~ RAHEJA QBE GENERAL INSURANCE COMPANY LIMITED

RAHEJA
QBE
Marine Cargo Insurance - Sales Turnover Policy

WHEREAS THE ASSURED named in the Schedule hereto has applied to Raheja QBE General Insurance
Company Limited (hereinafter called the `Company') for the insurance mentioned and described hereinafter
and has made a written Proposal and Declaration which shall be the basis of this contract and is deemed to be
incorporated herein and has paid the premium as consideration for such insurance.

THE COMPANY HEREBY PROMISES AND AGREES with the Assured, their Executors, Administrators and
Assigns that the Company insures against loss, damage, liability or expenses subject to the Clauses,
Endorsements, Conditions and Warranties contained in the Schedule

Schedule

Policy No:

Agent’s Name and Code:

Assured:

Mailing Address:

Period of Insurance: To take all shipments where transit commences between dd/mm/yyyy to dd/mm/yyyy
(both days inclusive) unless cancelled previously by either side as per Cancellation
Clause herein or Sum Insured being exhausted by declarations, whichever is earlier.

Interest Insured: Raw Materials

Semi-finished goods
Finished goods

Packing: All goods must be suitably packed and/or protected as befits the type of goods and
the transit to be undertaken.

Conveyances: By Road &/or Rail &/or Air &/or Ocean Going Vessels as per Institute Classification
Clause-1/1/2001&/or Courier &/or Post Parcel &/or Inland Vessel

Voyage/Transit:

Inputs/Raw Materials: From anywhere in World including raw materials procured from domestic market to
Assureds` Factory at …….. for the purpose of Storage & Processing.

Semi- Finished Goods: From the Assureds` Factory at …… to various Job Workers` Premises situated
anywhere in India for the purpose of ……………………………

Finished Goods: From Job Workers premises to Central Warehouse of the Assured in ……..

Final Dispatch: 1. Central Warehouse of the Assured in ……………..

Raheja QBE General Insurance Company Limited

Windsor House, 5th Floor, CST Road, Kalina, Santacruz East - 400 098
Telephone: +91 22 4231 3888 Facsimile: +91 22 4231 3777

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2. Central Warehouse of the Assured in ……….. to anywhere in the world
3. From Central Warehouse of the Assured at ……………… to any Indian
Port/Airport until placed on board the overseas vessel/aircraft as per
FOB clause & thence extended to cover the risks of Seller’s Interest
during ocean voyage / Air flight until discharge of the subject matter at
the final port of discharge.

Excluding shipments to and from prohibited countries as identified by

United Nations &/or Government of India.

Basis of Valuation: Inputs: Import: CIF + 10% & Duty, if any, on actual basis as per
attached Duty Insurance Clause.
Domestic/Local: CIF + 10%
Semi- Finished Goods: Cost of Procurement + actual expenses incurred before loss
or Value Addition or STA + Value Addition or actual expenses
incurred before loss.

Finished Goods: STA + Value Addition or actual expenses incurred before loss

Sales Price less incurred expenses. (For Finished Goods at Central

Warehouse/ Godowns / Factory prior Final Dispatch)
Final Dispatch
(In course of Transit): Domestic Sale: Final Invoice Value + 10% &
Export: CIF value + 10%
FOB + 10%/ C& F + 10%

Return / Rejected Goods/

Cargoes: As may be agreed prior to the attachment of the risk/s.

