Marine Insurance – Types, Benefits, Marine Cargo Insurance Policy in India
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Marine Insurance Advantage

Export & Import Insurance

Insure shipments exported and imported. Leave no leg of the transit uninsured. Cover several risks and choose from a wide variety of coverage options. Cover notes universally accepted as proof of insurance.

Inland Transit

Cover goods traveling within India by any mode. Well defined and standardized covers leave little ambiguity. The insurance covers domestic transit including warehouse storage for limited periods.

Marine Hull

Insure your ships and boats for all risks. Covers large vessels. These are complex risks where options for piracy, sea worthiness need to be carefully assessed.

Specific Transits

Cover goods in transit for a specific journey. Specify start and end destination. Cover note for such journeys issued within hours. Pricing extremely cost-effective.

Benefits Overview of Marine Insurance

Cover Any Commercial Arrangement

  • Marine cargo insurance covers several commercial arrangements. The most common forms of contract are FOB (Free on Board), C & F (Cost and Freight) and CIF (Cost, Insurance and Freight). If the contract type is FOB or C&F, the buyer is generally responsible for the insurance. And in the case of CIF, the seller is accountable for the insurance.

Multiple Insurance Structures

  • Based on how frequently you need marine insurance you can select a structure. These range from Annual Turn Over Policy (ATOP), Specific Voyage, Open Policy, and Annual Policy. The annual or sales turnover insurance is a simple way to insure your yearlong marine insurance requirements in one policy.

Progressive Levels Of Cover

  • Marine Insurance policy covers all risks included under Institute Cargo Class (A), (B) & (C). The Institute Cargo Class (C) provides limited risk cover as compared to Institute Cargo Class (A) that provides maximum risk cover.Notice the capitalisation of Cargo Class. transit are different but capture a similar progression of risk cover.

Get Competitive Prices

Marine insurance, when structured properly, is available at competitive rates. The terms get better if you pool all your purchases with one insurer, by buying an open marine or annual turnover policy instead of specific transit insurances.

Administer with Ease

Marine transit insurances are easy to mange. Portals allow us to issue cover notes within hours. Premium is deducted from a CD balance maintained with the insurer. These cover notes are accepted by port authorities and buyers.

Better claims settlement

Marine insurance when structured properly has few restrictions and claim settlement is relatively smooth. The documentation requirements and coverages are well understood and ambiguity is minimal.

Frequently Asked Questions

Marine insurance policy is a necessity for both importers and exporters who deal in domestic and international transfer of goods. Such a policy provides comprehensive cover for risks, from the time the shipment leaves the sellers warehouse and reaches its destination, which is usually the buyer’s warehouse.
The premium of marine policy is determined by several factors such as type of cargo, duration of the trip, type of policy, countries visited and past claims.
The following are not covered by any of the institute cargo clauses –
  • Willful act of negligence and misconduct
  • Use of inadequate packaging material
  • Ordinary leakage or loss in weight of the goods
  • Financial default or insolvency
  • The sum insured under a standard marine insurance policy is an agreed value which is generally cost of insurance and freight (CIF) + 10%. Some insurances can also cover customs duty losses.
    It is possible to get price estimates online and also use technology portals to issue the insurance.
    Institute Cargo Clause (Air), covers cargo carried via aerial routes.

    Why SecureNow?

    Deep Product Knowledge

    We have specialized marine underwriters and tie-ups with international experts.

    Cost-effective Insurance

    We work with all insurers to get you the best options- both in terms of price and features.

    Quick Turnaround Time

    Cover notes are issued within hours of request. This ensures that your goods don’t sit idle at any stage.

    Strong Claims Support

    We manage all aspects of your claim - from survey appointment to documentation to insurer follow-up.

    Value-Added Services

    We will advice you on risk management best practices.

    Policy Administration System (PAM)

    See all your contracts renewal information in one place. Place service requests on PAM.