Get ₹10 Lakh cover at just ₹591/transit+
Compare & Save upto 42% on Marine Insurance
  • Instant policy copy
  • All commodities available
  • Single transit & Annual open covers

Get Updates on WhatsApp
Top Insurers

Get ₹10 lakh cover
starting at ₹591/transit+

Instant policy copy
All commodities available
Single transit & Annual open covers
Mobile number is required
secure-icon We don't spam
Get Updates on WhatsApp
Check Your Premium Now
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Marine Insurance

Marine insurance covers loss or damage during the transfer of property from origin to destination, including ships, goods, terminals and various transportation modes. Cargo insurance is a subset of marine insurance, which also encompasses onshore and offshore exposed property (like container terminals, ports, oil platforms, and pipelines), hull, marine casualty, and marine liability. The coverage spans from the carrier's departure to its arrival. Apart from sea, marine insurance covers loss or damage through rail, road and air as well.

Marine Insurance Meaning

Marine insurance is often thought of as coverage for shipping goods by sea. However, it offers more than that. Marine insurance policies also protect goods during transportation by rail, road, and air.

Marine 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

Calculate

Premium starts from

Great! Now Unlock Best Plans for You

No online plans found!

But, we have offline plans ready.
Connect with our advisor to explore more

Schedule a callback
Re-calculate

Features of Marine Insurance

Here are some of the features of a marine cargo insurance policy:

  • Customer-Focused Policies: Insurance companies offer policies designed to meet the specific needs and requirements of customers involved in transporting goods via sea or waterways.
  • Insured Value Options: Customers can decide on the insured value of their goods, which can be either the actual value or an agreed-upon value.
  • Flexible Premiums: Insurance providers may offer flexible premium payment options, such as annual, quarterly, or single-payment plans. This varies from one plan to another.

*Remember that the actual features and services offered by insurance providers can vary, so customers need to review policy documents and consult with insurance representatives to understand the specific features and benefits of their marine insurance coverage.

Learn more about Marine Insurance

Types of Marine Insurance Policy

Here are the different types of marine cargo insurance policies available, tailored to specific requirements, but the specifics can differ from one insurance company to another.

Types of Plans Under Marine Insurance Clause/Extent of Coverage Geographical Classification
Single * A: All Risk: All risks except rainwater damage.
* B: Basic: Accidental Damage
Inland: Transit within Indian border.
Import: Transit from anywhere in the world to India.
Export: Transit from India to anywhere in the world.
Annual open
STOP
Hull Coverage for the vessel only (Truck, Ship, Train, Airplane)

Cargo Insurance/Transit Insurance

Cargo insurance / Transit insurance provides coverage for the transportation of goods from origin to destination. There are three types of plans under cargo insurance that you can purchase as per your requirement, for the number of transits and kind of coverage you want in your policy. They are as follows:

Marine Open Policy InsuranceOpen Policy

An Annual Open policy is a type of marine insurance policy that offers continuous and comprehensive protection for cargo during multiple shipments throughout the year. It's a convenient and cost-effective choice for businesses engaged in regular shipping, as it covers goods on various trips within the specified one-year period, unlike Single Transit Insurance, which only applies to a single journey.

Marine Specific Policy InsuranceSpecific Policy/Single Transit

Single Transit Insurance in marine insurance is a type of coverage that protects goods or cargo during a specific single transit or voyage. It is designed to cover the cargo while it is being transported from one location (the origin) to another location (the destination) via a vessel such as a truck, train, ship or plane.

Marine Specific Policy InsuranceAnnual Sales Turn Over Policy (STOP):

The Marine Sales Turnover Policy offers insurance coverage for the projected annual sales turnover of a company engaged in marine transportation. This policy safeguards the company's financial interests by protecting against potential losses or damages during its operations.

