Marine Insurance

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Product 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

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.

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

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

Strong Claim
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.

FAQs

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.

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