Marine Insurance for Machine Tools & Spares Industry

In order to send the machine tools and spare parts to factory owners, the manufacturers have to transport them by trucks, ships, cargo planes or trains, and several risks get involved in this process. This is where marine insurance for machine tools and spare industry comes in as it provides coverage for the unforeseen damage caused to the machine tools and spare parts during transportation.

Mobile number

We don't spam

Importance of Marine Insurance for Machine Tools & Spares Industry

It is important for the manufacturers of machine tools and spares industry to purchase a marine insurance policy. Marine insurance for machine tools and spares industry provides covers the insured from unexpected loss or damage caused during the transportation of the machine tools and spares from one point to another. Not just this but insurers also provide coverage for several other perils such as collisions, reconditioning costs, jettisons, etc.

Coverage under Marine Insurance for Machine Tools & Spares Industry

Marine insurance for machine tools and spares industry provides coverage for the following:

Marine insurance for machine tools and spares industry provides coverage against damages caused due to fire, explosion, stranding or sinking during the journey
Expenses incurred in overturning, collision or derailment of land conveyance during the journey are covered
Expenses incurred in a situation where the cargo leaves from a port of distress
Damage caused due to natural calamities such as lightning or earthquake
Scenarios like jettison and washing overboard are also covered
General average sacrifice salvage charges are covered
Total loss of package whether dropped while loading/unloading or overboard

Learn more about Marine Insurance

Annual open Policy

Read More

Single Transit Policy

Read More

Sales turn over Policy

Read More

Transit Insurance

Read More

Marine Insurance

Read More

Cargo Insurance

Read More

Read More

Exclusions under Marine Insurance for Machine Tools & Spares Industry

Marine Insurance for Machine Tools & Spares Industry does not provide cover for the following:

No coverage is provided for intentional loss or damage
In case of bad packaging quality of the machine tools and spares
Loss due to liquidation, bankruptcy or collapse of finances
Regular wear and tear of machine tools and spares are not covered
Several insurers do not provide cover for damage caused due to extreme situations like war, riots, strikes, etc.
Loss due to insolvency is not covered

Claiming Process for Marine Insurance for Machine Tools & Spares Industry

Have a look at the claiming process mentioned below:

Inform the insurer about the damage and if the insured cannot inform the insurer at the moment then anyone on the insured’s behalf can inform the insurer
If any of the goods get extremely damaged at the time of delivery then the Insured can get a thorough survey done by the surveyor as well as lodge a monetary claim
If any of the packages go missing then the insured can file an FIR because the insurer might ask for a police report as the claim is related to theft.

Marine Insurance for Machine Tools & Spares Industry: Documents Required

Here are the following documents that the insured has to submit along with the claim form to raise the claim:

Copy of insurance policy
Billing lading copy
Survey report
Claim bill
Copy of the documents exchanged with the carrier
Original invoice with shipping specification

View More

Marine Insurance Premium Calculator

Select Commodity

Select Mode of Transport

Cover Amount Required

Calculate

Download Policy Wordings of TATA AIG

Why Buy From Policybazaar

Marine Insurance Companies

View more insurers

Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Commercial Insurance Products

Group Health Insurance

Marine Insurance

Cargo Insurance

Workmen Compensation Insurance

Professional Indemnity

Fire Insurance

Shop Insurance

Comprehensive Liability Insurance

Construction All Risk

Erection All Risk

Cyber Insurance

Directors & Officers Insurance

Contractor's Plant & Machinery

Office Package Policy

Group Personal Accident Insurance

Group Life Term Insurance

Drone Insurance

We don't spam

View plans

By clicking on " Check Your Premium Now " you agree to our Privacy Policy and Terms Of Use

Marine Insurance Articles

Popular Articles
Recent Articles

Why Is Insuring Your Household Articles Important During Transit?

Why Is Insuring Your Household Articles Important During Transit?

When moving to a new home, safeguarding your household articles during transit is crucial. Transit insurance...Read more

27 Oct 2020 by Policybazaar 16356 Views

Warranties in Marine Insurance

Warranties in Marine Insurance

Warranties in marine insurance are referred to as assurance of coverage provided by the insurer. It outlines the...Read more

20 Jul 2023 by Policybazaar 8536 Views

Documents Required for Import-Export Customs Clearance

Documents Required for Import-Export Customs Clearance

Any shipment moving from one country to another requires customs clearance. Apart from international laws and...Read more

22 Nov 2022 by Policybazaar 10607 Views

Difference between Marine Open Cover & Marine Open Policy

Difference between Marine Open Cover & Marine Open Policy

Marine insurance and its advantages cannot be ignored if you are in a shipping business or your business needs...Read more

19 Aug 2022 by Policybazaar 10417 Views

International Cargo Clauses & Inland Transit Clauses in Marine...

International Cargo Clauses & Inland Transit Clauses in Marine...

Marine insurance coverage is divided into two types. One is International Cargo Clause (ICC) and the second is the...Read more

13 Aug 2022 by Policybazaar 12630 Views

Types of Marine Losses

Types of Marine Losses

In the shipping business, different types of losses can happen. Marine insurance helps manage these risks by...Read more

23 Nov 2022 by Policybazaar 12693 Views

What is Carrier Legal Liability Insurance?

