Specific Policy/Single Transit: a policy for a single shipment by sea/air/rail/post
Open / Declaration Policy: an annual policy subject to monthly declaration
Sales Turnover / Open Cover: an annual policy subject to a deposit premium and annual adjustment
Marine Hull: It covers torso and hull of the vessel. Insurance is against the value of ship loss.
A Marine Specific Insurance Policy is transit insurance policy that covers the possible financial loss of goods transported from a place to another place via Road/ Rail/ Air/ Sea/ Courier, etc.
The transportation of goods could be
    1. Inland – within India
    2. Import – from anywhere in world to anywhere in India
    3. Export – from anywhere in India to anywhere in world
A Marine Specific Insurance Policy is required when the goods transported are not covered in an existing Marine Policy. Any party which has insurable interest in the policy can buy it.
  • eller
  • Buyer
  • Transporter
  • Financier
Marine inland transit insurance can be an open declaration policy. An aggregate sum assured is specified for the full year. All transits thereafter are covered with a declaration at the end of each month.
The cargo insurance policy is specially designed insurance cover for goods in transit. It offers coverage to freight against all types of losses or damages from external causes during transportation whether by land, sea, or rail. Usually, cargo insurance policies are freely assignable.
Marine Cargo Policy covers goods (machinery, raw materials, finished goods etc) during transit under a contract of affreightment.
Features:
    1. The policy is assignable
    2. The Sum Insured is fixed on ‘Agreed Value’ basis. Normally with a margin of 10% on invoice price for incidental expenses
    3. The premium rates depend on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience
Sales Turnover Policy is a flexible Marine Cargo Insurance Policy which covers the insurable Risks associated with the transit of goods by the seller. This policy has the unparalleled advantage of covering not just the entire sales turnover of the company but can be extended to cover the purchases, imports, exports, returns, loading, unloading, intermittent storage, movement of goods from factory to depots or warehouses, warehouses to dealership, dealership to customer, etc. This is a highly customizable policy depending on customer’s business requirement.
Any entity whether it’s a manufacturer, importer, exporter, etc. involved in purchase and sales of goods with a Sales Turnover of above 10 Crore must have Sales Turnover Policy. By buying Sales Turnover Policy the entity will not have to buy specific marine insurance cover for the movement of its goods. The premium of Sales Turnover Policy is also very competitive when compared to Marine Specific Insurance cover. An entity need not declare each and every leg of goods movement but instead needs to file a Sales Declaration on monthly/quarterly basis for the same.
Sales Turnover Policy has many advantages for sellers/manufacturers of goods/tangible products.
    1. This policy covers Sales, Purchases & returns in a single policy.
    2. Premium in Sales Turnover Policy is very competitive.
    3. Premium can be paid quarterly/ half-yearly/ yearly.
    4. There is no need to declare each and every shipment. Monthly/Quarterly declarations are acceptable in this.
    5. Loading, Unloading, Intermittent storage of goods can be covered in this.
    6. Import and Export of goods are also covered in this.
    7. Policy covers value of goods, freight, etc.
Inland transit policies can be extended to cover the following perils on payment of additional premium:
    1. SRCC – Strike, riot and civil commotion (including terrorist act)
    2. FOB – Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel , this extension can be taken.
Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.
Hull insurance is an insurance policy especially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Hull insurance can be understood like a car insurance, with a difference of being for a water faring vehicle instead of land.
Hull insurance also includes any fixtures attached to the hull of the ship as a functional part, into the definition of hull. Since the policy mostly applies to water going vessels, it is more popularly called Marine Hull Insurance, and is a part of marine insurance.
It covers all types of vessels operating into the oceans, lakes, or rivers like bulk carriers, fishing boats, ships, tankers, cruises, yachts, jetties, and wharfs.
The policy plays an important role by helping boat owners to secure their vehicles against machinery damage and destruction of hull, fittings, liabilities, etc.
Mainly the policy insures against the following perils:
  • Destruction of hull
  • Damage to machinery
  • Disbursement losses
  • Ship-breaking losses
  • Fittings and freight
Hull insurance policies can also include third party liability such as cover for losses or damages caused by your vessels to other ships or boats, or injury to the ship workers.
Marine hull insurance covers all sizes of vessel from the largest tankers and containerships to small craft and yachts. We protect ocean-going vessels worldwide against risks such as physical damage and collision liability.