For example, In FY 2023, if a company plans to export goods worth Rs 100 crore and import goods worth Rs 50 crore, they can opt for a STOP policy. The insurance company will calculate the premium based on the Rs 100 crore estimated sales. However, the coverage provided to the insured will be for both the Rs 100 crore export and Rs 50 crore import, totaling Rs 150 crore for potential loss or damage.

Hull Insurance

Hull insurance provides coverage only for the loss or damage caused to the carrier such as ship, truck, train or plane during the transportation.

Now, moving ahead to the modes/types of transportation covered under a marine insurance policy.

Marine Insurance Clauses

There are two types of Marine insurance clauses. They are as follows:

1.  Inland Transit Clauses (ITC)

  • A All-risk Coverage
  • B Basic risk coverage

ITC stands for Inland transit clauses and it is for inland transits within the borders of India only. Whereas ITC-A covers all damages except rainwater damage and ITC-B covers only accidental damages. This clause will apply to inland transits.

2.  International Cargo Clauses (ICC)

  • A All-risk Coverage
  • B Basic risk coverage

ICC stands for International cargo clauses and it is for international cargo only. Whereas ICC-A covers all damages except rainwater damages and ICC-B covers accidental damages only. This clause will apply to the import and export.

Marine Insurance Policy According to Geographical Classification

Be it single transit, annual open and annual sales turnover policy, there is a geographical limit under each marine cargo insurance policy. These geographical classifications refer to the origin and destination of transportation to be done after getting insured under the marine insurance policy. They are as follows:

Inland

Inland marine insurance policy provides coverage for the transportation of goods from one place to another within the Indian border. This policy mostly covers transportation by road and rail.

Import

A marine insurance policy offers coverage for imports from any global location to India. This type of policy mostly covers transit modes of sea and air.

Export

A marine insurance policy offers coverage for exports from any location in India to worldwide destinations. This policy also mostly covers transit modes of sea and air.

What’s Covered and not Covered in Marine Insurance Policy?

Here are the inclusions and exclusions of the Marine Insurance policy:

  • What is Covered?

    • Theft/Pilferage: Marine insurance policy provides coverage for the loss or damage to the goods/cargo due to theft.
    • Total Loss of any Package while Loading/Unloading: Marine cargo insurance provides coverage for the loss or damage to the goods/cargo during the time of loading and unloading.
    • Malicious Damage: Marine insurance provides coverage for the loss or damage to the goods/cargo due to any intentional action by anyone other than the policyholder or its employees.
    • Collision of Goods Carrying Vessel: Marine cargo insurance provides coverage for the loss or damage caused due to collision of two vessels.
    • Fire, Lightening and Explosion: Marine insurance provides essential coverage for dire situations during cargo journeys, including incidents like fire, explosions, lightning, etc.
    • Collision, Overturning, or Derailment of Land Conveyance: Marine cargo insurance also covers expenses resulting from collisions, overturning or derailment of land transportation vehicles carrying the cargo. Compensation is provided to cover the costs and damages arising from these incidents.
    • Breakage of Bridge: The policy provides coverage for the loss or damage caused to the goods/cargo if the bridge breaks through which the vehicle is passing during transportation.
    • The overturning of Goods Carrying Vehicle: Marine cargo insurance provides coverage for the loss or damage caused to the goods/cargo due to overturning or derailment of the vessel carrying the goods.
    • Stranding, Grounding or Sinking: Marine cargo insurance provides coverage for the loss or damage caused to the goods due to stranding, grounding or sinking of the ship. *Stranding & Grounding simply refers to a point where the vessel gets stuck somewhere in between during transportation.
    • Earthquake or Volcanic Eruption: The policy provides coverage for the loss or damage caused to the goods or cargo due to earthquake or volcanic eruption during transportation.
    • Water Entering the Vessel during Transportation: Marine insurance policy provides coverage for the loss or damage caused due to sea/river/lake water entering inside the watercraft. However, it does not provide coverage for the damage caused due to rainwater.
    • General Average Sacrifice Salvage Charges: Marine insurance policies include coverage for general average sacrifice salvage charges. General average refers to a situation where, during a maritime emergency, sacrifices are made to protect the common interest of the vessel, cargo and crew. The policy provides compensation for the expenses related to these sacrifices and salvage operations.
    • Protection against Natural Calamities: To shield cargo from the impact of natural calamities, marine insurance offers protection against events such as earthquakes or lightning strikes. This coverage ensures that the losses caused by these unforeseen circumstances are covered.
    • Jettison: The policy also covers situations of jettison, where cargo is intentionally thrown overboard to prevent further damage to the vessel or other goods.
    • Washing Overboard: The Marine cargo insurance provides coverage for the loss or damage caused to the goods due to waves sweeping away the goods during transportation.
    • Delivery of Goods or Cargo at Different Locations: The policy provides coverage to the goods/cargo due to any of the covered perils while unloading goods at the next nearest location/port other than the specified location/port due to bad weather. However, the insurer must be informed.
    • Contact of Goods Carrying Vehicle with Structure/Animal: The policy provides coverage for the loss or damage caused to the goods due to the vessel coming in contact with any structure, animal, etc.

