ACE USA, the U.S.-based retail operations of the ACE Group, has released an updated marine open cargo policy that consolidates multiple coverage components into one form.
The updated marine open cargo policy incorporates several coverage endorsements in a single form, including standardized clauses, and has a single declarations page. All marine open cargo clients – from those who only ship a few times a year, to the multinational clients who ship hundreds of times a year – can now see an overview of their coverage and policy limits. Multinational will have access to ACE’s international network, with its ability to write local policies around the world, all of which are controlled by a single master policy.
Other features of the the updated marine open cargo policy include:
- Consistent policy language across all regions
- Clients of all sizes can see their limits on a single declarations page, which also contains all the variable text specific to each policy
- Marine Ocean Cargo Insurance Terms and Conditions standard form issued with all policies, and it contains two sections; Section I covers ocean cargo, and Section II covers inland transportation
- Simple conveyances clause, which includes the vessel classification wording directly in the form
- Combined warehouse-to-warehouse and marine-extension clauses
- Paramount warranties clause within the policy form, which incorporates: the formerly separate American Institute of Marine Underwriters (AIMU) Extended Radioactive Contamination Exclusion Clause; Radioactive Contamination Exclusion Clause; AIMU U.S. Economic and Trade Sanctions Exclusion; and AIMU Chemical, Biological, Bio-Chemical, and Electromagnetic Weapons Exclusion
- Clauses for difference in conditions, insufficiency of packing, and appraisal all added within the policy form
- If applicable to the policy, the warehouse schedule endorsement form, which covers goods when they are stored in a warehouse, is now attached to the policy pack and no longer requires an additional endorsement; enhancements specific to this form include:
- Clear coverage terms, including coverage related to catastrophe perils and deductibles
- Standardized schedule that is consistent in each policy, so policyholders know the limits, sublimits, and deductibles, by location
Insurance is provided by insurance companies within the ACE Group. ACE Commercial Marine, part of ACE USA, delivers insurance services for shippers, vessel builders and marine facility owner, covering clients ranging from multinational logistics provides with assets in ports worldwide to national boat manufacturers and small yacht clubs.
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