Our appetite – ocean going vessels
  • Physical damage
  • Collision liability (ocean-going vessels)
  • Sue and labor
A Marine Specific Insurance Policy is transit insurance policy that covers the possible financial loss of goods transported from a place to another place via Road/ Rail/ Air/ Sea/ Courier, etc.
The transportation of goods could be
    1. Inland – within India
    2. Import – from anywhere in world to anywhere in India
    3. Export – from anywhere in India to anywhere in world
A Marine Specific Insurance Policy is required when the goods transported are not covered in an existing Marine Policy. Any party which has insurable interest in the policy can buy it.
  • eller
  • Buyer
  • Transporter
  • Financier
Marine inland transit insurance can be an open declaration policy. An aggregate sum assured is specified for the full year. All transits thereafter are covered with a declaration at the end of each month.
The cargo insurance policy is specially designed insurance cover for goods in transit. It offers coverage to freight against all types of losses or damages from external causes during transportation whether by land, sea, or rail. Usually, cargo insurance policies are freely assignable.
Marine Cargo Policy covers goods (machinery, raw materials, finished goods etc) during transit under a contract of affreightment.
Features:
    1. The policy is assignable
    2. The Sum Insured is fixed on ‘Agreed Value’ basis. Normally with a margin of 10% on invoice price for incidental expenses
    3. The premium rates depend on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience
Sales Turnover Policy is a flexible Marine Cargo Insurance Policy which covers the insurable Risks associated with the transit of goods by the seller. This policy has the unparalleled advantage of covering not just the entire sales turnover of the company but can be extended to cover the purchases, imports, exports, returns, loading, unloading, intermittent storage, movement of goods from factory to depots or warehouses, warehouses to dealership, dealership to customer, etc. This is a highly customizable policy depending on customer’s business requirement.
Any entity whether it’s a manufacturer, importer, exporter, etc. involved in purchase and sales of goods with a Sales Turnover of above 10 Crore must have Sales Turnover Policy. By buying Sales Turnover Policy the entity will not have to buy specific marine insurance cover for the movement of its goods. The premium of Sales Turnover Policy is also very competitive when compared to Marine Specific Insurance cover. An entity need not declare each and every leg of goods movement but instead needs to file a Sales Declaration on monthly/quarterly basis for the same.
Sales Turnover Policy has many advantages for sellers/manufacturers of goods/tangible products.
    1. This policy covers Sales, Purchases & returns in a single policy.
    2. Premium in Sales Turnover Policy is very competitive.
    3. Premium can be paid quarterly/ half-yearly/ yearly.
    4. There is no need to declare each and every shipment. Monthly/Quarterly declarations are acceptable in this.
    5. Loading, Unloading, Intermittent storage of goods can be covered in this.
    6. Import and Export of goods are also covered in this.
    7. Policy covers value of goods, freight, etc.
Inland transit policies can be extended to cover the following perils on payment of additional premium:
    1. SRCC – Strike, riot and civil commotion (including terrorist act)
    2. FOB – Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel , this extension can be taken.
Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.
Hull insurance is an insurance policy especially designed for covering ship damage expenses. Where the ‘Hull’ refers to the main body of the ship. Hull insurance can be understood like a car insurance, with a difference of being for a water faring vehicle instead of land.
Hull insurance also includes any fixtures attached to the hull of the ship as a functional part, into the definition of hull. Since the policy mostly applies to water going vessels, it is more popularly called Marine Hull Insurance, and is a part of marine insurance.
It covers all types of vessels operating into the oceans, lakes, or rivers like bulk carriers, fishing boats, ships, tankers, cruises, yachts, jetties, and wharfs.
The policy plays an important role by helping boat owners to secure their vehicles against machinery damage and destruction of hull, fittings, liabilities, etc.
Mainly the policy insures against the following perils:
  • Destruction of hull
  • Damage to machinery
  • Disbursement losses
  • Ship-breaking losses
  • Fittings and freight
Hull insurance policies can also include third party liability such as cover for losses or damages caused by your vessels to other ships or boats, or injury to the ship workers.
Marine hull insurance covers all sizes of vessel from the largest tankers and containerships to small craft and yachts. We protect ocean-going vessels worldwide against risks such as physical damage and collision liability.
Our appetite – ocean going vessels
  • Physical damage
  • Collision liability (ocean-going vessels)
  • Sue and labor
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IRDA Licence No. 603 | Licence Validity - 12/06/2017 to 11/06/2020