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Marine Insurance

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Marine Transit Insurance (Inland)

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Marine Transit Insurance (Import)

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Marine Transit Insurance (Export)

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Marine Open (Inland)
Declaration Policy


No Yes
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Marine Open (Import)
Declaration Policy


No Yes
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Marine Open (Export)
Declaration Policy


No Yes
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What is Marine Insurance?

Marine Insurance policy caters to damages and loss caused to goods while an individual, employee, driver, or third party is transporting them. It is an insurance policy to secure the cost of goods in transit. The premium amount is decided based on the type of goods and the policyholder’s risk during the policy term.

Marine Insurance in India also covers damages caused by vessel capsizing or sinking. India’s technological development makes it possible to purchase a Marine Insurance plan online.

Best Marine Insurance Policy

Types of Marine Insurance coverage in India

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Marine Single Transit Insurance

These policies are designed for sending out shipments occasionally. The policy covers the risk of transport for a single voyage inland, import, and export. The policy term ends as soon as the shipment reaches its
destination. Read more..

Recommended for: Entities or individuals dealing in any type shipment of cargo.
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Marine Open Insurance

This insurance plan is an annual policy that covers the risks of multiple transportations inland, import, and export. It is the first choice of businesses that frequently transport their goods. Business owners do
not need to apply for marine insurance every time they transport something. This policy is popular among
customers because it helps save time and money. Read more..

Recommended for: Entities or individuals dealing in multiple shipments of cargo.
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Sales Turnover Policy

This policy is custom made for businesses which are having huge turnovers with multiple locations / units transporting materials on frequent basis. The insured is free from the hassle of declaring all the transits and
instead declare the sales turnovers on a monthly basis. Read more..

Recommended for: Businesses having large turnover and in need of frequent transportation of materials.
To whom marine insuarnce policy is recommended

Who is recommended to purchase Marine Insurance policies?

  • Importers and exporters
  • Manufacturers
  • Transporters and Aggregators
  • Traders
  • Custom House Agents

Why is Marine Insurance required?

A Marine Insurance plan is most useful for businesses due to its plethora of advantages.
Here are some reasons why Marine Insurance policies are must-haves:

1

Financial Support

Businesses could suffer terrible losses, sometimes to the extent of going bankrupt, if Marine Insurance didn’t cover the damages occurring in transit.

2

Business Stability

Businesses can bounce back on their feet even if their entire shipment is damaged with the compensation they will receive from the insurance company. Thus, providing stable ground to businesses.

3

Global Standards

Marine Insurance offers coverage as per Global Standards. It means that when the policyholder transports their goods internationally, they can customise their insurance to meet the coverage requirements of the destination country.

4

Personalisation

Marine Insurance allows the policyholder to personalise their insurance plan based on specific business requirements. This flexibility makes Marine Insurance policies suitable for all businesses.

A business owner can customise their Marine Insurance policy based on the type of goods,
limitations of transaction and location, mode of transport, and any other specific business requirement.

What are the benefits of Marine Insurance?

The benefits of purchasing a Marine Insurance policy are as follows-

  • Business owners can expect Global Standard coverage when opting for a Marine Insurance policy. It means that they abide by the internationally recognised clauses.
  • Most of the renowned insurers provide multiple coverage options for Marine Insurance.
  • The policy is issued online with immediate effect.
  • Business owners can get Marine Insurance cover by providing some basic information.
  • Business owners can be sure of not suffering loss from damage to their goods in transit.
  • Marine Insurance plans offer coverage to all transportation risks, including damage to goods or the death of livestock.
benefits of Marine Insurance
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