Marine Insurance: Sales Turn Over Policy

The policy is designed to insure a company's sales. This includes export/import / indigenous sales, stock transfer, procurement, etc. during the financial year. The policy is usually issued to companies that have a production unit and are registered under the Companies Act of 1956.

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Protect your goods from losses or damages just ₹500*
₹10 lakh cover @ ₹591/transit*

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Highlights of Marine STOP Policy

Here are some of the highlights of the Marine STOP Policy:

  • The STOP insurance policy covers different aspects of the transit of the Assured, like exports, imports, indigenous production, stock transfers, purchase and sales returns, etc.
  • The sum insured under the policy is based on the annual turnover of the Assured and is not obligatory to be declared unless required by the Insured for the purpose of negotiating export documents.
  • The sum insured is determined according to the average sales turnover made in the last 3 years, excluding the expired years, as obtained from the Balance Sheet or estimated for the current year, or the actual turnover of the Assured in the preceding year, whichever is higher.
  • The policy does not cover Capital Goods, Project Materials, Spares or Machinery unless related to the trade of the Assured; timber logs, coal, cement, jewellery, household goods.

Marine STOP Policy Coverage

This policy provides coverage for the following:

  • The STOP policy in marine insurance provides all risks cover issued with War & SRCC.
  • The cover is for Basic Damage and Fire during the course of the journey.
  • The premium rate depends on the proposed Terms of Cover.
  • SRCC (Inland Transit)
  • War & SRCC (Import & Export)
  • Non-delivery, pilferage & theft in case of Basic Cover only
  • The policy provides coverage for any additional storage prior to the delivery of cargo at the final destination

Marine STOP Policy Does Not Cover

This policy does not provide coverage for the following:

  • Inherent vice
  • Wilful misconduct of the assured
  • Nuclear weapons
  • Rats and vermin
  • Improper packing
  • Deliberate damages
  • Ordinary leakage in case of liquid cargo
  • Ordinary loss in weight
  • Insolvency of carrier
  • Ordinary wear & tear
Written By: PolicyBazaar - Updated: 27 December 2022