Adapting to Changing Supply Chain Risks: The Role of Cargo Insurance

In today's fast-paced global commerce environment, supply chains are growing more complex and interconnected. While this interconnectedness creates growth opportunities for businesses, it also exposes them to a variety of evolving risks, including natural disasters, geopolitical tensions, and unexpected disruptions. These risks can disrupt the seamless flow of goods from manufacturers to consumers. One effective strategy to deal with these challenges is cargo insurance.

Read more
marine

Get right expert advice

Hassle free policy

Speedy Claims

Fast-track your search with instant quotes from top insurers

Get ₹10 lakh cover
starting at ₹591/transit+

Step 1/2
Instant policy copy
All commodities available
Single transit and annual covers

Get ₹10 lakh cover starting at ₹591/transit+

Instant policy copy
All commodities available
Single transit and annual covers
secure-icon We don't spam
Get Updates on WhatsApp
Check Your Premium Now

Get ₹10 lakh cover
starting at ₹591/transit+

Step 2/2
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

The Growing Challenges of Supply Chain Resilience

The supply chain industry has always required resilience, but in recent years, the usual challenges have intensified. Even though major incidents in 2022 decreased compared to the previous two years, the field of logistics appears to be riskier.

It's not just the impact of the pandemic; it's also the fact that global systems are struggling to keep up with the soaring demand. Factories are grappling to meet the surging consumer needs that have been building up over the years. Ships are struggling to match the increasing logistics demands due to their limited size and speed. Meanwhile, on land, trucks and warehouses are strained as they work to prevent container congestion.

In light of all this congestion and disruption, the risk exposure has increased significantly. Risk exposure involves more than just the likelihood of encountering losses; it's also about assessing the value of those losses as they occur.

The Role of Cargo Insurance in Mitigating Risks

Cargo insurance is a financial safety net that businesses can rely on to protect their goods while in transit. Here's how cargo insurance can help you navigate these evolving supply chain risks:

  • Financial Protection: Cargo insurance provides coverage for goods damaged, lost, or stolen during transit. This financial protection ensures that the financial burden of such losses is borne by the insurer, reducing the impact on your business.
  • Risk Mitigation: By having cargo insurance in place, you can proactively mitigate the financial risks associated with supply chain disruptions. This can include coverage for delays due to covered events, helping you manage your logistics costs and maintaining business continuity.
  • Flexibility and Customization: Cargo insurance policies can be tailored to suit your specific supply chain needs. You can choose coverage options that address the most pertinent risks for your business, allowing for a flexible and customized approach to risk management.
  • Supply Chain Resilience: In an environment where disruptions are the new norm, cargo insurance can enhance supply chain resilience. Having a robust insurance strategy in place allows your business to recover more quickly, minimizing disruptions and maintaining customer satisfaction.
  • Risk Assessment and Management: Cargo insurance providers often offer risk assessment services that can help you identify vulnerabilities in your supply chain. This can lead to proactive risk management measures that reduce the likelihood of incidents in the first place.

Learn more about Marine Insurance

Conclusion

In the rapidly evolving world of supply chain management, cargo insurance is an invaluable tool for businesses seeking to navigate the complexities and uncertainties that come their way. Whether it's safeguarding against natural disasters, geopolitical tensions, or unexpected disruptions like the recent pandemic, cargo insurance is an investment in the stability, resilience, and profitability of your business. By proactively addressing the evolving risks within your supply chain, you can ensure that your goods reach their intended destination, no matter the challenges that arise along the way.

Written By: PolicyBazaar - Updated: 17 October 2023

Marine Insurance Premium Calculator

Select Commodity

  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods

Select Mode of Transport

  • Road
  • Air
  • Sea
  • Courier
  • Rail

Cover Amount Required

Enter value between 10 thousand to 10 crore

Calculate

Premium starts from

Great! Now Unlock Best Plans for You

No online plans found!

But, we have offline plans ready.
Connect with our advisor to explore more

Schedule a callback
Re-calculate

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Marine Insurance Articles
Transit of goods through waterways involves high risks. Marine insurance plays a significant role in safeguarding...Read more
23 Nov 2022 by Policybazaar 7182 Views
When moving to a new home, safeguarding your household articles during transit is crucial. Transit insurance...Read more
27 Oct 2020 by Policybazaar 9351 Views
Warranties in marine insurance are referred to as assurances or promises by the policyholder about a certain act...Read more
20 Jul 2023 by Policybazaar 3197 Views
Traders who export or import their goods across distant lands are aware of the risks during transit. While there...Read more
23 Feb 2022 by Policybazaar 8084 Views
In addition to the basic carrier policy, a Freight insurance policy will provide additional protection for your...Read more
18 Mar 2019 by Policybazaar 21165 Views
Within the transportation industry, where goods traverse vast...Read more
29 Apr 2024 by Policybazaar 66 Views
The accumulation clause in marine insurance is a crucial...Read more
05 Apr 2024 by Policybazaar 134 Views
Transporting goods across the vast expanse of oceans comes with...Read more
05 Apr 2024 by Policybazaar 229 Views
Shipping insurance for high-value items is crucial to mitigate...Read more
03 Apr 2024 by Policybazaar 120 Views
Intermediate storage in marine insurance plays a crucial role in...Read more
03 Apr 2024 by Policybazaar 142 Views
Policybazaar for Business - Marine Insurance - Customer Reviews
View all
4.3/5
Based on 114 reviews
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
  • 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.

Wait! Didn't find what you were looking for?

Our certified business insurance experts are just a call away.

Hold on! Before you sail away.. Compare plans & save upto

Protect your goods from

  • Theft or malicious damage
  • Collision or fire accident
  • Loss while loading & unloading

Your call has been scheduled successfully.

Thank you
Our experts will provide you assistance with your
insurance coverage. Be assured, all your questions
will be answered
top
View Plans