MARINE INSURANCE

A Marine Insurance Policy provides cover for the Damage caused to the Cargo whilst in Transit. It is extremely important to secure your Cargo in today’s times of increasing trade as Damage to the Cargo might result in substantial financial losses.

1. Single Transit Policy/Specific Voyage Policy
2. Marine Open Policy
3. Sales Turnover Policy
4. Duty Policy

• Single Transit Policy/Specific Voyage Policy
  This type of Policy is issued for a Specified Transit. The Insurance Cover ceases once the Goods are delivered to the Destination mentioned in the Policy.
• Marine Open Policy
  This type of Cover is applicable for Businesses having Substantial Turnover requiring Continuous Dispatches of Cargo. In such a case, getting a Single Transit Policy for each and every Dispatch is inconvenient and cumbersome. An Open Policy solves this problem by enabling Automatic and Continuous Cover for the Cargo while the Insured declares the Cargo movement at Pre-Decided Intervals.
• Sales Turnover Policy
  A Sales Turnover Marine Insurance policy covers the Company’s Turnover compared to Standard Marine Insurance Policies which cover the Value of Cargo. A Sales Turnover Marine Insurance policy is meant to cover Exports and Imports together in a Single Policy under the ITC and ICC Clauses. Such Policies are issued for Large Businesses.
• Duty Policy
  A Duty Policy is applicable for Imports into India only. If the Cargo is Damaged during Transit from the Unloading Port to Importer’s Warehouse, a Marine Cargo Insurance Policy would be insufficient as it would cover only the Value of the Cargo whereas the Buyer would also suffer substantial losses on account of the Customs Duty paid once the Cargo lands at the Port. A Duty Insurance Policy would reimburse the Customs Duty that would have been paid for the Damaged Cargo.