What are Different Types of Policies under Marine/Cargo Insurance Policy?

The insurance company offers different types of cargo insurance. These insurance products are essential to subscribe for the indemnification of goods contained in the cargo. In addition, the private laws of some countries do not allow to enter the cargo in the absence of a marine insurance policy. The shipping businesses must understand the different types of cargo insurance in order to purchase the most suitable policy.

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Different Types of Cargo Insurance

Let us discuss different types of cargo insurance policies.

Annual Open Policy

The Annual Open Policy in marine insurance ensures continuous and comprehensive cargo protection for multiple shipments throughout the year. It's an efficient and cost-effective choice for businesses engaged in frequent shipping, covering goods across various trips within a one-year timeframe. This differs from Single Transit Insurance, which is limited to a single journey.

Single Transit Insurance

Single Transit Insurance in marine coverage safeguards goods or cargo during a specific, individual journey from one location (the origin) to another (the destination) using vehicles like trucks, trains, ships, or planes.

Annual Sales Turnover Policy (STOP)

The Marine Sales Turnover Policy provides insurance coverage for a company's anticipated annual sales turnover in marine transportation. It secures the company's financial interests by offering protection against potential losses or damages during its operations.

For Instance, In 2024, if a company aims to export commodities valued at Rs 200 crore and import commodities worth Rs 100 crore, they can select a sales turn over policy. The premium is determined based on the projected Rs 200 crore in sales, offering coverage for both the Rs 200 crore in exports and Rs 100 crore in imports. This comprehensive protection totals Rs 300 crore against potential loss or damage.

Hull Insurance

Hull insurance exclusively covers losses or damages to carriers such as ships, trucks, trains, or planes during transportation.

Conclusion

Knowing the various cargo insurance policies is vital for shipping businesses. These policies provide protection for goods and are often a legal requirement in certain countries. Whether it's the Annual Open Policy, Single Transit Insurance, Annual Sales Turnover Policy, or Hull Insurance, each serves a unique purpose in safeguarding cargo and financial interests. Being informed about these options empowers businesses to make the right choice in a dynamic industry like marine transportation.

Written By: PolicyBazaar - Updated: 17 November 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
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