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Marine Inland Transit Insurance Policy

As your business grows, you are increasingly exposed to risks that are associated with the transit of goods and merchandise.

ICICI LOMBARD General Insurance can help you to successfully overcome these situations and put you in control. With Marine Cargo Insurance solution, you can safeguard yourself from risks associated with transit of goods.

The policy provides wide coverage for loss or damage caused to the cargo whilst in transit by Air/Rail Road/Sea/ Courier/Postal.

Coverage provided under this type will be as per institute clauses which are uniformly used in international markets.

Marine Cargo Policies can broadly be classified into four categories

  • Inland Policies
  • Export Policies
  • Import Policies
  • Turnover Policies

All the above policies are available on All risk basis or on Basic risk as per the need of the Insured and can cover Inland/Domestic and International transits.

Type of Polices we offer:

    The premium will depend on the following factors:
  • Type of vessel, trading limits, age, tonnage and technical aspects of machinery
  • Management and ownership considerations
  • Past claims experience
  • Valuation of vessel
  • Type of cover required
  • Size of the deductible

Single Transit Policy: (A Quick way to Insure!)

  • Covers specific consignment upon payment of agreed premium
  • Cover ends as soon as arrival of cargo at destination

Marine Cargo Open Policy: (Wise way to Insure!)

  • Covers All consignments as agreed by underwriters until Sum Insured is exhausted by way of declarations
  • 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: (Entire Business Protected!)

  • An umbrella policy for all consignments related to trade or manufacturing of the Insured
  • Simple declaration on Quarterly sales figures, thus no hassles of submitting monthly declarations
  • On line Certificate Generation at Insured’s end wherever required
  • Installment facility available for payment of premium

Who can take policies?

Generally, the contract of sale would determine who buys the policy.
Most common parties who can buy marine policies are as below:

  • Manufacturers
  • Traders
  • Importers/Exporters
  • Custom House Agents
  • Transporters/ Aggregators

Why ICICI Lombard General Insurance Company Ltd?

Our team of experts can help you to design suitable solution for your cargo transits considering below points

  • Higher underwriting capacities including pure international risk
  • Cargo Specific covers
  • Add on covers – WSRCC/ Duty Cover/ Intermediate Storage/Terrorism/Cold Chain etc
  • Opportunity to realize best possible salvage- thus minimizing your losses
  • Help in selection of transporters

This is not an exhaustive list. For details, please read our policy terms and conditions.