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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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

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Type of Cover

Single Transit

Annual Open

Where will your products be shipped to?

Inland

Import

Export

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

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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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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.

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