Marine Insurance (introduction)
Global trading has made it possible for organizations to trade not just across borders but also across oceans. Even so, a safe and successful transit in the deepest of waters is unpredictable. Severe weather conditions, engineering and navigation errors, the threat of terrorist groups can make even the safest transit routes heavy with risks. As such, a protecting solution like Marine Insurance can help protect your valuable cargo, literally anywhere in the world.
Marine Insurance offerings from Aditya Birla Insurance Brokers Limited help you identify and manage risks that might affect your organization. Our dedicated team of marine insurance specialists can help you understand and choose a protecting plan that best suits your business and organization.
Types of Marine Insurance Solutions
Open Marine Policy
The open marine insurance policy is a protecting solution with an annual cover designed for organizations with a large volume of trade and transactions carried out on inland consignments.
- Open Policy
Covers cargo until the sum insured is exhausted.
- Not limited to one shipment
Successive shipments are automatically covered under an Open Marine Insurance Policy
- No need to buy multiple policies
You don’t need to purchase an individual insurance policy for each cargo shipment
Marine Sales Turnover Policy (STOP)
The Marine Sales Turnover Policy, commonly known as STOP is a protecting solution that has flexible terms and is easily customizable. The premium for the policy is charged only on your organization’s sales turnover.
- Flexible and customizable marine insurance cover
Covers all transits required to achieve sales
- Considerable savings
Premium charged on sales turnover
No need to submit periodical declaration of movements; easy claims process
Benefits of Marine Insurance
- Comprehensive Coverage
Cover a wider net of risks and insure shipments with various kinds of commercial agreements including Free on Board (FoB), Cost and Freight (C&F) and Cost, Insurance and Freight (CIF). Businesses can also insure shipments that are being imported and/or exported.
- Inland Transit Cover
PInsure goods that are being transported within India including coverage of domestic transit and warehouse storage.
- Multiple Insurance Structures
Use an insurance policy that best protects your business and is suitable to your operations. Some businesses may use shipping services occasionally while others might heavily depend on shipping for transport of goods. Depending upon usage, you can select from marine insurance policy structures like the Marine Open Policy or Marine Sales Turnover Policy.
- Progressive Coverage
A marine insurance policy covers all risks included under Institute Cargo Class (A), (B) and (C) that categorize risks and allow you coverage from minimum to maximum risk based on your business needs.