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Policies issued*
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Protection from all risk during transit
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Coverage for rail, road, air & sea
Diverse coverage under INCO terms
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#As on FY 2023
*As on April 2022 to March 2026
Marine insurance is a type of general insurance policy that covers ships, cargo, and other vessels against losses suffered while in transit. It offers financial protection for damages sustained due to natural or man-made disasters of various kinds. The coverage provided by a marine insurance policy may include perils such as fire, piracy, theft, collision and natural calamities like hurricanes, storms, etc.
A marine insurance policy is essential because of the following reasons:
Marine insurance offers financial protection against potential losses that your shipment may incur during transit. It helps minimise the economic impact of these losses.
The proceeds from a marine insurance policy can help a business to regain its footing and provide stability.
Many countries require vessels and shippers to mandatorily have marine insurance, governed by the Marine Insurance Act, to comply with regulations.
Transporting cargo is subject to several risks. Shipowners and cargo owners can effectively manage these risks with a marine insurance policy.
Here’s the working of a marine insurance policy
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.
The various types of marine insurance are as follows:
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.
It offers coverage for cargo between points of origin and the financial destination. It covers losses from fire, explosions, accidents, thefts, weather events, etc.
It offers coverage for cargo within India from natural and man-made perils.
While marine import insurance covers cargo transported from a foreign country to India, a marine export policy offers coverage for cargo transported from India to a foreign country.
Given below are some individuals and businesses who need marine insurance:
ICICI Lombard’s marine insurance provides coverage for losses arising due to:
Coverage is not provided in case of:
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