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Policy

This document is a quotation for a Marine Inland Open Declaration Policy from ICICI Lombard General Insurance Co. Ltd for HERAEUS TECHNOLOGIES INDIA PVT LTD, covering pharmaceutical cargo with a policy period from January 25, 2019, to January 24, 2020. The estimated annual sum insured is Rs 200,000,000, with specific limits per sending and location outlined. The document includes various clauses, warranties, and conditions related to the insurance coverage and premium details.

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Vikas Kumar
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12 views

Policy

This document is a quotation for a Marine Inland Open Declaration Policy from ICICI Lombard General Insurance Co. Ltd for HERAEUS TECHNOLOGIES INDIA PVT LTD, covering pharmaceutical cargo with a policy period from January 25, 2019, to January 24, 2020. The estimated annual sum insured is Rs 200,000,000, with specific limits per sending and location outlined. The document includes various clauses, warranties, and conditions related to the insurance coverage and premium details.

Uploaded by

Vikas Kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF or read online on Scribd
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2001/MQ-20190111/240233/00/000 urn: [ Prctc1G.ombard “untae tr cosnavance wer C1 Lanta Lens ICICI Lombard General Insurance Co. Ltd Quote For ‘Quote No ‘Quote Date Proposer Location ‘Type of Industry ‘Type of Cargo Broker/Agent Policy Period GST From State GST To Stato Mode Of Conveyance Journey Details Packaging Basis Of valuation Per Sending Limit (Rs) (PSL) Limit Per Location (Rs) (PLL) Estimated Annual Sum Insured (Rs) MARINE INLAND OPEN DECLARATION POLICY 2001/MQ-201901 11/240233/00/000 25/Jan'2017 HERAEUS TECHNOLOGIES INDIA PVT LTD Gurgaon OTHERS: Pharmaceutical Excl Temperature variation cargo DIRECT ETRGIB (IM-536116) From 25/an/2019 00:00 To 24/Jan/2020 23:59 HARYANA HARYANA Air Rail Road Courior From:Anywhere in India To:Anywhore in India Corrugation box * Shrink wrap Packing Invoice Value+ 10% 30,000,000 30,000,000 200,000,000 HSiiminsured (RS [Al New Bone Cements & Medical |190,000,000 equipments os 7 GST Exemption No Exemption [Computation of Intormediary Storage —_|1. No.of Days : 15 Location 2. Intermediary Location Transporter Warehouse Net Premium = 77,188 [Total Premium 91,082 [Premium value mentioned above is inclusive of taxes applicable Stamp duty should be collected upfront (Clauses Slike Riots Commotion Clause =H Institute Chemical ,Biological, Bio chemical Electromagnetic Weapons and Cyber attack Excusion Clause = 01/11/9002, institute Radio-Active Contamination Exclusion Clause - 11/2002 Page 1 of 4 2001/MQ-20190111/240233/00/000 @Prcict@rombard Limit per location PLL Notwithstanding anything {0 contrary ‘contained In this contract Companys liabilly in rospoct of fany one aceident or series of accidents arising from the lsame event in any one location shall not exceed the, ‘amount as specified in the schedule of the policy This ‘donates accumulation of all shipments at any one place at lany one lime eg Intermediate storage carriers or other igodowns at the port awaiting shipment and similar places If [Such accumulations do take place exceeding the location limit unless prior notice is given fo the company suitable lamendments have been made in the policy condition of average will be applicable at time of claim, Limit per Sending PSL Notwithstanding anything to contrary [contained in this contract the limit ofthe insurer lability in ‘respect of any one accident or series of accidents arising from the same event shall not exceed the amount as specified in the schedule of the policy Shipment values fexceeding this lim unless prior notice is given to the lcompany suitable amendments havo been mace in the insured wil be self insurer and for partial losses fi ‘applicable at time of claim _ |Subject to Open Policy Clause ansit Clause (Rail or Road) A-All Risk |Cargo Termination of Storage in Transit Clause - 2004 |Cargo Termination of transit Clause (Terrorism) - 2004 _| {he declaration for the cargo should be given on or before the 15th of every month. Insitute Strike Clauses (Air Cargo) 01/01/1982 Institute Strike Cancellation Clause (Air Cargo) lo1sovs982. |SRCC Cancellation Clause |Stike, Riots Commotion Clause The intermediate storage cover provided under the policy, notwithstanding anything contained herein fo the contrary is, lexlended to include a furthor period of 16 days whilst the igoods are lying in the Transporter Warehouse, beyond the Period defined in duration clause against fre and allied perils (as per All india Fire Tariff 2001) and burglar Icargo Specific Warrantios __|water proof material to avoid ingress of Excess 0.50 % of Whole Shipment Value subject to minimum of a INR 10000.00 a [Warranties For imported shipments purchased on CIF basis where the risk