Marine Insurance for FMCG Commodities

Majority of consumers rely of online purchasing of goods. However, it takes 2-7 business days for them to receive the order at their delivery address. This is where marine insurance for FMCG comes in as it provides coverage to the FMCG commodities from any loss or damage when they are transported from one place to another.

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Importance of Marine Insurance for FMCG Commodities

It is important for manufacturers to purchase Marine Insurance for FMCG commodities as it provides financial coverage for the unforeseen loss or damage that might happen to the goods during the transportation. Marine insurance for FMCG also provides coverage for damages caused due to collision, reconditioning, etc.

Coverage under Marine Insurance for FMCG Commodities

Marine insurance for FMCG Commodities provides coverage for the following perils:

Loss or damage caused due to fire, explosions, etc.
Loss or damage caused due to sinking or stranding of carrier during the journey
General average sacrifice salvage charges
Total loss of package during loading or unloading
Total loss of package during the transportation
Damage caused due to natural calamity
Expenses incurred when the cargo leaves the port of distress
Jettison and washing overboard during the transportation

Exclusions under Marine Insurance for FMCG Commodities

Marine Insurance for FMCG commodities does not provide coverage for the following perils:

Any intentional damage caused is not covered
Regular wear and tear is not covered
Loss of liquidation, collapse of finances or bankruptcy are not covered
Bad packaging that eventually damages the FMCG commodities are not covered
Damages caused due to war, strikes, terror attack or riots are not covered
Loss due to insolvency

Claiming Process for Marine Insurance for FMCG Commodities

Here is the claiming process for marine insurance for FMCG Commodities:

Inform the insurance company
If not then ask someone else to inform the insurer on behalf of insured about the damages
If the damage is extreme then the insured can get a survey done and lodge a monetary claim.
In case of a missing FMCG Commodity, the insured can file an FIR
Once the FIR is filed the insured can show it to the insurer when asked

Marine Insurance for FMCG Commodities: Documents Required

Keep the following documents handy to submit along with the claim form while raising the claim:

Insurance policy copy
Survey report
Claim bill
Billing lading copy
Documents copy exchanged with carrier
Invoice with shipping specification

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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. Premium varies on the basis of Occupancy, Business Activity & Coverage Type
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