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Cargo Insurance

Cargo insurance is like a safety net for goods while they're travelling from one place to another. This insurance policy mitigates the risk of loss, damage, or theft that may occur during transit via diverse modes of transportation, such as ships, airplanes, trucks, or trains. Additionally, cargo insurance provides essential financial protection to both the owner of the goods and any party with a vested financial interest in the cargo.

Cargo Insurance Premium Calculator

Select Commodity

  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods

Select Mode of Transport

  • Road
  • Air
  • Sea
  • Courier
  • Rail

Cover Amount Required

Enter value between 10 thousand to 10 crore


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Why is Cargo Insurance Required?

The Problem

In logistics and transportation, ensuring the safe and timely delivery of goods is paramount. However, the journey from point A to point B is filled with risks such as accidents, theft, and natural disasters. When unforeseen events occur and cargo is lost or damaged, it can lead to financial losses, strained relationships with clients, and tarnished reputations for businesses involved in shipping and logistics.

The Solution

To reduce these risks and safeguard the interests of both shippers and recipients, it is essential to implement proactive measures. One such measure is the adoption of Cargo Insurance. By securing coverage for goods in transit, businesses can protect themselves against potential losses and liabilities arising from incidents beyond their control.

Learn more about Marine Insurance

Types of Cargo Insurance in India

In the Indian insurance market, there exists a multitude of marine cargo insurance policies designed to meet varying needs. These policies encompass coverage tailored for import, export, domestic transit, single voyages, and more. Let's explore each of these options in greater detail.

  • Open Cover: An open cover marine cargo insurance policy is suitable for businesses involved in import and export activities. This 12-month contractual policy commits the insurance provider to cover all shipments within the agreed scope of coverage. Notably, it is based on an unstamped agreement, ensuring flexibility and efficiency in managing diverse shipments.
  • Open Policy: The Open marine cargo policy provides comprehensive coverage for goods in transit within India. Valid for one year, it safeguards all declared goods up to the specified sum insured limit. Issued on a stamped document, the policy requires the payment of stamp duty along with the premium in advance.  Typically, premiums are collected in advance based on the estimated total value of shipments.
  • Specific Voyage Policy: This policy offers targeted coverage for a single journey, ceasing upon voyage completion. It outlines key details such as vessel name, conveyance, and policy terms similar to other marine insurance policies.
  • Annual Policy: Geared towards rail, road, and sea transportation, the annual policy offers continuous coverage for goods in transit from designated depots or processing units under the policyholder's supervision. It's essential that the covered goods are held in trust or belong to the policyholder. Notably, annual policies are non-transferable and non-assignable.

Benefits of Purchasing Cargo Insurance Policy

The major benefits of marine cargo insurance policies are listed below-

  • Financial Protection: Cargo insurance shields businesses from losses due to damage, loss, or theft of goods during transit, ensuring they don't bear the full impact of unexpected events.
  • Enhanced Risk Management: Cargo insurance enables businesses to effectively manage transportation risks by transferring them to the insurance provider, allowing them to focus on core operations.
  • Increased Reliability: Offering cargo insurance demonstrates a commitment to safeguarding shipments, which further enhances businesses' reliability and credibility with clients and partners.
  • Competitive Advantage: Providing cargo insurance coverage can attract clients who prioritize shipment safety, giving businesses a competitive edge in the market.
  • Peace of Mind: Cargo insurance provides businesses with peace of mind, knowing their valuable cargo is protected against unforeseen circumstances, allowing them to operate with confidence.

What is Covered Under Cargo Insurance Policy?

The insurer will compensate you for any damage that is caused to your shipment due to the specified natural and man-made disasters. The cargo insurance policy usually covers the loss or damage caused to the cargo arising out of the following perils-

  • Collision
  • Explosion or Fire
  • Sinking or Stranding
  • Earthquake
  • Lightning
  • Jettison
  • Spillover or derailment
  • Washing overboard
  • Any damage during discharge of consignment at the port of distress
  • Salvage charges
  • Total loss overboard or while loading or unloading
  • SRCC (Strikes, Riots, and Civil Commotions) and war conditions are specifically covered in some cargo insurance plans

What is Not Covered Under Cargo Insurance Policy?

