Marine Insurance

Marine Insurance is a type of General Insurance which covers the loss or damage of your cargo happens at the time of transit. The policy covers the damage of your shipment during the transit which arises due to events like crash, collision etc.

Who can insure?
To cover the value of the goods in transit, the marine insurance is taken by the owner of the goods or the bankers of the goods in transit/shipment.

Mode of Transport
Marine Insurance broadly covers the items send through the below modes.
Sea Transport – Covers the items transported as shipments through sea
Air Transport – Covers the items send as cargo via air modes
Land Transport – Covers the items send through road network

Benefits of Marine Insurance

Enhanced protection
Worry free business expansion
Cost effective coverage
Protects loss from different event types

What all can insure?
With Marine Insurance, you can be worry free, while you expand your business across boundaries. The insurance covers;

Export and import shipments
Goods in transit by rail, sea, road, air or post
Goods carried by coastal vessels plying between the various ports within the country
Cargo transported by small vessels or country craft over inland waters
Goods moved from place to place by river transport

The policy covers loss/damage to the property insured due to:

Fire or explosion; stranding, sinking etc.
Overturning, derailment (of land conveyance)
Collision
Discharge of cargo at port of distress
Jettison
General average sacrifice, salvage charges
Earthquake, lightning
Washing overboard
Sea, lake, river water
Total loss of package lost overboard or dropped in loading or unloading
War and SRCC is specifically covered

This policy is valid for a single voyage or transit. The policy will be issued before the voyage starts. The coverage will cease immediately on completion of the voyage. The specific voyage policy must show complete details of the risk.. It should contain particulars of conveyance/Vessel name/ Bill of Lading or Way bill and date , sum insured ,terms and conditions of cover, voyage , cargo description etc like all other marine policies.

Annual policy
This policy may be issued to cover goods in transit by road or rail or sea from specified depots or processing units owned or hired by the insured. The goods covered must belong to or held in trust by the insured . These policies can not be issued to transport operators , clearing , forwarding and commission agents or freight forwarders or in joint names. They can not be assigned or transferred. For such policies the sum insured should not be less than Rs 5000/-

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