23 Nov 2022 by Policybazaar
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Marine Insurance
Marine insurance covers loss or damage during the transfer of property from origin to destination, including ships, goods, terminals and various transportation modes. Cargo insurance is a subset of marine insurance, which also encompasses onshore and offshore exposed property (like container terminals, ports, oil platforms, and pipelines), hull, marine casualty, and marine liability. The coverage spans from the carrier's departure to its arrival. Apart from sea, marine insurance covers loss or damage through rail, road and air as well.
Marine Insurance Meaning
Marine insurance is often thought of as coverage for shipping goods by sea. However, it offers more than that. Marine insurance policies also protect goods during transportation by rail, road, and air.
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Types of Transportation Modes Covered Under Marine Cargo Insurance
Marine Cargo Insurance provides coverage for goods transported through various modes, including:
- Sea Transport: Protection for items shipped by sea vessels.
- Air Transport: Coverage for cargo transported by aircraft.
- Land Transport: Insurance for goods moved by trucks, trains, and other road or rail vehicles.
- Inland Waterways: Coverage for items transported via rivers, canals, and other inland water routes.
Features of Marine Insurance
Here are some of the features of a marine cargo insurance policy:
- Customer-Focused Policies: Insurance companies offer policies designed to meet the specific needs and requirements of customers involved in transporting goods via sea or waterways.
- Insured Value Options: Customers can decide on the insured value of their goods, which can be either the actual value or an agreed-upon value.
- Flexible Premiums: Insurance providers may offer flexible premium payment options, such as annual, quarterly, or single-payment plans. These options vary from plan to plan.
*Remember that the actual features and services offered by insurance providers can vary, so customers need to review policy documents and consult with insurance representatives to understand the specific features and benefits of their marine insurance coverage.
Types of Marine Insurance Policy
Here are the different types of marine cargo insurance policies available, tailored to specific requirements, but the specifics can differ from one insurance company to another.
| Types of Plans Under Marine Insurance | Clause/Extent of Coverage | Geographical Classification |
| Single | * A: All Risk: All risks except rainwater damage. * B: Basic: Accidental Damage |
Inland: Transit within Indian border. Import: Transit from anywhere in the world to India. Export: Transit from India to anywhere in the world. |
| Annual Open | ||
| STOP | ||
| Hull | Coverage for the vessel only (Truck, Ship, Train, Airplane) |
Cargo Insurance/Transit Insurance
Cargo insurance / Transit insurance provides coverage for the transportation of goods from origin to destination. There are three types of plans under cargo insurance that you can purchase as per your requirement, for the number of transits and kind of coverage you want in your policy. They are as follows:
Open Policy
An Annual Open policy is a type of marine insurance policy that offers continuous and comprehensive protection for cargo during multiple shipments throughout the year. It's a convenient and cost-effective choice for businesses engaged in regular shipping, as it covers goods on various trips within the specified one-year period, unlike Single Transit Insurance, which only applies to a single journey.
Specific Policy/Single Transit
Single Transit Insurance in marine insurance is a type of coverage that protects goods or cargo during a specific single transit or voyage. It is designed to cover the cargo while it is being transported from one location (the origin) to another location (the destination) via a vessel such as a truck, train, ship or plane.
Annual Sales Turn Over Policy (STOP):
The Marine Sales Turnover Policy offers insurance coverage for the projected annual sales turnover of a company engaged in marine transportation. This policy safeguards the company's financial interests by protecting against potential losses or damages during its operations.
For example, In FY 2023, if a company plans to export goods worth Rs 100 crore and import goods worth Rs 50 crore, they can opt for a STOP policy. The insurance company will calculate the premium based on the Rs 100 crore estimated sales. However, the coverage provided to the insured will be for both the Rs 100 crore export and Rs 50 crore import, totaling Rs 150 crore for potential loss or damage.
Hull Insurance
Hull insurance provides extensive coverage for damages to the hull, machinery, and equipment of a vessel. It protects shipowners from financial losses due to risks like collisions, groundings, fires, and storms, ensuring the safety of their maritime assets.