While cargo insurance offers vital protection, certain situations are not covered under the policy. These include:

  • Fault in the preparation and packaging of the insured cargo
  • Any deliberate attempt or misconduct by the policyholder
  • Delay of the shipment
  • Ordinary leakage
  • Any ordinary loss in volume or weight
  • Any kind of inherent flaws
  • Financial distress and insolvency of the carriers
  • Ordinary wear and tear is not covered under marine cargo insurance

Cargo Insurance Policy Claim Process

In case of an incident necessitating a claim, kindly adhere to the following steps:

  • Step 1: Notify your assigned relationship manager promptly about the incident.
  • Step 2: Complete and return the provided claim form as instructed.
  • Step 3: Your submitted details will be forwarded to the insurance company for assessment and claim registration, resulting in the issuance of a claim reference number.
  • Step 4: Upon claim registration, the insurer will appoint a surveyor.
  • Step 5: Following the survey, the appointed surveyor will furnish a list of required documentation.
  • Step 6: Submit all necessary documents as per the surveyor's instructions and await processing.
  • Step 7: 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.

Why Buy a Cargo Insurance Policy from Policybazaar for Business?

  • Expert Consultation: Our team of business risk consultants offers personalized advice tailored to your specific needs and preferences.
  • 365 Claim Support: Our team of claim specialists is accessible every day of the year, ensuring smooth and efficient processing of your claims throughout the year.
  • Dedicated Relationship Manager: Upon engagement, you will be allocated a dedicated relationship manager, providing continuous support and guidance to protect your business against potential risks.
  • Competitive Quotes: Utilizing our extensive network of insurer partnership, we offer competitive quotes from top insurers, ensuring you receive the most favourable prices in the market while maintaining service quality.
  • Instant Policy Copy: Benefit from instant policy issuance by purchasing marine hull insurance directly through our website. With seamless integration with major insurers, you can obtain your policy copy within minutes.


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Policybazaar for Business - Cargo Insurance - Customer Reviews
View all
Based on 35 reviews
out of 5
Based on 35 reviews
1 users
27 users
7 users
0 users
0 users
4.3 February 10, 2023
Overall Experience Was Good
I purchased a cargo insurance when i wanted to transport my household goods from Delhi to Kanpur. The buying process was pretty simple and i was worry free during the transportation. Thanks PB
4.3 February 08, 2023
Extensive Coverage
The cargo insurance policy I purchased from PolicyBazaar provided extensive coverage at a competitive price. It gave me peace of mind knowing that my cargo was protected against unforeseen circumstances during transit. The terms and conditions were clearly laid out and I felt confident that my investment was in safe hands.Thanks.
4.3 January 24, 2023
Helpfull Team
The customer support at PolicyBazaar is excellnt. I had a few questions regarding the coverage and their team was prompt in responding to my queries. The representatives were knowledgeable and patiently guided me through the entire process, ensuring I understood all the details before finalizing the policy.Thanks.
3.8 January 09, 2023
Extremely Satisfied
I recently purchased cargo insurance from PolicyBazaar and I must say I am extremely satisfied with their service. The entire process was smooth, efficient, and hassle-free, making it a pleasure to deal with them.Thankyou
3.8 December 25, 2022
Multiple Features
I highly recommend cargo insurance that i purchased from policybazaar to anyone seeking reliable coverage for their shipments. Their user-friendly platform, efficient application process and excellent customer support made the entire experience pleasant and stress-free. Kudos to the PolicyBazaar team for a job well done!
3.8 December 10, 2022
Seamless Process
When it came to making the payment and finalizing the policy, the process was seamless and secure.Thankyou PolicyBazaar. It was a affordable purchase.
4.3 November 25, 2022
Knowledagble Team
What truly set PolicyBazaar apart was their responsive and knowledgeable customer support team. I had a few questions about the policy terms and their representatives were readily available to assist me through both phone and chat support.
3.8 November 10, 2022
Easy Process
I recently purchased cargo insurance from Policybazaar and I must say that it was an outstanding experience from start to finish .The application process was surprisingly fast and efficient.Thankyou.
4.3 November 09, 2022
Less Paperwork And Easy Process
I was in search of the best insurance policy at a reasonable rate as I run a transportation business. So there was a need to secure the goods. Hence I chose the PolicyBazaar website and researched it thoroughly, and decided to buy a cargo insurance plan. And I was able to buy it without any offline paperwork. Thanks PolicyBazaar. I will highly recommend it.
3.8 October 30, 2022
Easy To Compare
The plans at policy bazaar are easy to compare and are highly affordable. I purchased Cargo Insurance for my business a year ago, and it appeared to be the right thing to do. We compared the cargo insurance of different insurance companies on PolicyBazaar and found the one that suited our requirements. Thanks to PolicyBazaar.

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  • Disclaimers+

    *Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport.
    By clicking on "Check Premium Now" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
    The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.