Increased Value Insurance

This Insurance is on increased value by reason of market value of the goods at destination on the date of landing being higher than the CIF and duty value of the cargo and is subject to the same clauses and conditions as the Insurance on CIF value of cargo, and to pay 75% of the actual loss suffered in the market or realizable value of cargo not exceeding 75% of the sum insured because of operation of any of the perils insured against, after taking credit for claims recovered under the basic cargo (CIF value) and duty Insurance for the cargo. This Insurance shall, however, not pay any part of GA contribution or salvage charges arising from any casualty whatsoever. Increased value Insurance shall not be granted for more than 100% of the CIF value of the cargo, except in exceptional circumstances.

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