Marine Insurance Clauses
There are two types of Marine insurance clauses. They are as follows:
1.  Inland Transit Clauses (ITC)
- A All-risk Coverage
- B Basic risk coverage
ITC stands for Inland transit clauses and it is for inland transits within the borders of India only. Whereas ITC-A covers all damages except rainwater damage and ITC-B covers only accidental damages. This clause will apply to inland transits.
2.  International Cargo Clauses (ICC)
- A All-risk Coverage
- B Basic risk coverage
ICC stands for International cargo clauses and it is for international cargo only. Whereas ICC-A covers all damages except rainwater damages and ICC-B covers accidental damages only. This clause will apply to the import and export.
Marine Insurance Policy According to Geographical Classification
Be it a single transit, annual open or annual sales turnover policy, there is a geographical limit under each marine cargo insurance policy. These classifications specify the origin and destination points of the insured transportation. They are as follows:
Inland
Inland marine insurance policy provides coverage for the transportation of goods from one place to another within the Indian border. This policy mostly covers transportation by road and rail.
Import
A marine insurance policy offers coverage for imports from any global location to India. This type of policy mostly covers transit modes of sea and air.
Export
A marine insurance policy offers coverage for exports from any location in India to worldwide destinations. This policy also mostly covers transit modes of sea and air.
What is Covered & Not Covered in Marine Insurance Policy?
Here are the inclusions and exclusions of the Marine Insurance policy:
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What is Covered?
- Theft/Pilferage: Marine insurance policy provides coverage for the loss or damage to the goods/cargo due to theft.
- Total Loss of any Package while Loading/Unloading: Marine cargo insurance provides coverage for the loss or damage to the goods/cargo during the time of loading and unloading.
- Malicious Damage: Marine insurance provides coverage for the loss or damage to the goods/cargo due to any intentional action by anyone other than the policyholder or its employees.
- Collision of Goods Carrying Vessel: Marine cargo insurance provides coverage for the loss or damage caused due to collision of two vessels.
- Fire, Lightening and Explosion: Marine insurance provides essential coverage for dire situations during cargo journeys, including incidents like fire, explosions, lightning, etc.
- Collision, Overturning, or Derailment of Land Conveyance: Marine cargo insurance also covers expenses resulting from collisions, overturning or derailment of land transportation vehicles carrying the cargo. Compensation is provided to cover the costs and damages arising from these incidents.
- Breakage of Bridge: The policy provides coverage for the loss or damage caused to the goods/cargo if the bridge breaks through which the vehicle is passing during transportation.
- The overturning of Goods Carrying Vehicle: Marine cargo insurance provides coverage for the loss or damage caused to the goods/cargo due to overturning or derailment of the vessel carrying the goods.
- Stranding, Grounding or Sinking: Marine cargo insurance provides coverage for the loss or damage caused to the goods due to stranding, grounding or sinking of the ship. *Stranding & Grounding simply refers to a point where the vessel gets stuck somewhere in between during transportation.
- Earthquake or Volcanic Eruption: The policy provides coverage for the loss or damage caused to the goods or cargo due to earthquake or volcanic eruption during transportation.
- Water Entering the Vessel during Transportation: Marine insurance policy provides coverage for the loss or damage caused due to sea/river/lake water entering inside the watercraft. However, it does not provide coverage for the damage caused due to rainwater.
- General Average Sacrifice Salvage Charges: Marine insurance policies include coverage for general average sacrifice salvage charges. General average refers to a situation where, during a maritime emergency, sacrifices are made to protect the common interest of the vessel, cargo and crew. The policy provides compensation for the expenses related to these sacrifices and salvage operations.
- Protection against Natural Calamities: To shield cargo from the impact of natural calamities, marine insurance offers protection against events such as earthquakes or lightning strikes. This coverage ensures that the losses caused by these unforeseen circumstances are covered.
