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.
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.
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