    *To learn about the coverage in detail, refer to the policy documents provided by the insurer

    **These perils are covered under the All-risk insurance policy, But if you have a basic or different policy, contact your insurance provider to know the specific coverage details.

  • What is not Covered?

      • Unsuitable & Insufficient Packaging: The marine policy does not provide coverage for the loss or damage to the goods due to improper packaging.
      • Unfit Container: The policy does not provide coverage for the loss or damage caused to the goods if the carrying container is unfit to safely carry the goods.
      • Willfull Misconduct: The marine cargo insurance policy does not provide coverage for the loss or damage to the goods due to the intentional action of the policyholder.
      • Mishandling of Goods in Transit: The insurance plan does not provide coverage for the loss or damage to goods due to mishandling of goods during transit.
      • Damage due to Inherent Vice: This coverage refers to the point where any goods/objects/materials self–destruct because of internal characteristics. This is not covered under the marine insurance policy.
      • War Risk: The policy does not provide coverage for the loss or damage caused during any war or due to the risk of any war.
      • Over-Dimensional Cargo: The loss or damage caused to goods/cargo due to the oversize of the goods due to over size of the goods and cargo beyond the specified carrying capacity.
      • Bulk Cargo: Bulk cargo refers to the loss or damage of something that is in liquid form or dry form and is being shipped without packaging. This is not covered under a marine insurance policy.
      • Temperature Sensitive: The marine insurance plan does not provide coverage for the loss or damage of goods that are temperature sensitive.
      • Weapon, Radioactive or Nuclear Fission: The insurance plan does not provide coverage for the loss or damage of the goods/cargo due to radioactivity or nuclear fission during transportation.
      • Ordinary Wear & Tear: The insurance plan does not provide coverage for the loss or damage caused due to normal wear and tear of the goods.
      • Delay: Marine insurance plan does not provide coverage for the loss or damage of goods/cargo due to delay.

      *To learn about the exclusions in detail, refer to the policy documents provided by the insurer.

      **Understanding these limitations, exclusions, and exceptions is essential when considering marine insurance coverage. It is crucial to carefully review the policy terms and conditions to ensure that the coverage meets the specific needs and requirements of the insured party. The exclusions vary from one kind of marine insurance policy to another.

    Best Marine Insurance Companies in India

    In the below grid, take a look at the different insurance companies providing Marine Insurance plans in India:

    Insurer Claim Settlement Ratio
    Cholamandalam Marine Insurance 90%
    IFFCO Tokio Marine Insurance 98.79%
    Liberty Videocon Marine Insurance 72.52%
    Magma HDI Marine Insurance 78.38%
    National Marine Insurance 72.01%
    New India Assurance Marine Insurance 86.17%
    Oriental Marine Insurance 93.08%
    Royal Sundaram Marine Insurance 74.48%
    SBI General Marine Insurance 75.51%
    Tata AIG Marine Insurance 73.40%
    Universal Sompo Marine Insurance 84.03%

    Disclaimer: *Claim settlement ratio refers to the percentage of claims settled out of the raised claims by the insured.

