Types of Policies
Marine Cargo Open Insurance Policy
This marine insurance policy can be taken on an annual basis which covers any loss or damage to the insured goods during all transits via any mode of transportation. All risks as per Institute Cargo Clause and Inland Transit Clause are covered. There can be Open Declaration Policy and Sales Turnover Policy. These policies can cover both import and export apart from domestic transits.
Marine Cargo Specific Voyage Policy
If you have very few transits during the year, marine voyage policy or say Specific transit policy can be a suitable option. Here the cover is applicable only for a specified single transit (inland/import/export) as per Institute Cargo Clause and Inland Transit Clause.