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The below listed information is only a summary* of the full Marine Open Cargo Policy written for the account of Seel, Inc, which is effective from January 1, 2024 - January 1, 2025. Coverage is secured via Symphony Management Ltd. through Aria Ltd., and policy number 120-2. All Insurance coverage is subject to the full terms and conditions of the policy.
*This summary is provided as a matter of information only and confers no legal or contractual rights upon the recipient. This summary does not amend, extend or alter the coverage, terms exclusions and conditions afforded by the policy referenced herein.
Coverages Provided
The Insured may purchase transactional insurance (per shipment basis) for packages shipped via the modes specified in this Policy.
Perils Insured
All risks of physical loss of or damage from any external cause irrespective of percentage, except such risks as are excluded by the Paramount Warranties or other clauses in this Policy.
Delay as defined by the Policy, except Delay arising from such risks as are excluded by the Paramount Warranties or other clauses in this Policy.
Geographical Limits
At and from ports and/or places in the world to ports and/or places in the world, subject to the Policy’s U.S. Economic and Trade Sanctions Clause and the following geographical limits:
This Policy does not cover shipments to, from or domestically within Afghanistan, Iran Iraq, Libya, Somalia, Sudan, Syria or Yemen.
Valuation
Insured goods shall be valued at the amount of the invoice, excluding taxes, charges and freight.
Limits of Liability
Limits of Liability for Loss or Damage
Limit of Liability for Delay
Any one package or shipment: USD $10.00
Limit of Liability for Loss, Damage and Delay—Any One Vessel or Conveyance
Any one vessel or conveyance: USD $250,000
GOODS INSURED
Subject to the terms, conditions and limits of this Policy, this Policy is intended to cover shipments of lawful goods:
1. for which the Insured is the shipper;
2. shipped by or to others for the Insured’s account or control where the Insured has an insurable interest; or
3. shipped for the account of others on which the Insured has received instructions to include for coverage under this Policy. Instructions must be given in writing prior to transportation and prior to any known or reported loss or accident.
The following goods shall be excluded from coverage unless endorsed:
· Automobiles and motorcycles;
· Boats and yachts;
· Live animals;
· Cash;
· Lumber;
· Ceramic, marble or granite tiles, slab blocks countertops or statues;
· Negotiable papers;
· Cigarettes and other tobacco products;
· Raw cotton;
· Pharmaceutical drugs;
· Fine arts (valued in excess of $10,000 per piece);
· Precious stones and metals;
· Flowers;
· Scrap metal, steel metal and steel metal products; automotive engines; general used automotive merchandise made of metal;
· Glass windows, plate glass and similar goods;
· Securities.
REQUIREMENTS FOR NOTICE OF LOSS, DAMAGE OR DELAY
1. In general. In the event of any loss, damage or delay or event which may lead to a claim under this Policy, the Insured must give prompt notice to the Insurer and in all events no later than 90 days following the order date for the goods or such shorter period of time for notice as required under this Policy.
2. Loss due to non-delivery. Where goods are presumed to be lost because the goods were not delivered, the Insured must report the loss to the Insurer no later than 30 days following the date on which the goods were shipped for domestic shipments or 60 days following the date on which the goods were shipped for international shipments.
3. Damage. Damage to goods must be reported to the Insurer no later than 15 days after the delivery date of the goods.
4. Delay. Delay in the delivery of goods must be reported no later than 15 days following the date on which the goods were shipped for domestic shipments or 30 days after the date the goods were shipped for international shipments.
HANDLING DAMAGED GOODS
It is agreed that in the event of damage to insured goods, the Insured shall:
1. retain control of all damaged goods;
2. consult and allow the Insurer to inspect any damaged goods before any disposal or sale of the damaged goods; and,
3. when practical, recondition and sell such goods after removal of all brands and trademarks, the Insurer being entitled to the proceeds from such sale.
It is further agreed that when both the Insured and the Insurer concur that the disposal or sale of such damaged goods is detrimental to the
Insured’s interest (or when the Insured will be unable to sell or dispose of such damaged goods under their agreement with any trade associations), such damage will be treated as a constructive total loss, and the goods will be destroyed in the presence of a representative of the Insurer.
Subrogation
Upon our payment of your claim, all of your rights and remedies against other parties with respect to your Loss will be subrogated to us. We may receive or pursue any amounts recovered or recoverable from those parties. You cannot waive these rights against another party. For the avoidance of doubt, Seel, Inc., the Insurer, is the sole payor of any and all payouts associated with this product and the Insured is to contact the Insurer directly per the applicable Policy.
All insurance coverage is subject to the full terms, conditions and wording of Marine Cargo Policy in the name of Seel, Inc.