Excess Under Marine (Cargo) Insurance
A business house has taken a domestic purchases marine cargo policy where it is specified that the transporter will receive the material from All Over India in parcel at Chandigarh and after that, the Transporter will make a full truckload and send it to the Insured’s warehouse. The Insured is declaring the consignment as it started from the consignor. A marine loss took place while the transporter was sending the goods after making a truck load of 5 consignments. The question arises which value of consignment should be considered for the excess, the excess would be applicable of the total consignment value in a truck irrespective of consignment value which has been damaged.