    Factors that Determine the Premium of the Marine Insurance

    The premium for Marine Cargo Insurance is determined based on factors such as the value of the goods, the nature of the cargo, the chosen route, the claim history, the fitness of the cargo, and the insurer's assessment.

    Cover Amount All Risk Cover Premium Basic Cover Premium
    10,000 upto 20 lacs ~Rs 1,180 ~Rs 701
    20 Lacs - 50 Lacs ~Rs 1,240 - 2,950 ~Rs 818 - 1950
    50 Lacs-75 Lacs ~Rs 3,010 - 4,425 ~Rs 1,986 - 4,425
    75 Lacs- 1 Cr ~Rs 4,484 - 5,900 ~Rs 2,959 - 3,894
    1 Cr - 2.5 Cr ~Rs 6,000 - 14,750 ~Rs 3,900 - 13,275
    2.5 Cr - 5 Cr ~Rs 14,750 - 29,500 ~Rs 13,275 - 26,550

    *Disclaimer - These are tentative prices subject to change according to commodities and insurers.

    Marine Insurance Premium Calculation

    Here is the formula that is used to calculate the premium of your marine insurance policy:

    Premium = Rate (Commodity/Goods) * Sum insured / 100 + (GST)

    Marine Insurance Act 1963

    The Marine Insurance Act of 1963 is a legislative act applied in India that governs marine insurance. It provides regulations and guidelines for marine insurance policies, covering the protection of goods and vessels/vehicles through rail road, air and sea.

    The act defines the responsibilities of insurers and the process of evaluating losses or damages that occur during marine voyages. Its main objective is to promote fairness and uniformity in the marine insurance sector.

    Principles of Marine Insurance

    The principles of marine insurance are fundamental guidelines and concepts that govern the operation and application of marine insurance policies. These principles help establish a fair and effective insurance system for maritime risks. The main principles of marine insurance include:

    • 1. Absolute Honesty

      Both the policyholder and the insurer are obligated to be completely honest, sharing all relevant and precise information regarding the insured risk to establish a valid contract.
    • 2. Insurable Interest

      The insured must have a legally recognized financial interest in the cargo or property being insured. Without insurable interest, the insurance contract is considered void.
    • 3. Indemnity

      The primary purpose of marine insurance is to provide financial compensation (indemnity) to the insured in the event of a covered loss or damage. The insurance payout aims to restore the insured to the same financial position as before the loss occurred, without allowing a profit from the claim.
    • 4. Proximate Cause

      In case of multiple causes leading to a loss or damage, the proximate cause, i.e., the most dominant or direct cause, determines whether the claim is covered by the insurance policy.
    • 5. Subrogation

      After compensating the insured, the insurer may assume the rights of the insured to pursue legal actions against third parties responsible for the loss. This principle allows the insurer to recover the paid claim amount.
    • 6. Contribution

      When a risk is covered by multiple insurance policies, the principle of contribution comes into play. Each insurer shares the cost of the claim proportionally, considering the limits and conditions of their respective policies.

    Conditions Related to the Coverage Provided by Insurer

    Suppose the customer purchased the insurance policy on 1st January 2023

    And the transport begins on 2nd January 2023

    Then the insurance policy will provide coverage for the loss or damage of the goods carried by any transportation mode.

    If the transportation begins before the inception of the policy then risk would not be covered under the captioned policy.

    Marine Insurance Claim Process

    Follow the steps below to raise the claim under marine insurance through Policybazaar:

    • Transportation

      Transportation begins after the inception of the policy. (The transportation must take place within the policy tenure to get coverage.)

