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 chargesĀ 
  • 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
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
13 users
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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.
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4.3 March 17, 2023
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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.
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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.
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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
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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.
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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