at the time of claim settlement?

Many times 10% has been termed as Incidental charges, whose break up
or any supporting is not available with the insured. In that case can
underwriter duduct the same from final claim amount thereby allowing
only CIF value of loss/damaged consignment.

comments from members awaited.

Regards,
Ritesh Saini.

[Piyush Siinghal]

If the declaration is for full amount, u/w can not deduct.

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[Mukesh Gupta]

IF THE DECLRATION IS FOR INVOICE VALUE +10% (VALUE OF INVOICE) THEN SAME IS PAYABLE.
GENERALLY THE INSURED IS NOT AWARE FOR THE SAME AND THEY DECLARED THE INVOICE VALUE

M.K. GUPTA
SURVEYOR
KOTA

[Swadesh Kumar Dhamija]

Dear All
The marin Policy is an agreed value policy & hence for this 10% , it is a part of the
policy contract - payable w/o any documentry evidence
 
The Marine Policy is the only Policy - in which the insured gets the Profit
& no other Policie/s this facilty available
 
Best regards

 
ER.  SWADESH KUMAR  DHAMIJA & ASSOCIATES      
 J52 A, Tagore Nagar,
Heerapura, Ajmer Road,
 Jaipur-302024
PH: 91-141-2351631, 2352332 -O/R,
 FAX: 91-141-352332, Mobile: 9829010332.
e-mail : tarang...@hotmail.com



 

---

Date: Fri, 27 Apr 2012 13:57:52 +0530
Subject: Re: [Adjusters:12282] CIF+10% under Marine policy claims.
From: mkgupta....@gmail.com
To: insurance...@googlegroups.com

[Sushil Maroo and Co.]

Principally Marine (Cargo) policies are agreed value policies and if 10% are declared in the policy, the underwriter should pay CIF + 10% too.

Practically some underwriters are calling its supporting and than only they are paying it. 

Sushil Maroo & Co.
(Surveyors & Loss Assessors)
*Survey, Risk Inspection, Cargo Supervision, Investigation*

"Prarabdh", 424/10, Tilak Nagar Main, Indore - 452018.
Cell - 98270 22654, 94253 18358, Phone - 0731 2498667, 4256456, Fax 0731 4256456
Email - mar...@rediffmail.com

From: ritesh kumar saini <rites...@gmail.com>
Sent: Sat, 28 Apr 2012 13:13:04
To: insurance-adjusters <insurance...@googlegroups.com>
Subject: [Adjusters:12278] CIF+10% under Marine policy claims.
Dear All,

In Marine claim, where Marine insurance policy is based on CIF + 10%,
is the supporting for 10%  expenditure (whether incurred or  not)
required to submit at the time of claim settlement?

Many times 10% has been termed as Incidental charges, whose break up
or any supporting is not available with the insured. In that case can
underwriter duduct the same from final claim amount thereby allowing
only CIF value of loss/damaged consignment.

comments from members awaited.

Regards,
Ritesh Saini.

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[javed malik]

Dear brothers

It is correct that the marine Insurance Policy is termed as valued policy and other than indemnity based policies like "fire policy" the Insured may be paid more than the actual loss. Under the terms/conditions of marine insurance policy such additional expenditures/incidental charges i.e. 10% are payable with the claim.

Thanks!

QAYYUM MALIK

PAKISTAN

[anto....@aol.in]

Dear Sirs,

Mr. Gupta is correct and if the declaration is for only invoice value
then only the invoice value is payable and the +10% to the basis of
valuation is not payable.

Warm Regards
Anto

-----Original Message-----
From: Swadesh Kumar Dhamija <tarang...@hotmail.com>
To: insurance-adjusters <insurance...@googlegroups.com>
Sent: Fri, Apr 27, 2012 3:36 pm
Subject: RE: [Adjusters:12283] CIF+10% under Marine policy claims.

Dear All
The marin Policy is an agreed value policy & hence for this 10% , it is
a part of the
policy contract - payable w/o any documentry evidence
 
The Marine Policy is the only Policy - in which the insured gets the
Profit
& no other Policie/s this facilty available
 
Best regards

 
ER.  SWADESH KUMAR  DHAMIJA & ASSOCIATES      
 J52 A, Tagore Nagar,
Heerapura, Ajmer Road,
 Jaipur-302024
PH: 91-141-2351631, 2352332 -O/R,
 FAX: 91-141-352332, Mobile: 9829010332.
e-mail : tarang...@hotmail.com



 

[vineet kumar]

Insured need not to declare CIF + 10%. CIF +10%

 is the policy terms not the sum insured.

