What is STOP (Annual Sales Turn Over) Policy and How Does it Work?

The Marine Sales Turnover Policy is designed to provide insurance coverage for a company's anticipated annual sales turnover in the field of marine transportation. This insurance policy serves as a protective shield for the company's financial interests, offering security against potential losses or damages that may occur during its operations.

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How Does it Work?

For instance, let's consider a scenario in the fiscal year 2023. If a company intends to engage in exports amounting to Rs 100 crore and imports totaling Rs 50 crore, they have the option to secure a STOP (Marine Sales Turnover Policy).

The insurance provider will assess the premium based on the estimated sales of Rs 100 crore. However, the coverage afforded to the insured entity extends to both the Rs 100 crore of exports and the Rs 50 crore of imports, thereby encompassing a total of Rs 150 crore to safeguard against any potential losses or damages.

Conclusion

The Marine Sales Turnover Policy emerges as a valuable asset for businesses engaged in marine transportation. This insurance policy not only shields a company's financial interests but also offers a robust safety net against potential losses or damages arising from its operations.

Written By: PolicyBazaar - Updated: 16 November 2023
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Policybazaar for Business - Marine Insurance - Customer Reviews
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4.3/5
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4.3
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Based on 114 reviews
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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.
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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.
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4.3 March 17, 2023
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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.
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4.3 February 28, 2023
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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
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4.3 February 11, 2023
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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.
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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.
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3.8 January 31, 2023
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3.8 January 21, 2023
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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
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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