- Jettison: The policy also covers situations of jettison, where cargo is intentionally thrown overboard to prevent further damage to the vessel or other goods.
- Washing Overboard: The Marine cargo insurance provides coverage for the loss or damage caused to the goods due to waves sweeping away the goods during transportation.
- Delivery of Goods or Cargo at Different Locations: The policy provides coverage to the goods/cargo due to any of the covered perils while unloading goods at the next nearest location/port other than the specified location/port due to bad weather. However, the insurer must be informed.
- Contact of Goods Carrying Vehicle with Structure/Animal: The policy provides coverage for the loss or damage caused to the goods due to the vessel coming in contact with any structure, animal, etc.
*To learn about the coverage in detail, refer to the policy documents provided by the insurer
**These perils are covered under the All-risk insurance policy, But if you have a basic or different policy, contact your insurance provider to know the specific coverage details.
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What is not Covered?
- Unsuitable & Insufficient Packaging: The marine policy does not provide coverage for the loss or damage to the goods due to improper packaging.
- Unfit Container: The policy does not provide coverage for the loss or damage caused to the goods if the carrying container is unfit to safely carry the goods.
- Willfull Misconduct: The marine cargo insurance policy does not provide coverage for the loss or damage to the goods due to the intentional action of the policyholder.
- Mishandling of Goods in Transit: The insurance plan does not provide coverage for the loss or damage to goods due to mishandling of goods during transit.
- Damage due to Inherent Vice: This coverage refers to the point where any goods/objects/materials self–destruct because of internal characteristics. This is not covered under the marine insurance policy.
- War Risk: The policy does not provide coverage for the loss or damage caused during any war or due to the risk of any war.
- Over-Dimensional Cargo: The loss or damage caused to goods/cargo due to the oversize of the goods due to over size of the goods and cargo beyond the specified carrying capacity.
- Bulk Cargo: Bulk cargo refers to the loss or damage of something that is in liquid form or dry form and is being shipped without packaging. This is not covered under a marine insurance policy.
- Temperature Sensitive: The marine insurance plan does not provide coverage for the loss or damage of goods that are temperature sensitive.
- Weapon, Radioactive or Nuclear Fission: The insurance plan does not provide coverage for the loss or damage of the goods/cargo due to radioactivity or nuclear fission during transportation.
- Ordinary Wear & Tear: The insurance plan does not provide coverage for the loss or damage caused due to normal wear and tear of the goods.
- Delay: Marine insurance plan does not provide coverage for the loss or damage of goods/cargo due to delay.
*To learn about the exclusions in detail, refer to the policy documents provided by the insurer.
**Understanding these limitations, exclusions, and exceptions is essential when considering marine insurance coverage. It is crucial to carefully review the policy terms and conditions to ensure that the coverage meets the specific needs and requirements of the insured party. The exclusions vary from one kind of marine insurance policy to another.
Marine Insurance Companies in India
In the below grid, take a look at the different insurance companies providing Marine Insurance plans in India:
| Insurer | Claim Settlement Ratio |
| Cholamandalam Marine Insurance | 90% |
| IFFCO Tokio Marine Insurance | 98.79% |
| Liberty Videocon Marine Insurance | 72.52% |
| Magma HDI Marine Insurance | 78.38% |
| National Marine Insurance | 72.01% |
| New India Assurance Marine Insurance | 86.17% |
| Oriental Marine Insurance | 93.08% |
| Royal Sundaram Marine Insurance | 74.48% |
| SBI General Marine Insurance | 75.51% |
| Tata AIG Marine Insurance | 73.40% |
| Universal Sompo Marine Insurance | 84.03% |
Disclaimer: Claim settlement ratio refers to the percentage of claims settled out of the raised claims by the insured. Above mentioned are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Factors that Determine the Premium of the Marine Insurance
The premium for Marine Cargo Insurance is determined based on factors such as the value of the goods, the nature of the cargo, the chosen route, the claim history, the fitness of the cargo, and the insurer's assessment.
