Marine Insurance: Duty Insurance Policy

The policy is designed to help importers who are bringing in cargo where the landed cost would be more than the CIF value by imposing a custom duty. The policy is not an agreed value basis, and claims under this section are payable on actual basis.

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Highlights of Duty Insurance Policy

Here are some of the highlights of Duty Insurance policy:

  • The policy indemnifies the importer for the increased value of the cargo due to payment of Duty.
  • The premium under the Duty Insurance Policy would normally be cheaper than the Cargo Insurance Policy by at least 25%.
  • This policy’s sum insured is determined based upon the actual duty that is to be paid.
  • The policy may also be issued on a provisional sum insured basis, since the amount of duty could not be known to the importer before landing the cargo at the destination port.
  • The Duty Policy is to be issued to the holder or assignee of the Import License.
  • The sum insured for custom duty is modified based on the actual evaluated custom duty at the expiration of open policy that was issued to cover custom duty.

Duty Insurance Policy Coverage

This policy provides coverage for the following:

  • A duty insurance policy is usually issued in conjunction with a cargo policy.
  • No claim under the duty policy can be made unless the liability is covered by the cargo policy.
  • The terms of cover and exclusions are also applicable in tandem with the cargo policy.
Learn more about Marine Insurance

Duty Insurance Policy Does Not Cover

This insurance policy does not provide cover for the following:

  • In case of total or partial loss of cargo prior to Duty becoming payable.
  • Salvage and/or Salvage Charges / General Average arising from any loss before the Duty becomes payable.
Written By: PolicyBazaar - Updated: 13 October 2023

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Policybazaar for Business - Marine Insurance - Customer Reviews
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4.3/5
Based on 114 reviews
4.3
out of 5
Based on 114 reviews
14 users
87 users
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3.8 April 20, 2023
Anas
Great Experience
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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.
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4.3 March 17, 2023
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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
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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.
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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