STOP Insurance Policy
"STOP Insurance Policy:
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For STOP Insurance Policy
- Sample Headings
About SI – Stop Insurance
- What is SI? (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 SI?
A stop insurance policy in marine cargo insurance allows the policyholder to suspend or terminate coverage on a specific shipment or policy at a certain point. This could be due to the completion of the voyage, the delivery of cargo, or when the risk has otherwise been mitigated. It’s a way to ensure that insurance costs are managed efficiently, providing coverage only when necessary.
Basic Coverages
- Perils Covered: Protection against common marine risks such as theft, fire, and collision, as well as more specific risks like weather damage or piracy.
- Cargo Damage: Coverage for physical loss or damage to the cargo during transit.
- General Average: Contribution towards losses incurred if the cargo is sacrificed for the safety of the voyage, such as jettisoning part of the cargo.
- Institute Cargo Clauses: Often, policies align with standard clauses like the Institute Cargo Clauses (A, B, or C) which define the extent of coverage.
- Transit Coverage: Insurance typically covers the cargo during the entire transit period, from departure to arrival.
It’s important to review the specific policy details, as coverage can vary based on the insurer and the terms agreed upon.
Add-on Coverages
- Extended Coverage for High-Value Goods: Additional protection for particularly valuable cargo items that may require higher limits.
- Contingency Insurance: Coverage for scenarios where the primary insurance is insufficient or invalid, such as in cases of disputes or technicalities.
- Loss of Profit: Compensation for potential loss of profit if the cargo is delayed or damaged.
- Political Risk: Protection against losses due to political events, such as war, strikes, or riots in the transit or destination countries.
- Warehouse Coverage: Coverage for cargo while it is stored in warehouses before or after transit.
- Delayed Delivery: Compensation for losses resulting from delays in delivery due to unforeseen circumstances.
These add-ons help address specific risks and provide broader protection tailored to the needs of the cargo and voyage.