| Cover Amount | All Risk Cover Premium | Basic Cover Premium |
| 10,000 upto 20 lacs | ~Rs 1,180 | ~Rs 701 |
| 20 Lacs - 50 Lacs | ~Rs 1,240 - 2,950 | ~Rs 818 - 1950 |
| 50 Lacs-75 Lacs | ~Rs 3,010 - 4,425 | ~Rs 1,986 - 4,425 |
| 75 Lacs- 1 Cr | ~Rs 4,484 - 5,900 | ~Rs 2,959 - 3,894 |
| 1 Cr - 2.5 Cr | ~Rs 6,000 - 14,750 | ~Rs 3,900 - 13,275 |
| 2.5 Cr - 5 Cr | ~Rs 14,750 - 29,500 | ~Rs 13,275 - 26,550 |
*Disclaimer - These are tentative prices subject to change according to commodities and insurers.
Marine Insurance Premium Calculation
Here is the formula that is used to calculate the premium of your marine insurance policy:
Premium = Rate (Commodity/Goods) * Sum insured / 100 + (GST)
Marine Insurance Act 1963
The Marine Insurance Act of 1963 is a legislative act applied in India that governs marine insurance. It provides regulations and guidelines for marine insurance policies, covering the protection of goods and vessels/vehicles through rail road, air and sea.
The act defines the responsibilities of insurers and the process of evaluating losses or damages that occur during marine voyages. Its main objective is to promote fairness and uniformity in the marine insurance sector.
Principles of Marine Insurance
The principles of marine insurance are fundamental guidelines and concepts that govern the operation and application of marine insurance policies. These principles help establish a fair and effective insurance system for maritime risks. The main principles of marine insurance include:
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1. Absolute Honesty
The policyholder and the insurer must be completely honest, sharing all relevant and precise information regarding the insured risk to establish a valid contract. -
2. Insurable Interest
The insured must have a legally recognized financial interest in the cargo or property being insured. Without insurable interest, the insurance contract is considered void. -
3. Indemnity
The primary purpose of marine insurance is to provide financial compensation (indemnity) to the insured in the event of a covered loss or damage. The insurance payout aims to restore the insured to the same financial position as before the loss occurred, without allowing a profit from the claim. -
4. Proximate Cause
In case of multiple causes leading to a loss or damage, the proximate cause, i.e., the most dominant or direct cause, determines whether the claim is covered by the insurance policy. -
5. Subrogation
After compensating the insured, the insurer may assume the rights of the insured to pursue legal actions against third parties responsible for the loss. This principle allows the insurer to recover the paid claim amount. -
6. Contribution
When a risk is covered by multiple insurance policies, the principle of contribution comes into play. Each insurer shares the cost of the claim proportionally, considering the limits and conditions of their respective policies.
Conditions Related to the Coverage Provided by Insurer
Suppose the customer purchased the insurance policy on 1st January 2023
And the transport begins on 2nd January 2023
Then the insurance policy will provide coverage for the loss or damage of the goods carried by any transportation mode.
If the transportation begins before the inception of the policy then risk would not be covered under the captioned policy.
Marine Insurance Claim Process
Follow the steps below to raise the claim under marine insurance through Policybazaar for Business:
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Claim Intimation
Promptly inform your assigned relationship manager about the incident.
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Form Submission
Fill out and return the provided claim form as instructed.
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Generation of Claim Reference Number
Upon assessment of the details provided by you, your claim will be registered and a claim reference number will be issued.
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Appointment of Surveyor
After claim registration, the insurer will appoint a surveyor.
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Document Submission
r: After claim registration, the insurer will appoint a surveyor. Document Submission: The surveyor will provide a list of required documents following their survey. Submit all necessary documents as per the surveyor’s instructions and await processing.
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Claim Disbursement
Once approved, the insurance company will disburse the claim amount.
Note: The insurer will thoroughly review the terms and conditions of your policy to assess the coverage applicability regarding the claimed incident. Consequently, the determination of claim acceptance or rejection will be at the discretion of the insurer.
