Marine Cargo Insurance

Get several deeply researched insurance options in less than 2 hours:

  • Lowest premium assured with best coverage.
  • Features explained simply.
  • Policy Issuance in 1 hour.
  • Basic details like Annual SI, Cargo,Location Single or Open policy etc. required to
    get the quote.

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MARINE CARGO INSURANCE COVERS

  • Single Transit Policy
  • Covers specific consignment upon payment of agreed premium
  • Can be offered for Inland/Domestic and International transits
  • Can be offered on All risk basis or on Basic risk
  • Marine Cargo Open Policy
  • Covers All consignments as agreed by underwriters
  • Can be offered for Inland/Domestic and International transits and all risk basis or on Basic risk
  • Simple declaration on monthly basis or at an agreed frequency
  • On line Certificate Generation at Insured’s end wherever required
  • Top up facility available
  • Sales Turnover Policy
  • An Umbrella to all consignments related to trade or manufacturing of the insured
  • All Inland/Domestic and international transits can be covered
  • Simple declaration of Sales on quarterly basis
  • On line Certificate Generation at Insured’s end wherever required
  • Top up facility available

Benefits Overview of Fire Insurance

Cover Any Commercial Arrangement

Marine cargo insurance covers several commercial arrangements. The most common forms of contract are FOB (Free on Board), C & F (Cost and Freight) and CIF (Cost, Insurance and Freight). If the contract type is FOB or C&F, the buyer is generally responsible for the insurance. And in the case of CIF, the seller is accountable for the insurance.

Multiple Insurance Structures

Based on how frequently you need marine insurance you can select a structure. These range from Annual Turn Over Policy (ATOP), Specific Voyage, Open Policy, and Annual Policy. The annual or sales turnover insurance is a simple way to insure your yearlong marine insurance requirements in one policy.

ICC (A,B&C CLAUSE) AND ITC (A,B&C CLAUSE)

Marine Insurance policy covers all risks included under Institute Cargo Class (A), (B) & (C). The Institute Cargo Class (C) provides limited risk cover as compared to Institute Cargo Class (A) that provides maximum risk cover.” Notice the capitalisation of Cargo Class. transit are different but capture a similar progression of risk cover.

Why Policy Nivesh

We are not selling anything online rather just educate customer about the product features , coverages, exclusions , claim settlement and all other things where customer get confused while buying any insurance/loans etc. If customer is satisfied with our product details than may ask for competitive quotes from various insurers.

Frequently
Asked Questions

Marine insurance policy is a necessity for both importers and exporters who deal in domestic and international transfer of goods. Such a policy provides comprehensive cover for risks, from the time the shipment leaves the sellers warehouse and reaches its destination, which is usually the buyer’s warehouse.
The premium of marine policy is determined by several factors such as type of cargo, duration of the trip, type of policy, countries visited and past claims.
The following are not covered by any of the institute cargo clauses –

  • Willful act of negligence and misconduct
  • Use of inadequate packaging material
  • Ordinary leakage or loss in weight of the goods
  • Financial default or insolvency
The sum insured under a standard marine insurance policy is an agreed value which is generally cost of insurance and freight (CIF) + 10%.
Institute Cargo Clause (Air), covers cargo carried via aerial routes.

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