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Sending goods across cities or countries? Think of marine insurance as a safety net for your shipments. Whether they’re on a truck, plane, or ship - they’re protected.
Bad weather, accidents, or fires don’t come with a warning. But with marine insurance, you don’t need to worry if something goes wrong along the way.
For example, if your truck meets with an accident while carrying your goods, that could mean a big loss. But with insurance, your business stays secure.
Trivia
Did you know that Marine Insurance, as the name typically suggests, doesn’t necessarily cover only sea routes? It protects your cargo across air, road, rail, and sea — through every leg of the journey — until it reaches its final stop.
Single Cover for Air, Road, Rail & Sea
From accidents and theft to floods and earthquakes — marine insurance handles the mess. Your cargo is protected across road, air, and sea, no matter what surprises the journey throws at you.
Ensures smooth customs & delivery
Having valid marine insurance documents speeds up customs clearance and prevents disputes with buyers in case goods arrive damaged.
Mandatory for LC & trade approval
If you’re shipping goods under a Letter of Credit (LC), the bank won’t pay unless you provide certain documents — including insurance. Marine insurance makes sure you meet this requirement, so your payment isn’t delayed.
If you regularly ship or receive goods across borders, you face risks like loss, theft, or damage during international transit. Marine insurance safeguards your cargo and ensures smoother trade and payment compliance under LC terms.
If you move raw materials to factories or finished goods to clients within India, marine insurance covers your shipments against transit risks, whether by road, rail, air, or coastal shipping.
Entities engaged in third-party or triangular trade, where goods are shipped directly from one country to another (e.g., Country A to Country B) without entering the trader’s country of registration (Country C), should obtain marine insurance to cover transit risks, as they bear the commercial and financial exposure during the movement of goods
If your business is moving goods for others, your reputation and liability is dependent on safe delivery. Marine insurance adds a layer of protection for the same.
You buy marine insurance before shipping goods and choose a policy based on your commodity type and journey.
You pay a premium (for marine open, premiums are paid annually), which depends on the value of the goods, and risks involved.
You face a loss or damage due to, fire, explosion, earthquake, volcanic eruption, jettison etc., and inform your insurer about the same to claim the insurance. Your shipment will be covered basis the terms and conditions agreed upon
The insurer then appoints a licensed surveyor to inspect the loss and prepare a detailed report based on the policy terms.
Once the report is reviewed and approved, the insurer compensates you for the loss as per the coverage.
Domestic (Inland) : Covers goods transported within the country by road, rail, air or water. Perfect for continuous domestic trade and supply chains.
Export : Covers goods shipped abroad under multiple consignments. Ensures uninterrupted international trade.
Import : Covers incoming goods from abroad across multiple shipments. Keeps import operations smooth.
The above policies are sold under two broad categories. These are:
Marine Open Insurance Covers multiple shipments during the policy period without buying separate insurance each time. Ideal for businesses with frequent shipments.
Marine SingleTransit Insurance Covers only a single shipment. Simple, cost-effective, ideal for businesses with occasional shipments.
Fire or explosion
Overturning or derailment of vehicle
Collision between two vehicles
Missing items in cargo
Theft or malicious damage
Package lost overboard or dropped
River, lake or sea water entering cargo
Lightening, earthquake or volcanic eruption during transit
Damage to goods during loading and unloading
Damage to goods during handling of goods in transit
Shortage or non-delivery of goods
Hijack of goods
Intentional damage by the insured
Poor or inadequate packing
Ordinary leakage or wear and tear
Insolvency or financial default of the owner
Owner’s insolvency or financial failure
Unsuitable or unsafe transport
Expenses caused by delay
Loss due to strikes, lockouts and labour disturbances
Loss due to terrorism
Note Please refer policy wording of specific covers for better understanding on the complete list of what’s covered and what’s not covered.
Small business deserve big protection. With ICICI Lombard, you get instant policies, easy claims, and a dedicated relationship manager – because your growth matters!
We have a team of dedicated Relationship managers (RM) that help you through your journey of buying and raising claims for marine insurance.
We are the market leaders in private sector for marine and other notable insurances, delivering exceptional services to our esteemed customers.
Small businesses only need one document to claim up to ₹5 lakh, and we try to settle it in just 10 days. Our team is always ready to help, whenever you need.
With smart technology, you can get a marine insurance policy almost instantly. No big forms or long waits, just a few clicks and you are covered!
Inform us about the claim online via our website or toll-free number (1800 2666) or mail. A surveyor will be appointed within 24 hours.
The surveyor will assess the damage and request the necessary documents.
Submit the required documents using the provided link.
The surveyor will finalise the report. We will verify it and begin processing the claim.
On receiving consent the surveyor will share his report.
Complete your KYC and the payment will be credited to your account.
For claims up to ₹5 lakh, customers can opt for virtual survey for making a claim.
A link for the virtual survey will be sent via SMS or email, upon request.
The surveyor will guide you through the virtual survey to inspect damages.
If required, the surveyor will ask you to submit the necessary documents.
Once the claim is approved, you will receive an offer for settlement via a link.
Provide digital consent and submit KYC details online.
ACG Group
ICICI Lombard has been our insurance partner for more than a decade. The company has a diverse portfolio of non-health services, and have successfully helped us sail through the risk hurdles with outstanding solutions in Property and Marine segment.
Enzene Biosciences Limited
ICICI Lombard’s sales and service team is excellent and I am truly impressed. We had an association of more than 5 years and Excellent support in terms of claim settlement be it health or fire.
Mantra Softech (India) Pvt Ltd
We are customer of ICICI Lombard since long time and they are very competitive in market and they are far ahead in digitalization compare to others. We have very good experience with their services.
M/s Amsec Systems
I am writing this to express my immense gratitude and great fullness for your support in getting the insurance claim for my shop!
Larsen & Toubro
Customer friendly insurer. Goes the extra mile to meet deliverables. Happy to work with ICICI Lombard.
Luxmi Tea Company Private Limited
We are associated with ICICI Lombard since 2018. They have been a phenomenal risk solution partner & underwriter providing exceptional service. Thank you for the service, support & co-operation.
It differs across policies. While some policies may cover only one trip, others may offer coverage for multiple trips in a year.
The premium depends on the cargo type, route availed and the value of cargo, among others.
Marine insurance offers financial protection in case cargo get damaged during transit due to natural or man-made disasters.
Determine the type of coverage needed, policy inclusions and exclusion, premium and deductibles and insurer's reputation before buying a marine insurance plan.
A Comprehensive Guide to the Touch Stay Clause in Marine Insurance
5 Reasons Why You Need a Marine Insurance Policy
What are the Types of Marine Insurance Policies
*as on April 2022 to March 2026
#Market Leader in Liability Line of Business in FY25. Source : General Insurance Council
@This is an add-on. Add-ons are subject to additional payment
$ Premium of ₹499 is based on a sum insured of ₹5,00,000 for commodity type Pharmaceuticals and Bulk drugs for Single Transit cover under ITC B plan. Actual premium may vary depending on the sum insured, type of cargo, and applicable terms and conditions. Tax and other statutory charges are additional.
1This must be reported within 7 days
2Subject to additional premium. This refers to forced entry where goods from the shop are stolen and property is damaged
Properly filled and signed claim form.
List of damaged contents or items.
Newspaper cuttings/Fire Brigade report/Panchnama.
Photographs of the damaged site and/or goods.
An estimation of the insurance claim.
Any other insurance copy of other insurer for the same property
Any other additional or relevant information that the insured may like to submit.
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