Marine Insurance Claim Document Requirement
Once the claim is successfully filed the insurer will provide the URN/claim number, which can be used for uploading documents and checking the insurance claim status.
Below is the list of documents that are required for the claim process:
01
Copy of insurance policy documents02
Surveyor report03
Copy of billing landing04
Claim bill05
Original invoice list with shipping specification06
Copy of letter exchanged with carriers*Enter URN/Claim number provided by insurer to check claim status.
Initial Requirements While Buying Marine Insurance from Policybazaar for Business
Here are the initial requirements you will need to provide when purchasing the marine insurance policy from Policybazaar for Business:
- Name of the Customer
- Pick & Drop Location with Pincode
- Bill Copy or LR Copy given by Transporter
- PAN & Aadhar card for KYC
- Sum insured value according to the estimated cost of goods
*In a single transit insurance policy, the customer can purchase the policy before the beginning of the transportation.
*The buying process can be completed within an hour or so once these requirements are fulfilled by the customer.
Why Buy a Marine Insurance Policy from Policybazaar for Business?
- Expert Advisory: Our team of business risk consultants offers personalized guidance tailored to your specific requirements.
- 365-Days Claims Assistance: Our dedicated team of claims specialists is available every day to ensure efficient processing of your claims throughout the year.
- Competitive Pricing: Leveraging our extensive network of insurer partnerships, we offer competitive quotes from top insurers, ensuring you get the most favorable rates.
- Dedicated Relationship Manager: You will be assigned a dedicated relationship manager, providing continuous support and guidance to protect your business against potential risks.
Frequently Asked Question
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Question: Is Marine Cargo Insurance mandatory?
Answer: Marine Cargo Insurance is not legally required. However, it is strongly advised to protect your goods from potential risks such as damage, theft, or loss during transit. Many businesses choose to purchase marine cargo insurance to safeguard their investments and ensure financial security in the event of unforeseen incidents. Moreover, certain shipping contracts or trade agreements may require insurance coverage to manage liability. -
Question: What factors should be considered while buying marine insurance?
Answer: Consider the insurer's reputation and financial background, the coverage that suits your needs, the affordability of the premium, buying online for potential discounts, and analyzing your requirements. -
Question: Where can I buy a one-year policy covering all my shipments?
Answer: You can buy marine insurance from various insurance providers in India. Alternatively, you can connect with our experts at Policybazaar for Business. They will assist you in purchasing the most suitable marine cargo insurance policy as per your needs and budget. -
Question: Which cover should I buy - Marine Single Transit or Annual Open or Sales Turnover?
Answer: The cover type depends on your business type and the shipment frequency:- Marine Single Transit: If you occasionally send shipments across locations, you should buy this policy whenever you send the shipment.
- Annual Open: If you send shipments frequently across locations then you should buy this declaration-based annual policy.
- Sales Turnover: If your shipments are frequent and involve all stages of the sales process, this annual policy is ideal.
Alternatively, you can connect with risk consultants at Policybazaar for Business to clarify your doubts.
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Question: Why should I buy Marine Cargo Insurance?
Answer: Marine Cargo Insurance protects your goods or shipments during transportation. It reduces financial loss in case of loss or damage to the goods or shipment due to any incident covered as part of the policy. -
Question: What are the types of sales contracts under Marine Insurance in India?
Answer: The types of contracts include FOB (Free on Board), FOR (Free on Rail), C&F (Cost & Freight), and CIF (Cost, Insurance & Freight). -
Question: What are INCO Terms in Marine Insurance?
Answer: Incoterms are used in international trade to determine the point at which responsibility for delivering goods changes between buyers and sellers. Incoterm informs sales contracts that define respective obligations, costs (including insurance), risks involved with delivery from one party as well as an agreement on how long it will take before those items can be delivered.Here are some of the commonly used INCO terms:
Ex Works (EXW): Once the seller places the goods at the buyer’s disposal, insurance and carriage are arranged by the buyer.