 

Vineet Kumar

From: "Anto....@Aol.In" <anto....@aol.in>
To: insurance...@googlegroups.com
Sent: Thursday, May 10, 2012 8:15 PM
Subject: RE: [Adjusters:12311] CIF+10% under Marine policy claims.

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



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[anto....@aol.in]

Dear Mr. Vineet,

No. When you pay the premium for Rs. 100/- how the claim will be
settled for Rs. 110/-

When the insured want to claim the +10% then the same should have been
declared.

insurance-adjus...@googlegroups.com.

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psingh...@yahoo.com
www.salvagemanagers.com



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[Mukesh Gupta]

respected sir
In general in the policy it is written that the basis of valuation is CIF+10% there is no remark about the decleration that it should be invoice value +10% extra.
So in my opinion we may consider the claim for 10% extra

To: insurance-adjusters@googlegroups.com

IF THE DECLRATION IS FOR INVOICE VALUE +10% (VALUE OF INVOICE) THEN SAME IS PAYABLE.
GENERALLY THE INSURED IS NOT AWARE FOR THE SAME AND THEY DECLARED THE INVOICE VALUE

M.K. GUPTA
SURVEYOR
KOTA
 

On Fri, Apr 27, 2012 at 12:05 PM, Piyush Siinghal &lt;psingh...@gmail.com&gt; wrote:
If the declaration is for full amount, u/w can not deduct.

On Fri, Apr 27, 2012 at 10:27 AM, ritesh kumar saini &lt;rites...@gmail.com&gt; wrote:
Dear All,

In Marine claim, where Marine insurance policy is based on CIF + 10%,
is the supporting for 10%  expenditure (whether incurred or  not)
required to submit at the time of claim settlement?

Many times 10% has been termed as Incidental charges, whose break up
or any supporting is not available with the insured. In that case can
underwriter duduct the same from final claim amount thereby allowing
only CIF value of loss/damaged consignment.

comments from members awaited.

Regards,
Ritesh Saini.

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



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[Virender Kumar Chopra]

Dear Gupta Ji

 

It is correct that the basis of valuation is mentioned in the Policy.  It could be CIF Value + 10% or bare CIF Value.  When it is bare CIF Value just invoice-value is declared in the declaration and when it is CIF Value + 10%, 10% over and above the invoice value should be declared.  In the words of Mr Anto how you can recover Rs.110 when you have declared a sum of Rs.100 only.  In other words when the sum insured of the particular consignment is Rs.100 how Rs.110 can be claimed.

 

So the insured has to declare the particulars consignment for 110% of the invoice value as per terms and conditions of the Policy and it is also imperative that the basis of valuation should have be incorporated as Invoice Value+10% before he could claim 10% over and above the invoice value.

 

Regards

 

Virender Kumar Chopra

Surveyor & Loss Assessor, Ludhiana

Mobile: +91 98147 06506 - Email: virenderk...@gmail.com

To: insurance...@googlegroups.com

IF THE DECLRATION IS FOR INVOICE VALUE +10% (VALUE OF INVOICE) THEN SAME IS PAYABLE.
GENERALLY THE INSURED IS NOT AWARE FOR THE SAME AND THEY DECLARED THE INVOICE VALUE

M.K. GUPTA
SURVEYOR
KOTA
 

On Fri, Apr 27, 2012 at 12:05 PM, Piyush Siinghal &lt;psingh...@gmail.com&gt; wrote:
If the declaration is for full amount, u/w can not deduct.

On Fri, Apr 27, 2012 at 10:27 AM, ritesh kumar saini &lt;rites...@gmail.com&gt; wrote:
Dear All,

In Marine claim, where Marine insurance policy is based on CIF + 10%,
is the supporting for 10%  expenditure (whether incurred or  not)
required to submit at the time of claim settlement?

Many times 10% has been termed as Incidental charges, whose break up
or any supporting is not available with the insured. In that case can
underwriter duduct the same from final claim amount thereby allowing
only CIF value of loss/damaged consignment.

comments from members awaited.

Regards,
Ritesh Saini.

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psingh...@yahoo.com
www.salvagemanagers.com



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[ASAR]

Dear Members,

 

Though I am not practing Marine cargo after 2001, with my little bit of knowledge on the subject and induced by the replies of the members, I wish the explain the following.

 

1.  Basically, marine cargo policy is a declared value policy unlike other normal policies.

 

2.  Policies need not be in a restricted form upto CIF + 10%.  As per the preagreement between the parties, the

     value of the cargo is fixed.  In case of declaration policies, the value of the cargo is declared at the time of 

     effecting the contract and normally it is CIF + 10% in India.  In practice, to the best of my knowledge, it can

      be extented upto CIF + 25% which can be further extended according to the financial level of the insurer in

      special cases. 

