Marine

Marine cargo insurance encompasses the following areas:

• Export and import shipments by ocean-going vessels of all types,
• Coastal shipments by steamers, sailing vessels, mechanised boats, etc.,
• Shipments by inland vessels or country craft, and
• Consignments by rail, road, or air, as well as items sent by post.

Marine insurance is crucial in both domestic and international trade. Most sales contracts stipulate that goods must be insured against loss or damage by either the seller or the buyer, depending on the terms of the sale contract. This contract involves mainly the seller and the buyer, along with other parties such as carriers, banks, and clearing agents.

Marine Cargo Insurance Specific Voyage Policy

Marine Cargo Insurance Open Cover – Declaration Policy

An open policy, also known as a "floating policy," is designed to cover all shipments within its scope in general terms. It is particularly beneficial for large export and import firms that make frequent shipments, as it eliminates the need to obtain insurance separately for each shipment. Without this coverage, an oversight could result in a shipment remaining uninsured, and any loss would fall on the insured party. Therefore, firms with regular shipments often opt for an open cover, which provides automatic coverage for all shipments under its terms. This policy is typically issued for 12 months and is renewable annually.

Marine Cargo Insurance Annual Turnover Policy

All transits to achieve a sale are covered under Marine Cargo Insurance Annual Turnover Policy.

A flexible Marine Cargo Insurance Policy covers the insurable risks associated with the seller's transit of goods. The sales turnover policy addresses gaps in coverage, eliminating the need to declare consignments under each insurance policy and pay premiums for each. This policy can extend to cover the movement of raw materials, semi-finished, and finished goods between the insured's premises and their job worker's locations across India.