Cost, Insurance, Freight (CIF): Seller delivers once the goods have been passed through the ship’s rail in the shipment port. The seller must pay the cost and freight to bring goods to the destination however the risk is transferred to the buyer from the seller.
Free On Board: Seller delivers once the goods have been passed through the ship’s rail at the named port of shipment. It means that the buyer will have to bear the costs and risks from that point onward.
Here are some of the other INCO terms that are used in the market:
CIP: Carriage and Insurance Paid
DAP: Delivered At Place
DDP: Delivered Duty Paid
CPT: Carriage Paid To
DAT: Delivered At Terminal
FCA: Free Carrier
EXW: Ex Works
Rules for Inland Waterway & Sea Transport Only
CIF: Cost, Insurance and Freight
CFR: Cost & Freight
FOB: Free On Board
FAS: Free Alongside Ship
*Note: These are the new INCO terms, 2020. These have been published recently.
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Question: What does freight insurance refer to?
Answer: The term freight refers to the goods in bulk that are carried by a ship, truck, train or plane. Freight insurance refers to the insurance policy that provides coverage for the loss or damage caused to the goods during transportation. -
Question: What does an open policy cover, and for how long is it issued?
Answer: An open policy is issued for a specific time period and covers all the shipments during that duration. -
Question: What does a mixed plan offer, and why is it beneficial?
Answer: A mixed plan provides the advantages of both a voyage plan and a time plan, making it a versatile option for coverage. -
Question: What is a floating policy in marine insurance in India?
Answer: A floating policy in marine insurance in India provides coverage for multiple shipments under one policy. It involves determining a fixed sum to cover these shipments, and the details of each shipment are declared afterward. This type of policy offers flexibility and convenience for businesses involved in regular shipping activities. -
Question: What is the basis of valuation in Marine Cargo Insurance?
Answer: The basis of valuation helps in determining the value of goods during transit. It takes into account the cost of the goods, freight charges, insurance costs, and an additional 10% to ensure accurate calculation of the value. This helps in properly assessing the value of the goods in the event of loss or damage during transit. -
Question: What are some other names of marine insurance?
Answer:Â Marine insurance is also referred to as transit insurance or cargo insurance. It's important to note that marine insurance isn't limited to covering goods transported solely by sea; it encompasses various modes of transportation, including road, rail, sea and air. -
Question: Does Marine insurance cover household goods during transit?
Answer:Â Yes, Marine insurance does cover the household goods during transit. There are different types of plans to cater to different kinds of demands of the customers. -
Question: Does Policybazaar for Business provide claim assistance in Marine insurance policy claims?
Answer:Â Yes, Policybazaar for Business does provide assistance during a claim. -
Question: Does Policybazaar provide claim assistance in Marine insurance policy claims?
Answer:Â Yes, in case of a claim, Policybazaar does provide assistance during a claim. -
Question: What is the deductible in Marine Single Transit Policy?
Answer: Deductible is the amount set by the insurance company and is deducted from the total loss amount to determine the claim payout.For example, let's consider ABC Manufacturer, which has a Marine Cargo Policy with a cover amount of Rs 1,00,000/- and a deductible of Rs 5,000/-. If ABC Manufacturer incurs a loss of Rs 80,000/- due to a covered peril specified in the Marine Policy, the claim payable to ABC Manufacturer will be the loss amount of Rs 80,000/- minus the deductible of Rs 5,000/-. Therefore, the total claim payable will be Rs 75,000/-.
In summary, the deductible is the portion of the claim that the policyholder must bear, and the claim amount payable is calculated by subtracting the deductible from the loss amount.
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Question: How can I insure my Bulk or Over dimensional goods?
Answer: Bulk and ODC goods involve additional risk which is excluded as part of the standard Marine Cargo Insurance. The cover for it requires one to take an add-on over the normal policy.You can speak to the Policybazaar advisor & declare the requirement. They will help you provide the best coverage.
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Question: How can I insure my temperature-sensitive goods?
