Marine Insurance

Marine Insurance in India

Transporting goods across sea, road, rail, or air plays a crucial role in driving India’s trade and economy.

During the transportation, the goods are exposed to accidents, damages due to natural calamities/ bad weather, rough handling by the transporter, damage due to poor road conditions, theft, pilferage and non-delivery.

What is Marine Insurance?

Marine insurance covers goods, ships, and other forms of transportation against loss or physical damage while they are on their way from source to destination. Common misconception is that marine insurance covers only the shipment via sea, but there is much more. With marine insurance in India, businesses don't have to worry for losing money while shipping and can focus on running their business.

Types of Marine Insurance in India

The most effective policy for you depends on what you do in business.

Marine Cargo Insurance Coverages:

A standard marine insurance covers a lot of ground, like:

• Accidents include fire, grounding, collisions or theft.
• Losses caused by natural disasters like storm, flood.
• Damage that happens while handling the cargo (loading and unloading included)
• Accident to carrying vehicle which results in damage to the carrying cargo.
• Since the Marine Insurance policy is an agreed value policy, in addition to the invoice value, we can add 10% to 25% markup value for incidental expenses.
• Provision to cover import duty and escalation value of cargo prior to arrival in destination port.

Types of Marine Cargo Insurance

• Specific voyage policy
• Open policy for Inland transits
• Open cover for Exports and Imports
• FOB Coverage
• Tail End Transit Cover
• Sales Turnover Policy (STOP Policy)

Hull Insurance

Hull and Machinery policy protects the loss or damage to hull and machinery during its operation in the sea/waterway.

Accidents including Fire, Grounding, Collision, Sinking, Piracy, lightning, Earthquake including tsunami,

Types of Hulls

• Cargo Ships
• Yachts and Boats
• Fishing Vessel
• Tug-boats and Barges
• Floating Machinery and oil Rigs

Types of Policy:

• 1. Voyage Policy
• 2. Time Policy
• 3. Fleet insurance Policy
• 4. Port Risks policy

Freight Insurance Policy

Protects the Shipowner/ Charterer against the loss of freight if the goods are not delivered at the destination point.

Marine Liability Insurance Covers:

Protects the ship owner from losses arising out of legal liability claims by Third parties, passengers, environmental Pollution, cargo claims, Collision claims legal fees.

Types of Marine Liability Insurance Policies.

• Protection and Indemnity Insurance
• Charterer’s legal Liability
• Ship repairers Liability
• Ports and Terminals cover
• Maritime employer’s Liability
• Marine General Liability