    • Inform insurer

      The insured needs to intimate the claim immediately to the insurer/broker

      Then the insurer will share the claim reference number as well as surveyor details if appointed or else will share the LOR for further processing

    • Provide Necessary Documents

      Now the insured needs to submit the claim-related documents as per LOR

    • Documents Verification

      Post submission of claim documents, the surveyor/insurer will scrutinize the claim documents and share the status or the pendency, if any.

      After scrutiny, if all the documents are in order then the insurer/surveyor will share the claim assessment based on the available documents and information provided and with respect to policy terms and conditions.

    • Claim Approval

      Once the assessment is shared by the insurer/surveyor, the insured needs to share their consent along with NEFT docs with other documents if required by the insurer for payment processing.

    • Claim Settled

      Once the insurer transfers the claim payment through NEFT, it will be credited to the insured account within 3-4 working days.

    Marine Insurance Claim Document Requirement

    Once the claim is successfully filed the insurer will provide the URN/claim number, which can be used for uploading documents and checking the insurance claim status.

    Below is the list of documents that are required for the claim process:

    *Enter URN/Claim number provided by insurer to check claim status.

    Initial Requirements while Buying Marine Insurance from Policybazaar

    These are the initial requirements you need to provide the Policybazaar sales personnel while to purchase the marine insurance policy. These requirements are usually made for single transit within Indian borders.

    • Name of the Customer
    • Pick & Drop Location with Pincode
    • Bill Copy or LR Copy given by Transporter
    • PAN & Aadhar card for KYC
    • Sum insured value according to the estimated cost of goods

    *In a single transit insurance policy, the customer can purchase the policy before the beginning of the transportation.

    *The buying process can be completed within an hour or so once these requirements are fulfilled by the customer.

    Frequently Asked Question

    • Question: Is Marine Cargo Insurance mandatory?

      Answer: Yes, for commercial and transportation activities, Marine Cargo Insurance is mandatory.
    • Question: What factors should be considered while buying marine insurance?

      Answer: Consider the insurer's reputation and financial background, the coverage that suits your needs, the affordability of the premium, buying online for potential discounts, and analyzing your requirements.
    • Question: Where can I buy a one-year policy covering all my shipments?

      Answer: You can buy marine insurance from various insurance providers in India. Visit their websites, compare plans, and select one that meets your requirements.
    • Question: Can I purchase a Marine Insurance policy online?

      Answer: Yes, you can buy a Marine Insurance policy online. Visit Policybazaar.com to explore coverage details and purchase a suitable policy.
    • Question: Which cover should I buy - Marine Single Transit or Annual Open or Sales Turnover?

      Answer: "The cover type depends on your business type and the frequency of shipment.
      • Marine Single Transit: If you send shipments occasionally across locations then you, should buy this policy whenever you are sending the shipment.
      • Annual Open: If you send shipments frequently across locations then you, should buy this declaration-based annual policy.
      • Sales Turnover: If you send shipments frequently not only for sales purposes but also, at all stages involved in achieving sales goals then you, should buy this annual policy.

      *Alternatively, one can speak to the Policybazaar advisor & clarify their doubts in a few easy steps. Enquire today!"

    • Question: Why should I buy Marine Cargo Insurance?

      Answer: Marine Cargo Insurance protects your goods or shipment during transportation. It reduces financial loss in case of loss or damage to the goods or shipment due to any incident covered as part of the policy.
    • Question: What are the types of sales contracts under Marine Insurance in India?

      Answer: The types of contracts include FOB (Free on Board), FOR (Free on Rail), C&F (Cost & Freight), and CIF (Cost, Insurance & Freight).
    • Question: Can I purchase a Marine Insurance policy online?

      Answer: Yes, you can buy a Marine Insurance policy online. Visit Policybazaar.com to explore coverage details and purchase a suitable policy.
    • Question: What are INCO Terms in Marine Insurance?

