In your line of work, we believe that you will constantly import spare parts, engine spares, computers and office equipments.
It is our recommendation that a Marine Open Cover Insurance, “Institute Cargo Clause A” (ICCA) be taken out incorporating the “WAREHOUSE TO WAREHOUSE CLAUSE”, that is, from the suppliers’ warehouse abroad whilst in transit to the port of loading, throughout the voyage until the delivery to your premises provided that the period from the time of discharge to the time the goods arrive at your premises does not exceed 60 days.
Since these consignments will not all come in one shipment, we recommend that we arrange an Open Marine Insurance for you, the procedure of which will be as follows:
- You are to advise us the details and general description of ALL items you are likely to order in one year together with their countries of origin.
- You are to advise us of the mode of packing
- The maximum total you are likely to order at any one time should also be advised to us and this will be known as the “Limit per Bottom.”
- You are to indicate the maximum total you are likely to order in one year.
- A basis of valuation which will also be used in the event of claims is to be advised, that is, the cost and freight (invoice value) plus a certain percentage to cover duty, clearing, forwarding and other handling charges.
- An Open Cover policy will be issued on which no premium is paid, but would provide automatic cover for all shipments thereafter. Premiums will be paid on each consignment as the demand arises.
- All matters concerning claims will be pursued by us to finality, and this will relieve you of the administrative and financial burden of pursuing the claim yourself.