 

3.  In case of declaration policies, the insured has to submit the declarations within the specified date for 

    submission as agreed at the time of effecting the contract (per transit, weekly, fortnight or monthly).

 

4.  It is the duty of the insured to declare the value of the cargo as agreed in the insurance contract.

 

5.  If there is a claim, the insurerer is bound to settle the amount based on the basis of value declared subject

     to the amount declared in the declaration for the particular transit.

 

6.  If the insurer found that the insured had not having the practice of declaring the value to be declared as per

     the agreed value in the insurance contract, they may penalise the insured.

 

7.  Being it is a agreed value, the insured need not submit any proof for the addition (10% or whatever

     it may be).  The amount of loss has to be calculated based on the % of loss on the value declared. 

 

More views please

 

ASAR 

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727-G, Srivilliputhur Road,

Near Indian Oil Bunk,

Satchia Puram,

Sivakasi - 626 124

asantony...@gmail.com

09443135563

[Mukesh Gupta]

Dear brothers

I want your advise in Marine Claim
A machine was being purchased from GOA and was being transported to Kota and same has got damaged in the way.
1. There are two GR and machine has transferred in the other vehicle in the way as well as GR has also changed. Is there any problem in the claim

2. The repairer submitted an estimate of Rs.2,09,000/- in which co. is charging transportation charges from Kota to Goa & back. is it payable. The machine cost is Rs.2,79,000/-
Pl. advise

[anto....@aol.in]

Dear Sirs,

My observations are as under:

1) You are mentioning 2 GR kindly explain why there are 2 GR issued for
one single transit. Also regarding transit what policy says.
2) The repair amount works out to 75% of invoice value so the claim can
be treated as CTL. If we consider the captioned case as CTL we can save
on freight charges from Kota to Goa and Back. Also when we compare the
case as CTL we can realize better salvage. I am of the opinion CTL will
be economical for this case.
3) Your query regarding freight charges from Kota to Goa and back is
payable under the policy.


Awaiting for more value comments / inputs from members.

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psingh...@yahoo.com
www.salvagemanagers.com



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[Ashok Vidyarthi]

Dear Friends,

Views have been expressed on raised query/subject. My submission are :

1. Principal of Insurance states that "Insurance can not be a source
of Profit" - thus over payment is OR should not be permitted,

2. It is agreed that Marine Insurance is a "Agreed value policy". The
agreement is that the insured shall declare every declaration at "CIF
+ 10%". Going by agreement, if either "cost of Insurance" or/and
"Freight" has not been declared thus these does not get covered in teh
choosen ideminity and these can be deleted from the worked out
liability.

3. Since the declaration is required at 110% and any declaration short
of 110% (i.e. even at 100%) amounts to under insurance. In all such
cases Law of Average shall be applied.

4. A declaration is a basis of calculation of cost of insurance i.e
underwriting effect and it is not the basis of indeminity. In case of
imported goods, the cost of dollar (on booking and on entry in India/
port of Entry at times brings in a big difference).

This is my view, as I understand the subject.

More views and comments are welcome.

Ashok Vidyarthi
Secunderabad, 500 009.
0-98850 37007

On 5/12/12, ASAR <asant...@gmail.com> wrote:

[Lakshman Iyer]

Dear Brothers,
This practice of C+10% of C value for covering up I & F part of CIF
value was adapted to hasten the underwriting procedure because the The
Invoice value was available at the time of underwriting ,but other 2
parts I & F could not be arrived upon and to avoid delay an
additional !0% practice was adapted.

So gentlemen, the value to be considered for will be +10%.

Sorry for responding so late and Concur with others who have commented
on these lines only.
Regards
Lakshman Iyer
Aurangabad
9822050433

> On 5/12/12, ASAR <asantony...@gmail.com> wrote:

[Virender Kumar Chopra]

Dear Mr Mukesh

There are a few questions before one can advise correctly. However I shall
try to answer as per what I have grasped from you mail. If you do not meet
with the answer you need, please revert.

1 Whether the first G.R. was issued for the journey from Goa to Kota
directly or it was from Goa to some other city (which falls within the route
from Goa to Kota) and the second G.R. was issued from that city to Kota.
And whether these two G.R.'s have been incorporated in the Policy or not.
If the first half is true, but there is no mention of two G.R.'s in the
policy, it is a case of unauthorized transhipment, which is not covered
under Marine Policy.

2 It is also possible that the second G.R. came into existence only
after the vehicle carrying machine met with an accident. If it is so, there
is no problem. I hope these two paragraphs might have answered your fist
question.