      Answer: Incoterms are used in international trade to determine the point at which responsibility for delivering goods changes between buyers and sellers. Incoterm informs sales contracts that define respective obligations, costs (including insurance), risks involved with delivery from one party as well as an agreement on how long it will take before those items can be delivered.

      Here are some of the commonly used INCO terms:

      Ex Works (EXW): Once the seller places the goods at the buyer’s disposal, insurance and carriage are arranged by the buyer.

      Cost, Insurance, Freight (CIF): Seller delivers once the goods have been passed through the ship’s rail in the shipment port. The seller must pay the cost and freight to bring goods to the destination however the risk is transferred to the buyer from the seller.

      Free On Board: Seller delivers once the goods have been passed through the ship’s rail at the named port of shipment. It means that the buyer will have to bear the costs and risks from that point onward.

      Here are some of the other INCO terms that are used in the market:

      CIP: Carriage and Insurance Paid

      DAP: Delivered At Place

      DDP: Delivered Duty Paid

      CPT: Carriage Paid To

      DAT: Delivered At Terminal

      FCA: Free Carrier

      EXW: Ex Works

      Rules for Inland Waterway & Sea Transport Only

      CIF: Cost, Insurance and Freight

      CFR: Cost & Freight

      FOB: Free On Board

      FAS: Free Alongside Ship

      *Note: These are the new INCO terms, 2020. These have been published recently.

    • Question: What does freight insurance refer to?

      Answer: The term freight refers to the goods in bulk that are carried by a ship, truck, train or plane. Freight insurance refers to the insurance policy that provides coverage for the loss or damage caused to the goods during transportation.
    • Question: What does an open policy cover, and for how long is it issued?

      Answer: An open policy is issued for a specific time period and covers all the shipments during that duration.
    • Question: What does a mixed plan offer, and why is it beneficial?

      Answer: A mixed plan provides the advantages of both a voyage plan and a time plan, making it a versatile option for coverage.
    • Question: What is a floating policy in marine insurance in India?

      Answer: A floating policy in marine insurance in India provides coverage for multiple shipments under one policy. It involves determining a fixed sum to cover these shipments, and the details of each shipment are declared afterward. This type of policy offers flexibility and convenience for businesses involved in regular shipping activities.
    • Question: What is the basis of valuation in Marine Cargo Insurance?

      Answer: The basis of valuation helps in determining the value of goods during transit. It takes into account the cost of the goods, freight charges, insurance costs, and an additional 10% to ensure accurate calculation of the value. This helps in properly assessing the value of the goods in the event of loss or damage during transit.
    • Question: What are some other names of marine insurance?

      Answer:Marine insurance is also referred to as transit insurance or cargo insurance. It's important to note that marine insurance isn't limited to covering goods transported solely by sea; it encompasses various modes of transportation, including road, rail, sea and air.
    • Question: Does Marine insurance cover household goods during transit?

      Answer:Yes, Marine insurance does cover the household goods during transit. There are different types of plans to cater to different kinds of demands of the customers.
    • Question: Does Policybazaar provide claim assistance in Marine insurance policy claims?

      Answer:Yes, in case of a claim, Policybazaar does provide assistance during a claim.
    • Question: What is the deductible in Marine Single Transit Policy?

      Answer: "Deductible is the amount set by the insurance company and is deducted from the total loss amount to determine the claim payout.

      For example, let's consider ABC Manufacturer, which has a Marine Cargo Policy with a cover amount of Rs 1,00,000/- and a deductible of Rs 5,000/-. If ABC Manufacturer incurs a loss of Rs 80,000/- due to a covered peril specified in the Marine Policy, the claim payable to ABC Manufacturer will be the loss amount of Rs 80,000/- minus the deductible of Rs 5,000/-. Therefore, the total claim payable will be Rs 75,000/-.

      In summary, the deductible is the portion of the claim that the policyholder must bear, and the claim amount payable is calculated by subtracting the deductible from the loss amount."

