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Cargo Insurance

Cargo insurance is a legal contract between the insurer and the policyholder. It is designed for individuals involved in import & export business and use cargo ships, airplanes, trains, etc. to transport their goods from one place to another must purchase this policy. A marine cargo insurance policy is one of the best insurance covers that will help you safeguard your valuable cargo anywhere in the world. A cargo insurance policy will protect your cargo from any loss or damage caused during transit via road, sea, rail, or air.

What is Cargo Insurance?

Cargo Insurance policy is designed to provide indemnity cover for goods/cargo carried through different modes of transport and transit. A lot of money goes in packaging and transporting shipments. And any loss or damage would mean a huge loss. To cover up such losses, it is important to have cargo insurance in place.

Freight insurance can also be taken for goods during shipment. It helps in mitigating the risks related to the shipping process and helps you ship your goods in a secure manner. You can buy freight insurance directly from the shipper or an insurance provider.

Learn more about Marine Insurance

Types of Cargo Insurance Policies

There are various types of cargo insurance in India. You can buy cargo insurance cover that suits most of your requirements such as import, export, transit within India, single voyage etc. Let’s have a look in detail-

  • Open Cover- An open cover cargo insurance policy is suitable for goods that are imported and exported. It is issued on a contractual basis for a period of 12 months. Under open cover cargo insurance, the insurance provider agrees to cover all the shipments that are within the scope of coverage. An open cargo insurance cover policy is based on an unstamped agreement.
  • Open Policy- This cargo insurance policy is issued to cover the transit of goods within India. An Open policy is valid for a year. It covers all the goods in transit that are declared by the policyholder, which is subjected to the overall sum insured limit. It is issued on a stamped document. And stamp duty is taken in advance along with the premium. Usually, the premium is collected in advance for the complete estimated value during the policy term. In such cases, specific cargo insurance policies are not issued for each shipment.
  • Specific Voyage Policy- This type of cargo insurance cover is suitable for a single transit or voyage. The policy is generally issued before the transit starts. On completion of the voyage, the coverage will cease immediately. The specific voyage policy usually contains all the details of Vessel name/conveyance/ Bill of Lading/ Waybill and date along with policy terms, conditions, and sum insured details similar to the other marine cargo insurance policies.
  • Annual Policy- This type of cargo insurance policy offers coverage to goods in transit by rail, road, and sea from stated depots or processing units that are hired or owned by the policyholder. It is required that the goods covered must be held in trust or belong to the  These policies cannot be issued to transport operators, freight forwarders, commission agents or to anyone in joint names. Annual policies cannot be transferred or assigned.

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 Do You Need Cargo Insurance?

To save your shipments and recover the money invested in such consignments, it is important to have the goods covered under a cargo insurance policy. It is helpful in the following circumstances:

  • Import and export shipments
  • For goods that are moved from one place to another by river transport
  • For goods being transported by sea, rail, air, road or post
  • Goods being transported by coastal vessels from one port to another
  • Cargo moved by country craft or small vessels over inland waters

Coverage Provided in Cargo Insurance Plans

The insurer will compensate you for any damage that is caused to your shipment due to the specified natural and man-made disasters. Cargo insurance usually covers the loss or damage caused to the property due to the following reasons-

  • 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 and war conditions are specifically covered in some cargo insurance plans

Benefits of Purchasing Cargo Insurance Policy

The major benefits of cargo insurance policies are listed below-

  • Cargo insurance plans are freely assignable
  • The existence of insurance interest needs to be established only at the time of loss
  • Most of the marine cargo insurance policies are based on an agreed value
  • Marine car insurance policies are usually transit policies and  are not restricted to a precise period

Does Cargo Insurance Have Limitations?

The policy does not cover loss or damage to cargo insured due to-

  • 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

If you file a claim due to the above-mentioned reasons you will not get compensation under your marine cargo insurance policy.

FAQs

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Policybazaar for Business - Cargo Insurance - Customer Reviews
View all
4.1/5
Based on 35 reviews
4.1
out of 5
Based on 35 reviews
1 users
27 users
7 users
0 users
0 users
4.3 February 10, 2023
Indrajeet
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
Lucknow
4.3 February 08, 2023
Itansh
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.
Jamshedpur
4.3 January 24, 2023
Krishna
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.
Coimbatore
3.8 January 09, 2023
Ram
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
Vadodara
3.8 December 25, 2022
Vibha
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!
Lucknow
3.8 December 10, 2022
Vinay
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.
Delhi
4.3 November 25, 2022
Arvind
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.
Delhi
3.8 November 10, 2022
Jaspreet
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.
Pune
4.3 November 09, 2022
Dharmendra
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.
Kollegal
3.8 October 30, 2022
Raghuveer
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.
Nagpur

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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.

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