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Marine Insurance

Marine Insurance

With the growth of the economy and government taking various initiatives to promote manufacturing and trade; the movement of goods has increased both domestically and via import/export. In India, Marine Cargo Insurance provides coverage of goods during transit by various modes. Marine Cargo insurance offers the insured a great diversity of cover, however, most of the marine cargo coverage is standardized owing to the universal nature of the said contract.

Why is Marine Cargo Insurance important for you?

Cargo is prone to many perils while in transit, which may cause significant losses to the traders/manufacturers. When the goods are transported from one place to another via sea, air or any other mode of transport; any unforeseen circumstance can lead to partial or complete damage of goods. During sea transit goods are also subject to General Average Losses which are covered in Marine policies.
Moreover, marine insurance companies help to avoid the uncertainty of recovery from carriers as well.

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.

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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.

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