Limits (Cargo in course of Transit): Rs per Vessel/Aircraft

Rs per Road/Rail Conveyance
Rs per Courier/Post Parcel
Rs per Location (in course of transit)

Limits (Static Risks): Named Locations:

Unnamed Location:

Insuring Terms: Physical loss or damage to the subject matter insured subject to:

For Sending by Sea &/or Road &/or Rail &/or Inland Sailing Vessel
Institute Cargo Clauses-A
Institute War Clauses-Cargo
Institute Strikes Clauses-Cargo

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Inland Transit (Inland Vessels) Clause - A
Cargo ISM Endorsement
Cargo ISM Forwarding Charges Clause
Institute Cyber Attack Exclusion Clause
Termination of Transit Clause (Terrorism)
Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical, Electromagnetic
Weapons Exclusion Clause
Inland Transit (Rail or Road) Clauses-A
Strikes Riots and Civil Commotion Clause
Special Contract or Private Carrier Warranty

For Shipments/Sending by Aircraft:

Institute Cargo Clauses (Air) (excluding sendings by Post)
Institute War Clauses (Air Cargo) (excluding sendings by Post)
Institute Strikes Clauses (Air Cargo)
Institute Cyber Attack Exclusion Clause
Termination of Transit Clause (Terrorism)
Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical, Electromagnetic
Weapons Exclusion Clause

For Sendings by Post:

Institute Cargo Clauses (A)
Institute War Clauses (sendings by Post)
Institute Strikes Clauses (Cargo) or Institute Strikes Clauses (Air Cargo) as appropriate
Parcel Post Insurance (All Risks) Clause.
Institute War Clauses (sendings by post) - 1/1/82
Institute Strikes Clauses (Cargo) - 1/1/82
Institute Cyber Attack Exclusion Clause
Termination of Transit Clause (Terrorism)
Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical, Electromagnetic
Weapons Exclusion Clause

WARRANTIES, OTHER CLAUSES & EXCLUSIONS (ALSO REFER TO LIBRARY OF CLAUSES)

1. Special Contract or Private Carriers Warranty

The liability of the Company shall be limited to a maximum of 75% of the assessed loss where the
Consignment Note is issued limiting the liability of the Common Carriers, as defined in the Carriers Act of
1865, in any respect by Special Contract duly signed by the Consignor, Consignee or by the duly

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authorized representative, Agents OR where the Consignment Note is issued by a Private Carrier or Freight
Broker OR the vehicle belongs to the Assured(s).

This warranty would not apply where loss or damage has occurred whilst the goods are not in the custody
of the Carriers.

If subject matter dispatched is carried by own vehicle or private carriers/other modes of

transportation where the Insurer may not have recovery rights, claims in respect of such dispatches
shall be paid to the extent of 75% of the Assessed Loss and the balance 25% of the Assessed Loss
shall be borne by the Insured.

2. Courier Dispatch Warranties

"Warranted the Assured, Consignor, Consignee and/or their Agents/Associates/Clearing Agents or

Suppliers, as applicable, will not contract out with the courier allowing the courier to restrict its liability to
any amount less than the statutory liability of a common / road, rail, air or sea carrier, whichever mode
adopted by the courier.

Breach of the above warranty would entitle the Insurer to settle claims for a maximum of 75% of the
assessed loss OR deduct the maximum limit of liability of the respective carrier, recovery of which is
prejudiced, at the option of the insurer.

The above warranty would not apply in the following cases:

(a) where the value of the consignment is less than Rs 50,000 (Rupees Fifty thousand)
(b) where the Waybill is counter signed as above but the document incorporates the provisions of the
applicable Carriers Act such as Carriers Act of 1865/Railways Act/Carriage of Goods by sea and / or Air
Act etc
the Assured, Consignor, Consignee and/or their Agents/Associates/Clearing Agents or Suppliers, as
applicable, IF NEED BE to sign the Waybill or any other document issued by the Courier company and/or
their Agents/Associates only in acknowledgment of receipt BUT NOT in agreement with the terms and
conditions printed thereon regarding liability of the Courier.

3. Non-Delivery Clause

Shipments not delivered within 90 days after the original estimated date of delivery, and not possible to
locate, shall be deemed as non-delivered. Should such a shipment be found and delivered, the Insured
agrees to a readjustment of the claim

4. Institute Replacement Clause-1.1.34

In the event of loss of or damage to any part or parts of an insured machine caused by a peril covered by
the Policy the sum recoverable shall not exceed the cost of replacement or repair of such part or parts plus
charges for forwarding and refitting, if incurred, but excluding duty unless the full duty is included in the

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amount insured, in which case loss, if any, sustained by payment of additional duty shall also be
recoverable.

