Event Insurance Policy
"Event Insurance Policy:
Ensuring Your Event, Unforgettable and Protected."
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For Event Insurance Policy
- Sample Headings
About EIP- Event Insurance Policy
- What is EIP? (Click on Every points should be get breif explanation as below mentioned Contents)
- Basic Coverages.
- Add On Coverages.
- Claim Process Support.
- Free Consultation for the PLI Product.
What is EIP?
In marine cargo insurance, an event insurance policy, also known as an “event-based policy,” is a type of coverage that provides insurance for specific events or voyages. This policy typically covers the cargo from the point of origin to the final destination for the duration of a single trip or event.
Basic Coverages
- Specific Coverage Duration: The policy is valid only for the duration of the specified event or voyage.
- Defined Scope: Coverage is provided for a single shipment or a series of shipments related to a specific event.
- Customizable Terms: Terms and conditions can be tailored to fit the unique needs of the specific event or shipment.
- Risk Coverage: Protection against various risks such as damage, theft, loss, and other perils associated with the maritime transport of goods.
- Cost-Effective: Suitable for businesses that do not need continuous coverage but require insurance for occasional shipments.
Add-on Coverages
Some common add-on coverages for an event insurance policy in marine cargo insurance include:
- War and Strikes Coverage: Protects against losses caused by war, strikes, riots, and civil commotions.
- Theft and Pilferage: Covers losses due to theft or pilferage during transit.
- All Risks Coverage: Provides comprehensive protection against all risks of physical loss or damage, subject to exclusions.
- Warehouse-to-Warehouse Coverage: Extends protection from the time the goods leave the warehouse of origin until they arrive at the final warehouse destination.
- Debris Removal: Covers the cost of removing debris following an insured loss.
- General Average: Protects against losses incurred when cargo is sacrificed or expenses are incurred for the common good during maritime emergencies.
- Shore Cover: Provides coverage for goods stored temporarily at ports or warehouses during transit.
- Concealed Damage: Covers damage that is not apparent at the time of delivery but is discovered later.
- Contingency Insurance: Offers protection when the seller’s primary insurance fails or is insufficient.
- Delay in Start-Up (DSU): Covers financial losses due to delays in the start-up of a project caused by damage to critical cargo during transit.
- Increased Value (IV): Provides additional coverage for the increased value of cargo over its insured value.
These add-ons help tailor the insurance policy to better fit the specific risks and needs associated.