Cargo Insurance initially was governed by the All India Marine Cargo tariff effective from 31.3.1983 but subsequently it underwent changes fixing the basic rate for basic cover. But the process of acceptance changed over to the New Institute Cargo Clause (ICC) from 1.1.1982.
Our Marine insurance business was in line with that of the international market based on the recommendation of the United Nations Conference on Trade And Development (UNCTAD). This insurance subsequently became a Non-tariff business premium rates were quoted based on the availability of reinsurance arrangement.
Unlike other types of general insurance, marine cargo policies are freely assignable for which prior consent of the insurer is not necessary. Even a blank endorsement on the back side of the policy is sufficient for negotiation and so it is a negotiable instrument.