Provided always that in no case shall the liability of Underwriters exceed the insured value of the complete
machine.

5. Used &/or Second Hand Clause

It is hereby understood and agreed that the insured used &/or second-hand goods are insured by Special
Clauses (C) For Air Cargo and/or Institute Cargo Clauses (C) &/or Inland Transit (Rail or Road) Clause-B
(Basic) as attached including Washing Overboard plus Theft, Pilferage and Non-Delivery and subject to
Second Hand Replacement Clause as attached.

Or

Underwriters will cover the risk/s on All Risks terms provided always that the following conditions being met;
the above cover limitation shall not apply:

a) Pre-dispatch/Pre-shipment Survey is undertaken by a Marine Surveyor nominated by the Underwriters

at the Assured's expense.
b) The Surveyors nominated by the Underwriters will report on general conditions of the subject matter
with particular reference to rust, oxidation, discoloration, chips, dents, scratches and damage to paint
work and the present condition of the machinery, its present value and where applicable Market Value
of identical new machinery.
c) The nominated Surveyor will discuss, agree and report on the packing, stow and lashing of the subject
matter and where applicable the method of loading shall be discussed and agreed with the Carriers`
Representatives and the Assured.
d) The Report is to be submitted and accepted by the Underwriters, not less than 72 hours prior to
discharge from the carrying conveyance.
Subject to ------% deductible on the consignment value each and every loss.
Subject to Second Hand Machinery Replacement Clause
Excluding pre-existing loss, damage & faults.
Excluding rust, oxidation & discoloration from any cause.
Subject to Mechanical, Electrical & Electronic Derangement Exclusion Clause as attached.

6. Second Hand Machinery Replacement Clause

In the event of a claim for loss or damage to any part or parts of the interest insured in consequence of a
peril covered by the Policy, the amount recoverable hereunder shall not exceed such proportion of the cost
of replacement of the part or parts lost or damaged as the Insured Value bears to the value of a new
machine plus additional charges for forwarding and refitting the new part or parts if incurred.

Provided that in no case shall the liability of Underwriters exceed the insured value of the complete article.

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7. Mechanical, Electrical & Electronic Derangement Exclusion Clause

Excluding loss or damage due to mechanical, electrical or electronic derangement unless there is evidence
of external derangement to the insured item or its packing.

8. Rust, Oxidation & Discoloration Exclusion Clause (ROD Exclusion Clause)

Excluding Rusting, Oxidation and Discoloration unless caused by the perils insured under Institute Cargo
Clauses –B- 1/1/82.

9. Mould, Mildew & Infestation inclusion Clause

Including the risks of mould, mildew & infestation caused by identifiable, accidental, external means. Mould,
mildew & infestation caused by atmospheric exposure is not damage caused by accidental, external means and
shall hence not be under the scope of cover of the Policy

10. FOB Clauses

This insurance is extended to cover the interest insured until the goods are placed on board the ocean going
vessel or lash barges (including Sling Loss) or until expiry of two weeks after arrival of goods at the place of
storage at the port and / or docks awaiting shipment, whichever shall first occur".

Shut out cargo is held covered subject to prompt notice and on terms, conditions and rates to be agreed to by the
Underwriters.