3 You wrote that the Company is claiming transportation charges from
Kota to Goa and back. I hope you might have mentioned it wrongly. It could
be from Goa to Kota and back. If it is true, the transportation charges and
other incidental charges such as Octroi, loading/unloading can be paid for
the journey from Goa to Kota only (and not back) if the policy covers these
in the shape of Invoice Value + 10%, of course subject the limitation of 10%
of invoice value.

Regards

Virender Kumar Chopra
Surveyor & Loss Assessor, Ludhiana
Mobile: +91 98147 06506 - Email: virenderk...@gmail.com

-----Original Message-----
From: insurance...@googlegroups.com
[mailto:insurance...@googlegroups.com] On Behalf Of Anto....@Aol.In
Sent: 13 May 2012 13:35
To: insurance...@googlegroups.com

[SI Shanmugham]

Mr.Vineeth,
Mr.Anto is correct as far as I am concerned. Pl go through the Policy
conditions, you yourself can understand.

Regards,
SI Shanmugham
Insurance Surveyor
Coimbatore
Tele-Fax => +91422 4383806
Mobile => +919443426864

-----Original Message-----
From: insurance...@googlegroups.com
[mailto:insurance...@googlegroups.com] On Behalf Of Anto....@Aol.In
Sent: Saturday, May 12, 2012 7:55 AM
To: insurance...@googlegroups.com

[ritesh kumar saini]

In my opinion, there is some misunderstanding regarding basis of declaration under Marine Policy. Kindly note that Basis of declaration must be CIF+10% only, in spite the same is not mentioned any where under policy declaration clause. The reason being, Marine policy is the agreed value policy & the value which has been declared will be treated as Sum Insured for that particular consignment. And at the time of claim same will be payable.

 

Regards,

Ritesh

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[Bhatt Umang]

I am refering all openion for marine since last few days, it seems ther is so much confusion and its obvious, as marine being auch a complex subject and can not be dealt like ifre loss and genrel rules of insuance will not be applicable to it, I am a student of same subject have reached up to FIII, even i can not put my openion to such senoir group but pls find here MARINE ACT provison sec 65 to 68 deals with indemnity principals. its simply copy of act and not a single words of mine which pls note you can interprit it cleraly to satisfy your self.

 

>>>>>>>>>>>>>

 

67.Extent of liability of insurer for loss.


67. Extent of liability of insurer for loss. (1) The sum which the assured can recover in respect of a loss on a policy by which he is insured, in the case of an unvalued policy to the full extent of the insurable value, or, in the case of a valued policy to the full extent of the value fixed by the policy, is called the measure of indemnity.

(2) Where there is a loss recoverable under the policy, the insurer, or each insurer if there be more than one, is liable for such proportion of the measure of indemnity as the amount of his subscription bears to the value fixed by the policy in the case of a valued policy, or to the insurable value in the case of an unvalued policy.


68.Total loss.


68. Total loss. Subject to the provisions of this Act, and to any express provision in the policy, where there is a total loss of the subject-matter insured--

(1) if the policy be a valued policy, the measure of indemnity is the sum fixed by the policy;

(2) if the policy be an unvalued policy, the measure of indemnity is the insurable value of the subject-matter insured.
<<<<<<<<<<<<<<<further  questins i will try to justify with provisons, and it will be only explanasions, and not openin BCS its Subjective and individual I belive LAW IS SIMPLE BIT BE MAKE IT COMPLICATED  

 

UMANG BHATT

DEVELOPMENT OFFICER

THE ORIENTAL INSURANCE CO

MOBILE 98240 22269

From: ritesh kumar saini <rites...@gmail.com>

[Hemant Ambaselkar]

Dear Members on board,

The marine policies are either based on CIF or CIF+10% valuation. When ever it is based on CIF+10%, it incorporates the declaration value of 110% and premium is also charged on 110% of the invoice value. Hence the net assessed loss say is X, then payble amount is always 110% of X. Mind well that this net loss is computed after adjusting salvage and excess per claim. Some policies are valued at CIF value only. In that case Cost, Insurance and Freight is considered to evaluate the rate of lost article and after adjusting salvage and excess, the nett loss is payble. The valuation clause is written on the face of policy document. There is no  consideration of invoice value.  It is always CIF value. The invoice is raised in breakup values like Basic+CENVAT+Insurance+Freight less discounts etc.

Thanks

Hemant Ambaselkar

 

On Sat, May 12, 2012 at 1:13 PM, Mukesh Gupta <mkgupta....@gmail.com> wrote:

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--

With Kind Regards

Er. Hemant Ambaselkar

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

MS State Comeetee Member Instn. of Engineers India

President, Butibori Mfrs Association

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,