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MARINE INSURANCE


This insurance protects cargo/goods which may be exposed to marine hazards or perils during movement by Land, Air or Sea from one location to another.

Business dynamics are always in flux, and the expansion of trade and commerce exposes one to risks associated to the transit of goods. Suitable risk management becomes a requirement for a business to work towards the expansion of its horizons. Designed to take care of risks inherent in the mode of transit, the Marine Cargo Insurance Policy covers physical loss of or damage to cargo that is under movement via air, road, sea, rail, or a combination of these modes, between any two points.

Goods being transferred over long distances can give rise to a number of contingencies. The sheer distance leaves open a number of possibilities for loss or damage. Better safe than sorry; it is always a good idea to avail the proper insurance policies to decrease the risks. The marine cargo insurance policy provides coverage for any loss or damage of ships, cargo terminals, or any transport or cargo, through which your goods are being transferred between the point of origin and the final destination
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Type of Policy

MARINE INSURANCE

This insurance protects cargo/goods which may be exposed to marine hazards or perils during movement by Land, Air or Sea from one location to another.

Business dynamics are always in flux, and the expansion of trade and commerce exposes one to risks associated to the transit of goods. Suitable risk management becomes a requirement for a business to work towards the expansion of its horizons. Designed to take care of risks inherent in the mode of transit, the Marine Cargo Insurance Policy covers physical loss of or damage to cargo that is under movement via air, road, sea, rail, or a combination of these modes, between any two points.

Goods being transferred over long distances can give rise to a number of contingencies. The sheer distance leaves open a number of possibilities for loss or damage. Better safe than sorry; it is always a good idea to avail the proper insurance policies to decrease the risks. The marine cargo insurance policy provides coverage for any loss or damage of ships, cargo terminals, or any transport or cargo, through which your goods are being transferred between the point of origin and the final destination


Get a quote

Transit Date


Type of Policy




    Who can take the policy

  • Exporters, Importers, Manufacturers, Traders, Merchant Exporters, Contractors of Project. The contract of sale would determine who buys the policy. The most common contracts are:

  • FOB (Free on Board)
  • C & F (Cost & Freight)
  • CIF (Cost, Insurance & Freight)

  • In FOB AND C&F contracts, the buyer is responsible for insurance from overseas Port to final destination in India. Whereas in CIF contracts the seller is responsible for insurance from his own premises to that of the destination country or place as indicated in the Invoice along with the charges.




    What are the kinds of Marine Cargo Policy

  • Marine Specific Transit: Covers one shipment at a time from a named place to a named destination. Cover ceases on delivery of goods to named destination.

  • Marine Open Policy: Marine Open Policy is an annual arrangement between the insured and the insurer to provide coverage to all the shipments/transits on pre arranged terms and conditions. The facility helps the insured to cover all the shipments/transits on an automatic basis. Periodical declarations as agreed are required to be submitted. Maintenance of adequate balance premium at all times during the currency of the policy is requried to satisfy the statutory provisions.

  • Marine Sales Turnover Policy: It's a wider form of Marine Open Policy. The biggest advantage of a Sales Turnover policy is the client is required to give declaration only on the Sales Turnover on a periodical basis as agreed at the time of inception of Policy. STOP provides all the traditional cover under an Open Policy plus Inter-factory/ inter-depot/ to and fro movements for job works and reasonable intermediate storage.




    Type of Marine Cargo coverage:

  • Coverage is as per Institute Cargo Clauses for Export and Import shipments. These clauses are articulated by Institute of London Underwriters and are common across the world. Such as

  • Institute Cargo Clauses (C): Coverage is on named perils basis and is applicable for shipments by Sea.

  • Institute Cargo Clauses (B): Coverage is on named perils basis but wider than Institute Cargo Clauses (C) and is applicable for shipments by Sea.

  • Institute Cargo Clauses (A): Coverage is on All risk basis and applicable for shipments by Sea.

  • Institute Cargo Clause (Air): Coverage is on All risk basis and applicable for shipments by Air.

  • Coverage for domestic transits (all mode of conveyance) within India is as per Inland Transit Clauses such as

  • Inland Transit Clause (A): Coverage is on All risk basis

  • Inland Transit Clause (B): Coverage is on named perils basis.




    Transit by Sea / Ocean

  • The insurance covers available for an ocean or sea voyage are classified as:

  • All Risks: This covers all kinds of loss or damage expenses that are incurred, unless specially excluded in the policy.

  • Basic Risks: This provides cover for loss or damages on a named perils basis. The marine insurance includes a list of perils included under the clause.




    Transit by AIR

  • The marine cargo insurance covers for air transit are similar to the All Risks Cover of the sea/ocean voyage. They cover physical loss or damage and incurred expenses, apart from those excluded in the policy clauses.




    Transit by Road/Rail

  • The marine insurance covers that are available for road or rail transport include:

  • All Risks: Covers all kinds of loss or damage expense that is incurred, unless specially excluded in the policy.

  • Basic Risks: This provides cover for loss or damages on a named perils basis. The marine insurance includes a list of perils included under the clause.