11. Seller's Interest" Clause (Indian Wordings)

In respect of those exports sold on F.O.B., C&F. or similar terms and where the Assured are not obliged or
instructed to arrange insurance hereunder, the following shall apply:

a) This insurance is to cover the interest of the Assured as seller of goods in respect of those consignments
sold on “free on board” and “cost and freight” terms or similar tems dispatched on or after the
commencement date appearing in the Policy.
b) This Policy covers physical loss or damage to the cargo insured, subject to the terms and conditions of the
policy, to protect only the interest of the Insured mentioned therein. This insurance is not assignable to any
other person who may acquire insurable interest in respect of property insured excepting a banker operating
in India; any assignment other than as stated shall render the policy void.
c) Warranted that the Insured shall not change the terms of the contract of sale relating to goods insured
hereunder subsequent to the operation of a peril insured against for the purpose of securing indemnity under
this policy.
d) Warranted that the insured shall safeguard all contractual and other right against the buyers, carriers and
other parties concerned with the transactions and transport of the goods covered herein.
e) Warranted that the Assured must use all reasonable and usual care, skill and aforethought and take all
practical measures, including measures which may be required by the Insurers to prevent or minimize loss.
f) Warranted that the existence of this insurance is not to be disclosed to the buyer.

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g) No claim shall be payable hereunder if either the named insured or the buyer of the insured goods is entitled
to indemnification under any other policy covering the same goods, which may be in existence. Claims, if
any, is payable in Indian currency only.
h) Underwriters shall be subrogated to the Assureds’ rights and benefits against the buyer and/or buyer’s
insurers, and/or carrier(s) and/or other third parties.
i) This policy does not cover the risks which could be covered or which are insurable by the Export Credit
Guarantee Corporation.

12. Duty Insurance Clause

On increased value of cargo by reason of payment of duty at the port or place of destination.

Subject to the same clauses and conditions as cargo insurance and to pay the same percentage of loss
(excluding charges and expenses) as may be paid thereon, but excluding claims in respect of total loss of whole
or part of cargo and /or General average, Salvage and/or Salvage Charges arising prior to the Duty becoming
payable.

In ascertaining the amount of the claim recoverable hereunder, credit shall be given for any rebate or refund of
duty which may become allowable.

13. Concealed Damage Clause

Subject to the terms and conditions of this insurance, in the event of delay in opening containers, cases or other
packages at the Assured’s premises loss of or damage to the subject-matter insured discovered on opening shall
be deemed to have occurred during the currency of this Policy and shall be recoverable hereunder unless
conclusive proof to the contrary be established by Underwriters. Any container and/or case and/or package
showing signs of damage shall be opened immediately on arrival at final destination.

The period under this extension is limited to 30 days after arrival at final destination.

14. Airfreight Replacement Clause

Where there is loss or damage which is the subject of a claim recoverable hereunder and the Assured considers
it necessary to forward replacements by air Underwriters agree to pay the reasonable costs so involved
notwithstanding that the original consignment was not dispatched by air.

In no case shall Underwriters be liable under this Clause for more than the original insured value of the subject-
matter insured or Rs 5,00,000/- whichever the lesser.

15. Delay Exclusion Clause

Warranted free of claim for loss of market or for loss, damage or deterioration arising from delay, whether caused
by a peril insured against or otherwise.

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16. Contributory Clause (General Average & Salvage)

For the purpose of claims for General Average Contribution and Salvage Charges recoverable hereunder,
the goods insured/the subject matter insured shall be deemed to be insured for their/its full contributory
value

17. Labels/Packaging Clause

In the event of loss or damage affecting labels, capsules, wrappers or packaging, by an Insured Peril, our liability
will not exceed the cost of new labels, capsules, wrappers or packaging and the cost of re-labeling and packaging
and reconditioning the Goods.

18. Interests Carried On Deck Clause

Cover in respect of Interests carried On Deck in a container which is not fully structurally enclosed such as an
open top container, a flat rack container, an open sided container or a tarpaulin covered container; shall be in
accordance with the Institute Cargo Clauses (C)-1.1.82.

19. Inspection of Records Clause

The Company or a person appointed by the Company may examine the books and records of the Assured as far
as they relate to the subject matter of this insurance at any time while this insurance is in force and for twelve
months after termination.