What is Carrier Legal Liability Insurance?

Within the transportation industry, where goods traverse vast distances across different modes of transport,...Read more

29 Apr 2024 by Policybazaar 4272 Views

6 Not to Forget Principles of Marine Insurance

6 Not to Forget Principles of Marine Insurance

The principles of marine insurance are essential for maintaining fairness and consistency in the delivery of...Read more

10 Feb 2020 by Policybazaar 16291 Views

Insurance for Transporting Goods in India

Insurance for Transporting Goods in India

In the intricate web of India's transport industry, the movement of goods plays a vital role in driving the...Read more

03 Nov 2023 by Policybazaar 4990 Views

Inland Transit vs Marine Cargo insurance

Inland Transit vs Marine Cargo insurance

If your business involves the transportation of finished or unfinished goods or raw materials, you probably need a...Read more

15 Nov 2022 by Policybazaar 7741 Views

Transit Insurance for Delivery Business

Transit Insurance for Delivery Business

Whenever goods and commodities are on the move, they are at risk of damage. A logistics company's reputation can...Read more

28 Feb 2024 by Policybazaar 3662 Views

What is Marine Insurance in Export and Import?

What is Marine Insurance in Export and Import?

People have been exchanging goods since prehistoric times, with long-route trades dating back to 2000 BCE. Today...Read more

18 Feb 2022 by Policybazaar 8570 Views

Voyage Charter Vs Time Charter

Voyage Charter Vs Time Charter

The shipping industry relies heavily on chartering, essentially the leasing of vessels between shipowners and...Read more

29 Mar 2024 by Policybazaar 4742 Views

Which Type of Insurance Do I Require to Be a Courier?

Which Type of Insurance Do I Require to Be a Courier?

Gone are the days when people use courier service for sending documents or papers as almost all the parts of the...Read more

11 Dec 2020 by Policybazaar 9223 Views

Products to Export from India

Products to Export from India

India has largely been an agricultural economy but has turned towards exports in recent years. Products exported...Read more

18 Mar 2025 by Policybazaar 1804 Views

What are E-commerce Exports?

What are E-commerce Exports?

E-commerce exports refer to selling and delivering products or...Read more

26 Sep 2025 by Policybazaar 177 Views

What is Anti-Dumping Duty?

What is Anti-Dumping Duty?

Anti-Dumping Duty (ADD) is a tariff imposed by governments to...Read more

25 Sep 2025 by Policybazaar 260 Views

What is MEIS?

What is MEIS?

The Merchandise Exports from India Scheme (MEIS) was introduced...Read more

11 Sep 2025 by Policybazaar 265 Views

Top Import Export Business Ideas for Sellers in India

Top Import Export Business Ideas for Sellers in India

India's import-export sector has experienced rapid growth in...Read more

27 Aug 2025 by Policybazaar 846 Views

12 Documents Required for Exporting Goods from India

12 Documents Required for Exporting Goods from India

In foreign trade, the significance of proper documentation...Read more

09 Jun 2025 by Policybazaar 1298 Views

What is Export?

What is Export?

Export is the sale of goods and services manufactured in a...Read more

30 Apr 2025 by Policybazaar 1201 Views

Types of Shipping Containers with Size & Dimensions

Types of Shipping Containers with Size & Dimensions

Shipping containers have evolved over the years. Now, businesses...Read more

25 Apr 2025 by Policybazaar 859 Views

How to Choose the Right Shipping Line in 2025: Top 5 Key Factors

How to Choose the Right Shipping Line in 2025: Top 5 Key Factors

Selecting the right shipping line is crucial for Indian...Read more

07 Apr 2025 by Policybazaar 1005 Views

How to Create a Freight Forwarding RFP for Shipping?

How to Create a Freight Forwarding RFP for Shipping?

RFP, or Request for Proposal in freight forwarding, is a formal...Read more

03 Apr 2025 by Policybazaar 995 Views

What is Pallet Shipping?

What is Pallet Shipping?

Pallet shipping is a mode of transporting goods using pallets to...Read more

02 Apr 2025 by Policybazaar 1053 Views

What are High Cube Containers in Shipping?

What are High Cube Containers in Shipping?

‘High Cube containers’ is a category of shipping containers...Read more

02 Apr 2025 by Policybazaar 1263 Views

International Shipping - How to Start Shipping Internationally From...

International Shipping - How to Start Shipping Internationally From...

Expanding your business to international markets can be a...Read more

01 Apr 2025 by Policybazaar 1056 Views

Products to Export from India

Products to Export from India

India has largely been an agricultural economy but has turned...Read more

18 Mar 2025 by Policybazaar 1804 Views

Modes of Transportation Covered Under Marine Insurance

Modes of Transportation Covered Under Marine Insurance

Marine insurance is essential for protecting goods during...Read more

23 Oct 2024 by Policybazaar 2087 Views

What is Carrier Legal Liability Insurance?

What is Carrier Legal Liability Insurance?

Within the transportation industry, where goods traverse vast...Read more

29 Apr 2024 by Policybazaar 4272 Views

Policybazaar for Business - Marine Insurance - Customer Reviews

View all 114 reviews

View all

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

114 Review Item

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
By clicking on "View Plans" 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.

Claude