ie originating from any Indian port the coverage will bo [as per ITC B. 7 tis warranted that ithe weight of the cargo exceeds than Registration Laden woight Licensed Carrying Capacity of Ihe vehicle as mentioned in the Registration Certificate of lhe Vehiote than any loss or damage arising out of such lransitis not covered under the above mentioned policy Warranted that goods are transported in closed wagons, land or irucks ta be covered with tarpaulin or any other ater In case of non-avaliabilty of racovery rights andor during personal carriage of goods, the claim would be settled at non standaid basis (75% basis) Unexplained shortage/shortage out of sound packaging are not covered under the scope of the policy. _ IMode of transit wil be: Air, Rail, Road, Courier, Registered Post [Excess for intermediate Storage: 5% of the claim amount Subject to minimum of INR 26,000. Page 2 of 4 Aicic1G.ombard 2001/MQ-20190111/240233/00/000 Warranty that Paley Covered below transite, Domestic [Sales2. Domestic Purchase3. Intordopot Movement (Stock [Transfor) Pair and set clause: Where any item insured under this policy consists of articles in a pair or sat, the Companys liablity shall not exceed the value of any particular part or parts which may be lost or damaged without reference to fany special value which such articles may have as part of such pair or set and in any event not more than a [proportionate part of the insured value of the pair or set. Institute Replacement clause: In the event of loss or |damage to any part or parts of an insured machine caused Iby.a peril covered by the Policy, the sum recoverable shall Inot exceed the cast of replacement or repair of such part or [pats lus charges for forwarding and refting,f ncured, [but excluding duty unless the full duty is included in the lamount insured, in which case loss, i any, sustained by payment of additional duty shall also be recoverable. [Excluding Chipping, Denting, Scratching, Internal breakdown, Electrical & Mechanical derangement losses lunless accompanied by external physical damage on the packing. Warranty that Sales return is covered for INR 5 lac under ITC B Coverage and basis of valuation will be market value Quote Validity: 30 days from quote date, Quote is liable to change with change in info. Undertaking: le hereby confirm thatthe particulars ofthe prospecttisk mentioned in this quotation are those provided by melus fo ICICI Lombard General Insurance Company Limited (Insurer) for the purpose Pfrine requested risk coverage, 1We further confirm that tho derivation of the premium in the Quotation is in accordance with the risk coverage required by us from the Insurer. liWe also “inderstand that the copy of this quotation duly signed by me shall forall purposes be treated as ‘nyfour proposal for Ingurance and the required insurance policy shall be issued by the Insurer on {he basts of the delalls as mentioned in this quotation Note: Coverage of risk is subject to realization of premium by the Comp {he Boley wil eommenee only on realization of full premium, recelpt of complete reports (wherever applicable) and subject to underwrling approval by the Company. In case premiums nol realized by the company due to any reason, company shall nol be on cover and contact of insurance shall Dé treated ae void ab-intlo. Excess payment, if any, will be refunded without any interest on receipt of required documents as necessary or will be utilized in future policy issuance. We further undertake that (a) that insurance charges on the shipment in question have to be borne by us in termg of contract with overseas buyer and that he fe not making the payment on behalf of ‘ty noresident or (b} that we are defraying insurance charges on the shipment in question on ‘account of overseas buyer of the goods and we undertakes to add the amount on tho invoice and ‘ecover the payment so made from the buyer in an approved manne. Insurance coverage under glam Exporenco faors faove 2015 [2016 [2017 ear - [claim Experience [0.00 0.00 Joo lo.00 fo.00 lAmount [Promium Amount [10.00 {10.00 10.00 {10.00 10.00 [client emai td IPAN no/TAN no Name [Designation ASP Pager = alt Toray (Contact Number IF 39879 29 [Signature @rcict@tombard 2004/MQ-20190411/240233/00/000 ea Lone STATUTORY WARNING PROHIBITION OF REBATES Section 41 ofthe Insurance Act, 1838 as amended by the Insurance Laws (Amendment) Act, 2015 11) No parson shall sllow or offer to allow, either directly or indirectly as an inducement to any person] take out o* renew or continue an insurance in respect of ary kind of isk relating to ves property. in ini ary’ rebate ofthe whole o part of Ue commission payable ot any rebate ofthe Premmiut shown on tke policy. nor shall any porson faking out or renewing or continuing 8 Policy eccept aay rebate, except such rebate 2% may be allowed in accordance with the published prospectuses or iables of the Insurer. Bi

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