20. Insolvency Exclusion Clause

The exclusion 4.6 clause “loss damage or expense arising from insolvency or financial default of the owners,
managers, charterers or operators of the vessel” is amended to read as follows:

“In no case shall this insurance cover loss damage or expense arising from insolvency or financial default of the
owners managers charterers or operators of the vessel where the Assured are unable to show, prior to the
loading of the subject-matter insured on board the vessel, all reasonable practicable and prudent measures were
taken by the Assured, their servants and agents, to establish the financial reliability of the party in default.

STATIC RISKS ENDORSEMENT (NOT IN COURSE OF TRANSIT)

It is hereby agreed and declared that this endorsement covers raw materials, semi-finished goods/work in
progress & finished goods whilst stored at all Storage Locations owned by the Assured &/or taken on lease
&/on hire, including Factory &/or Processing Units, Job Workers` Premises &/or Sub-Contractors` premises
against All Risks of physical loss or damage from any external cause subject to following terms, conditions,
warranties and exclusions:

EXCLUSIONS:

1. Goods at Retail Premises

2. Insured property/properties in the open or outbuilding.

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3. theft or dishonesty committed by or in collusion with any principal, shareholder (beneficial or otherwise),
partner, director or other officer or any employee of the Insured, or any person to whom insured
property is entrusted or loaned.

4. Any Property other than the subject matter insured.

5. The amount of the deductible stated in the Schedule for each and every loss.

6. Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any
kind or description whatsoever or any legal liability.

7. Any claim arising out of any contractual liability.

8. Loss resulting from dishonesty fraudulent action trick device or other false pretence.

9. Loss resulting from unexplained or mysterious disappearance or shortage discovered on taking

inventory, misplacing or misfiling of information or clerical or accounting errors.

10. Loss or damage to goods and merchandise caused by or resulting from misappropriation, secretion,
conversion, infidelity or any dishonest act on the part of the Assured or other party of interest, his or
their employees or agents.

11. Damage to property as a result of its undergoing any process of manufacture, conversion,

12. treatment & like.

13. Theft which does not involve forcible and violententry to or exit from a building.

14. Acts of terrorism committed by a person or persons acting on behalf of or in connection with any
organization.

15. For the purpose of this exclusion “Terrorism” means the use of violence for political ends and includes
the use of violence for the purpose of putting the public or any section of the public in fear

16. Pressure waves caused by aircraft or other aerial devices traveling at sonic or supersonic speeds.

17. Spontaneous Combustion

18. Any loss or damage to insured properties arising out of repairing or alteration or expansion of storage
location/s.

19. Earthquake,Volcanic eruption or other convulsions of nature

20. Any exclusions under RACE Clause as attached.

21. Loss or damage occasioned by or through or in consequence of Subterranean Fire.

22. loss or damage or liability directly or indirectly occasioned by, happening through or in consequence
of war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war,
rebellion, revolution, insurrection, military or usurped power.

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23. Loss or damage caused by or resulting from confiscation, nationalization, requisition or destruction of or
damage to property by or under the order of any government or public or local authority.

24. Loss or damage arising directly or indirectly from nuclear reaction, nuclear radiation or radioactive
contamination, however such nuclear reaction, nuclear radiation or radioactive contamination may have
been caused.

25. Loss or damage directly or indirectly caused by or arising from or in consequence of or contributed to
by nuclear weapons material.

26. Loss, destruction or damage caused to the insured property by pollution or contamination

27. Interruption in the manufacture consequent upon stoppage of Power Supply or Electrical or mechanical
fault or breakdown or derangement of plant, machinery/ies or equipments howsoever caused.

28. Violation of Law or regulations.

29. Any loss or damage to insured properties during installation and dismantling of plant, machinery or
equipment.

30. Inherent vice, latent defect, gradual deterioration, wear and tear, frost, change in water table level, its
own faulty or defective design or materials.

31. Corrosion, rust, wet or dry, rot, contamination, shrinkage, evaporation, loss of weight, dampness,
dryness, marring, scratching, vermin or insects, moth, change in temperature color flavor texture or
finish.

