Do Small Consignments Require a Marine Insurance Policy in India?

In India's ever-evolving landscape of commerce and trade, the import and export industry continues to thrive. It's a dynamic sector that not only fosters economic growth but also strengthens international relationships. Amid this bustling activity, the role of insurance becomes increasingly crucial, even for small consignments.

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 Importance of Trade in India

India is a key player in global trade, dealing in textiles, agriculture, automobiles, electronics, and more. This robust trade not only fuels India's economy but also strengthens international relationships.

However, when it comes to insurance, the question arises: should small consignments receive the same level of protection as large corporations?

The Challenge of Small Consignments

Small consignments are the backbone of numerous businesses, especially startups and SMEs. Whether it's a few crates of goods, a single pallet of products, or parcels sent by individual entrepreneurs, these small shipments are the building blocks of commerce.

Despite their size, small consignments are not exempt from risks and challenges. In fact, they often present unique complexities that demand careful consideration.

Learn more about Marine Insurance

Marine Insurance for Small Consignments

This brings us to the core question: should small consignments be insured under a marine insurance policy? The answer, in most cases, is a resounding yes.

Marine insurance, traditionally associated with sea-bound cargo, has evolved to encompass various modes of transportation, including road, air, rail and water. It offers protection against an array of risks that can befall consignments, regardless of their size. Here are some key reasons why even small consignments can benefit from marine insurance:

  • Financial Safeguard: Marine insurance provides a financial safety net, ensuring that any unexpected losses or damages do not cripple your business.
  • Comprehensive Coverage: These policies can be tailored to suit the specific needs of your consignment, offering a range of coverage options.
  • Risk Mitigation: It mitigates the risks associated with the transportation of goods, allowing you to focus on your core business operations.
  • Compliance: In some cases, it may be a legal requirement, ensuring that you stay compliant with regulations.
  • Peace of Mind: Knowing that your consignment is protected can provide peace of mind, enabling you to conduct business without the constant worry of potential losses.

Choosing the Right Policy

As a rule of thumb, consider the potential claim amount when deciding whether to insure a small consignment. If the loss would significantly impact your business, it's a clear sign that insurance is a wise investment.

Conclusion 

The size of your consignments should not determine their importance or the need for insurance. Whether you're sending a massive shipment or a tiny parcel, protecting your cargo is paramount. With numerous insurance providers offering tailored solutions, securing marine insurance, especially Marine Cargo Insurance, can help shield your business from potential suffering and damage.

Written By: PolicyBazaar - Updated: 08 March 2024

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 7271 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 3298 Views
When moving to a new home, safeguarding your household articles during transit is crucial. Transit insurance...Read more
27 Oct 2020 by Policybazaar 9450 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 8182 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 21235 Views
Within the transportation industry, where goods traverse vast...Read more
29 Apr 2024 by Policybazaar 112 Views
The accumulation clause in marine insurance is a crucial...Read more
05 Apr 2024 by Policybazaar 169 Views
Transporting goods across the vast expanse of oceans comes with...Read more
05 Apr 2024 by Policybazaar 281 Views
Shipping insurance for high-value items is crucial to mitigate...Read more
03 Apr 2024 by Policybazaar 145 Views
Intermediate storage in marine insurance plays a crucial role in...Read more
03 Apr 2024 by Policybazaar 174 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