Answer: Temperature-sensitive involves additional risk which is excluded as part of the standard Marine Cargo Insurance. The cover for it requires one to take add-on over the normal policy.You can speak to the Policybazaar advisor & declare the requirement. They will help you provide the best coverage.
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Question: How do I determine the correct commodity for my shipment?
Answer: The commodity implies the goods that are being sent. It is the most important information while buying a Marine Cargo Insurance as it determines the risk and hence, the coverages that can be offered.Alternatively, you can speak to the Policybazaar advisor & clarify any doubt in a few easy steps. Enquire today!
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Question: How much cover amount should I take for Marine Cargo Insurance?
Answer: The cover amount or sum insured is simply the total value or invoice value of your goods.Alternatively, one can speak to the Policybazaar advisor & clarify their doubts in a few easy steps. Enquire today!
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Question: How long does a time policy last?
Answer: A time policy is generally valid for a year or so. -
Question: If I purchase single transit insurance then for how long the insurance policy be valid?
Answer: Usually, the single transit insurance policy stays valid up to 90 days. -
Question: Which insurance company should I opt for while looking for a marine insurance policy online?
Answer: It is suggested to purchase marine insurance from an insurance company with a higher claim settlement ratio than others. The official claim settlement ratio of all the insurance companies is released yearly by the IRDAI. -
Question: How is the value determined in a valued plan and why is this beneficial?
Answer: In a valued plan, the value of the cargo or consignment is determined in advance, helping in case of loss and insurance claim. -
Question: How does a wager plan work, and under what conditions is reimbursement provided?
Answer: A wager plan does not have fixed repayment terms, and reimbursement is provided if the insurer finds any damage or loss deserving of claims. If the damages are not significant, no reimbursement is given. -
Question: How is the premium of marine insurance decided?
Answer: The premium is determined based on factors such as the type and age of the ship, valuation or cost of the ship, trading and tonnage limits, management and ownership terms, and the type of insurance cover needed. -
Question: How can I get a Marine Insurance quote?
Answer: You can get a Marine Insurance quote online by visiting the Policybazaar for Business website. -
Question: Who can purchase Marine Cargo Insurance?
Answer: Individuals who have an insurable interest in ships and cargo have the option to purchase marine insurance for the vessels or goods they are interested in insuring. -
Question: Who is deemed to have an insurable interest under a marine insurance policy?
Answer: Individuals or entities with an insurable interest can include ship and cargo owners, masters and crew of the ship, creditors, mortgagors, trustees, and persons advancing freight. -
Question: Who would benefit from purchasing a voyage plan, and when does it expire?
Answer: A voyage plan can be bought by those who wish to ensure a specific sea voyage, and it expires when the journey ends. -
Question: Who benefits from a floating plan, and what details are specified beforehand?
Answer: A floating plan suits those who undertake regular cargo transportation trips, and the amount of claim is specified beforehand, but other details are disclosed after the voyage starts. -
Question: Who should buy Marine Cargo Insurance?
Answer: The policy is important for any business which transports or ships their goods from one location to another or is getting a good or shipment transported for their own use as a raw material or operational purpose. Anyone or any organization with an insurable interest in the goods being transported should buy a Marine Cargo Policy. -
Question: Who is the policyholder in Marine Cargo Insurance?
Answer: For commodities other than household goods, the policyholder will be the company or business or proprietor with an insurable interest in the goods.When household goods are being transported then, the policyholder is the individual whose goods are being transported.
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Question: When is a port risk plan useful, and what does it protect?
Answer: A port risk plan is useful when the ship is stationed at the port, as it ensures protection against the risks involved. -
Question: When should I take Marine Cargo Insurance?
Answer: One should take the Marine Cargo Insurance policy before the start of the shipment. It can be bought only when one has an invoice or lorry or transportation receipt ready. -
Question: When does the Marine Cargo Single Transit policy expire?
Answer: The Marine Cargo Single Transit policy expires when the goods reach the final destination, but it has a validity of 3 months during which you can file claims if needed.
Marine Insurance Companies
View more insurers
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
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