32. Loss or damage attributable to any fault, neglect or defect in the manufacturing process &/or packing
materials &/or other materials used.

33. Loss or damage to raw materials, work in progress/semi or finished goods/merchandise directly or
indirectly arising out of absence or shortage, withholding or withdrawal of labor of any description
whatsoever under any circumstances

CONDITIONS & WARRANTIES

Endorsement Voidable
This Endorsement shall be voidable in the event of misrepresentation, misdescription or non disclosure in
any material particular.

Fraud
If a claim is fraudulent in any respect or if fraudulent means are used by the Insured or by anyone acting on
his behalf to obtain any benefit under this Endorsement or if any damage is caused by the willful act or with
the connivance of the Insured all benefit under this Endorsement shall be forfeited.

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Stock Records
The Insured/Assured must keep an accurate record of all goods and merchandise covered under this
Endorsement. These records must be available for inspection by the Underwriters or their representatives in
the event of a claim or any time during business hours as long as this Endorsement remains in force and for
12 months thereafter. Property not recorded in these records is not covered under this Insurance.

It is further agreed that Assured/Insured will report to Company or its agent not later than the fifteenth (15th)
day of each month the total value of all goods and merchandise at risk on the last day of the preceding
calendar month at each location.

No Benefit to Bailee
This Endorsement will not work in any way to the benefit of any bailee or any person to whom insured
property is entrusted for storage/handling.

Due Diligence
The Insured must take all reasonable care and measures to protect the insured goods and merchandise
against Damage.

Notice and Proof of Loss

In the event of loss or damage that may give rise to a claim under this Endorsement notice is to be given to
the Underwriters as soon as reasonably possible and to the police if a crime is suspected.
In the event of loss or damage to the insured property the Insured must give the Underwriters such relevant
information and evidence as may reasonably be required and co-operate fully in the investigation or
adjustment of any claim.

Duration & Cancellation

This Insurance attaches on all goods and merchandise as mentioned above contained in the Warehouses &
other locations approved by this Company on or after dd/mm/yyyy. It is hereby declared and agreed that in
the event the Policy to which this endorsement relates is cancelled, coverage under this endorsement shall
automatically terminate as of the effective date of such cancellation.

Claim
Admissible Claims, if any, under this Endorsement would be adjusted as per the `Basis of Valuation` as
stated above or as stated in the Policy.

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Limit of Liability
The liability of this Company under this endorsement in any one loss or casualty in respect of goods or
merchandise insured hereunder shall not exceed the limit of liability as specified in the schedule of
approved Warehouses/Storage locations/other locations included in this endorsement or amendments
thereto.

Reinstatement of Sum Insured

Sum Insured under this Endorsement shall stand reduced by the amount of loss paid unless pro-rata extra
premium is paid to reinstate the Sum Insured.

Observance of Terms & Conditions

The due observance and fulfillment of the terms, conditions and warranties of this Endorsement in so far as
they relate to anything to be done or complied with by the Insured shall be a condition precedent to any
liability of the Company to make any payment under this Endorsement.

Unoccupancy Clause
The insurance by this Endorsement will not be prejudiced in the event of any Processing Unit / Warehouse /
Godown and other locations remaining unoccupied for a period greater than 30 days, provided that in due
course the Insured or their agents give notice in writing to the Company and on demand pay such
reasonable additional premium as the Company may require.

Survey Warranty
It is warranted that a full survey be conducted by a Surveyor approved by the Company at any location
where the total value of raw material &/or semi-finished goods &/or finished goods exceed Rs 3, 00, 00,000.
The Assured must comply with all the recommendations of the Surveyor on risk improvement/loss
prevention within 30 days from the date of receipt of Survey Report along with the recommendations.

Watchman Warranty:
Warranted that the Insured shall employ a watchman to protect the premises at all times when the premises
are not actually open for business.