    • Question: How can I insure my Bulk or Over dimensional goods?

      Answer: "Bulk and ODC goods involve additional risk which is excluded as part of the standard Marine Cargo Insurance. The cover for it requires one to take an add-on over the normal policy.

      You can speak to the Policybazaar advisor & declare the requirement. They will help you provide the best coverage."

    • Question: How can I insure my temperature-sensitive goods?

      Answer: "Temperature-sensitive involves additional risk which is excluded as part of the standard Marine Cargo Insurance. The cover for it requires one to take add-on over the normal policy.

      You can speak to the Policybazaar advisor & declare the requirement. They will help you provide the best coverage."

    • Question: How do I determine the correct commodity for my shipment?

      Answer: The commodity implies the goods that are being sent. It is the most important information while buying a Marine Cargo Insurance as it determines the risk and hence, the coverages that can be offered.

      Alternatively, you can speak to the Policybazaar advisor & clarify any doubt in a few easy steps. Enquire today!"

    • Question: How much cover amount should I take for Marine Cargo Insurance?

      Answer: "The cover amount or sum insured is simply the total value or invoice value of your goods.

      Alternatively, one can speak to the Policybazaar advisor & clarify their doubts in a few easy steps. Enquire today!"

    • Question: How long does a time policy last?

      Answer: A time policy is generally valid for a year or so.
    • Question: If I purchase single transit insurance then for how long the insurance policy be valid?

      Answer: Usually, the single transit insurance policy stays valid up to 90 days.
    • Question: Which insurance company should I opt for while looking for a marine insurance policy online?

      Answer: It is suggested to purchase marine insurance from an insurance company with a higher claim settlement ratio than others. The official claim settlement ratio of all the insurance companies is released yearly by the IRDAI.
    • Question: How is the value determined in a valued plan and why is this beneficial?

      Answer: In a valued plan, the value of the cargo or consignment is determined in advance, helping in case of loss and insurance claim.
    • Question: How does a wager plan work, and under what conditions is reimbursement provided?

      Answer: A wager plan does not have fixed repayment terms, and reimbursement is provided if the insurer finds any damage or loss deserving of claims. If the damages are not significant, no reimbursement is given.
    • Question: How is the premium of marine insurance decided?

      Answer: The premium is determined based on factors such as the type and age of the ship, valuation or cost of the ship, trading and tonnage limits, management and ownership terms, and the type of insurance cover needed.
    • Question: How can I get a Marine Insurance quote?

      Answer: You can get a Marine Insurance quote online by visiting the Policybazaar website.
    • Question: Who can purchase Marine Cargo Insurance?

      Answer: Individuals who have an insurable interest in ships and cargo have the option to purchase marine insurance for the vessels or goods they are interested in insuring.
    • Question: Who is deemed to have an insurable interest under a marine insurance policy?

      Answer: Individuals or entities with an insurable interest can include ship and cargo owners, masters and crew of the ship, creditors, mortgagors, trustees, and persons advancing freight.
    • Question: Who would benefit from purchasing a voyage plan, and when does it expire?

      Answer: A voyage plan can be bought by those who wish to ensure a specific sea voyage, and it expires when the journey ends.
    • Question: Who benefits from a floating plan, and what details are specified beforehand?

      Answer: A floating plan suits those who undertake regular cargo transportation trips, and the amount of claim is specified beforehand, but other details are disclosed after the voyage starts.
    • Question: Who should buy Marine Cargo Insurance?

      Answer: The policy is important for any business which transports or ships their goods from one location to another or is getting a good or shipment transported for their own use as a raw material or operational purpose. Anyone or any organization with an insurable interest in the goods being transported should buy a Marine Cargo Policy."
    • Question: Who is the policyholder in Marine Cargo Insurance?

