Marine Insurance
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1.5 Million+
Trusted Customers
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Policies Sold
Proposal Details
What is Marine Insurance?
Marine Cargo insurance provides coverage for the loss or damage of ships, cargo, terminals, and any transport or cargo by which the property is transferred, acquired, or held between the points of origin and the final destination. It is essential for international trade and logistics.
Types of Marine Insurance Policy
Here's how a group health insurance policy benefits employers and employee:
Marine Open Insurance
It offers coverage for your cargo in transit for a year. Also known as a floating policy, it saves you from the hassle of buying an individual policy for every consignment.
Marine Single Transit Insurance
It offers coverage for cargo between points of origin and the financial destination. It covers losses from fire, explosions, accidents, thefts, weather events, etc.
Marine Inland Insurance
It offers coverage for cargo within India from natural and man-made perils.
Marine Import and Export Insurance
It offers coverage for cargo within India from natural and man-made perils.
Who Should Buy Marine Insurance?
Given below are some individuals and businesses who need marine insurance:
Exporters
Manufacturers
Logistics operators
Importers
Traders
Merchant exporters
What Are The Features of Marine Insurance?
Given below are some features of marine insurance:
1.
Coverage for Various Modes of Transport
A marine insurance policy offers coverage for various modes of transport, including sea, air, roads and railways. This versatility ensures complete protection across transportation modes.
2.
Various Types of Policies
Open Inland, Open Import/ Export, Single Transit inland, Single Transit Import/ Export are the various types of marine insurance policies. Each of them has distinct features.
3.
Coverage As Per Global Standards
A marine insurance policy governed by the Marine Insurance Act offers coverage according to global standards (INCO terms). This means that when you transport cargo internationally, you can use the policy to suit your needs.
What’s covered in eSanad Marine Insurance?
eSanad marine insurance provides coverage for losses arising due to:
Fire explosion and lightning
Collision between vehicles or external object other than water
Damages suffered during loading and unloading
Hijack of cargo
Discharge of cargo at port of distress
Jettison
Entry of sea or lake / River water
Total loss of any package lost over board, while loading/unloading
Earthquake or volcanic eruptions
Overturning of land conveyance or derailment of vehicle
Theft or malicious damage
Vessel stranded, Grounded, Sunk
General average
Washing overboard
Any other risk specifically not excluded
What’s Not Covered in eSanad Marine Insurance?
Coverage is not provided in case of:
Willful misconduct of the insured
Inherent vice or nature of the subject-matter insured
Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured
Unfitness/ Unseaworthiness of carrying conveyance
Insufficiency or unsuitability of packing
Delay
Insolvency or financial default of owner, manager, charters or operators of the vessel
Any other risk specifically excluded in the policy or operators of the vessel
Frequently Asked Questions
It differs across policies. While some policies may cover only one trip, others may offer coverage for multiple trips in a year.
The premium is calculated based on the nature of the goods, the mode of transport, the type of packaging, the voyage path, and the sum insured.
The primary function is to protect goods against loss or damage during transit by sea, air, road, or rail, providing financial security to the cargo owners.
You should consider the nature of cargo, mode of transport, packaging, coverage needs (All Risk vs Basic), claim settlement history of the insurer, and the deductible limits.