Fire Fighting Equipment Warranty

Warranted that the insured shall maintain all fire extinguishing appliances in efficient working order.

Average
This Endorsement is subject to average and in the event of the sum insured at the time of the loss being
less than the total value of the insured interest; the Assured shall only be entitled to recover such proportion
of loss as the sum insured bears to the total value.

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Double Insurance
If at the time of any loss or damage happening to any property hereby insured there any other subsisting
insurance or insurances, whether effected by the Insured or by any other person or persons covering the
same property, the Company shall not be liable to pay or contribute more than its ratable proportion of such
loss or damage.

Subrogation
The Insured under this Endorsement shall at the request and expense of the Insurer take and permit to be
taken all necessary steps for enforcing rights against any other party in the name of the Insured before or
after any payment is made by the Insurer.

Time Limitation:
Admissible Claims, if any, under this Endorsement need to be reported to the Insurer within 3 months from
the date of cancellation/natural expiration of the Policy.

Arbitration

If any difference arises as to the amount to be paid under this policy (liability being otherwise admitted) such
difference shall be referred to an arbitrator to be appointed by the parties in accordance with statutory
provisions (Arbitration and Conciliation Act, 1996).

Where any difference is by this condition to be referred to arbitration the making of an award shall be a
condition precedent to any right of action against the insurer

List of Named Locations:

Name of the
Sl. Interest Pin
Warehouse/ City Disctrict State Address Value at risk
No. Covered Code
Processing

Excess/Deductible
Transit Risks: each & every loss
Static Risks: each & every loss

Rate :

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Estimated Annual Sum :

Initial Sum Insured :

Premium :

Service Tax :

Stamp Duty :

Co-Insurance :

Overage Penalty Clause:

Additional premiums payable in respect of overage vessels shall be as follows:

For vessels up to 15 years Nil
For vessels over 16 years up to 20 years Nil
For vessels over 21 years up to 25 years Nil
For vessels over 26 years up to 30 years ……%
For vessels over 31 years Coverage excluded

Declaration Clause & Premium Adjustment Clause:

This is a Sales Turnover Policy whereby the Premium has been collected or is chargeable only upon the
Annual Sales Turnover of the Assured which includes Domestic and Export Sales.
It is agreed that the Assured will declare their Sales Figure on Monthly/Quarterly/Half Yearly basis as per
agreed format.

The Assured is authorised to issue and sign Certificates of Insurance pertaining to both Import & Export
Shipments/Consignments subject to the terms and conditions of this Policy. It is agreed that only authorised
representatives of the Assured shall sign such certificates.

It is further agreed that the Policy would be adjusted (downwards only in view of premium payment
regulations) on the basis of the final Sales Turnover achieved by the Assured, as evident in their final
accounts and/or by the Certificate/s issued to that effect by their Chief Executive Officer/Auditors. Any
excess premium collected by the Company, as ascertained on adjustment would be refundable to the
Assured.

In addition to the above, the Assured has to ensure adequacy of Sum Insured at all times.

Cancellation Clause :
This contract may be cancelled by either the Company or the Assured giving 30 days notice in writing to
take effect from the midnight of the date of notice but risks covered by Institute War Clauses may be
cancelled at seven days notice and risks covered by the Institute Strikes Clauses / Strikes, Riots, Civil &

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Commotions Clause-Inland Transit may be cancelled at seven days notice, or at forty-eight hours notice
in respect of shipments to or from the United States of America. Notice shall commence from midnight of
the day when it is received but cancellation shall not apply to any risks which have attached in accordance
with the cover granted hereunder before the cancellation becomes effective.

Important:
The Institute Clauses referred to herein are those current at the inception of this contract but should such
clauses be revised during the period of this contract, and provided that the Company Shall have given at
least 30 days notice thereof, then the revised Institute Clauses shall apply to risks attaching subsequent to
the date of expiry of the said notice.

Place of Issue
Signature

Date of Issue
Authorized Signatory

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