      Answer: For commodities other than household goods, the policyholder will be the company or business or proprietor with an insurable interest in the goods

      When household goods are being transported then, the policyholder is the individual whose goods are being transported.

    • Question: When is a port risk plan useful, and what does it protect?

      Answer: A port risk plan is useful when the ship is stationed at the port, as it ensures protection against the risks involved.
    • Question: When should I take Marine Cargo Insurance?

      Answer: One should take the Marine Cargo Insurance policy before the start of the shipment. It can be bought only when one has an invoice or lorry or transportation receipt ready.
    • Question: When does Marine Cargo Single Transit policy expire?

      Answer: The Marine Cargo Single Transit policy expires when the goods reach the final destination, but it has a validity of 3 months during which you can file claims if needed.

    Now help your friend get Business Insurance

    Your referral is greatly appreciated!

    Our team will reach out to your friend soon to help with their business insurance requirements.

    Marine Insurance Articles
    Transit of goods through waterways involves high risks. Marine insurance plays a significant role in safeguarding...Read more
    23 Nov 2022 by Policybazaar 7198 Views
    When moving to a new home, safeguarding your household articles during transit is crucial. Transit insurance...Read more
    27 Oct 2020 by Policybazaar 9376 Views
    Warranties in marine insurance are referred to as assurances or promises by the policyholder about a certain act...Read more
    20 Jul 2023 by Policybazaar 3225 Views
    Traders who export or import their goods across distant lands are aware of the risks during transit. While there...Read more
    23 Feb 2022 by Policybazaar 8109 Views
    In addition to the basic carrier policy, a Freight insurance policy will provide additional protection for your...Read more
    18 Mar 2019 by Policybazaar 21187 Views
    Within the transportation industry, where goods traverse vast...Read more
    29 Apr 2024 by Policybazaar 76 Views
    The accumulation clause in marine insurance is a crucial...Read more
    05 Apr 2024 by Policybazaar 144 Views
    Transporting goods across the vast expanse of oceans comes with...Read more
    05 Apr 2024 by Policybazaar 241 Views
    Shipping insurance for high-value items is crucial to mitigate...Read more
    03 Apr 2024 by Policybazaar 129 Views
    Intermediate storage in marine insurance plays a crucial role in...Read more
    03 Apr 2024 by Policybazaar 150 Views
    Policybazaar for Business - Marine Insurance - Customer Reviews
    View all
    4.3/5
    Based on 114 reviews
    4.3
    out of 5
    Based on 114 reviews
    14 users
    87 users
    13 users
    0 users
    0 users
    3.8 April 20, 2023
    Anas
    Great Experience
    I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
    Mizoram
    4.3 April 03, 2023
    Vaishnav
    Provides Comprehensive Protection
    When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
    Assam
    4.3 March 17, 2023
    Umang
    Excellent Services
    I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
    Chennai
    4.3 February 28, 2023
    Vishal
    User Friendly Interface
    The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
    Gurugram
    4.3 February 11, 2023
    Parth
    Prompt Services
    I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
    Noida
    3.8 February 10, 2023
    Rishabh
    Exceeds Expectations
    I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
    Jamshedpur
    3.8 January 31, 2023
    Arvind
    Easy Navigation
    The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
    Ajmer
    3.8 January 21, 2023
    Vishal
    Excellent Support
    The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
    Mumbai
    4.3 January 11, 2023
    Sanjeev Rathor
    Efficient Process
    When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
    Pune
    3.8 January 01, 2023
    Kunal
    Comprehensive Coverage
    I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.
    Indore

    Wait! Didn't find what you were looking for?

    Our certified business insurance experts are just a call away.

    Hold on! Before you sail away.. Compare plans & save upto

    Protect your goods from

    • Theft or malicious damage
    • Collision or fire accident
    • Loss while loading & unloading

    Your call has been scheduled successfully.

    Thank you
    Our experts will provide you assistance with your
    insurance coverage. Be assured, all your questions
    will be answered
    • 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.

    top