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What is Marine transit insurance?

Marine single transit insurance protects your goods for one transit while they’re being transported — whether by road, rail, air, or courier.

Accidents, theft, or damage can happen anytime. This insurance helps cover the loss if something goes wrong during the journey.

If you run a business and ship goods, marine transit insurance is a smart way to avoid big losses and keep your business secure.

Trivia:

Do you know? Marine Transit Insurance covers goods from start of transit to end of destination irrespective of the number of modes taken — whether transported by road, rail, air, or sea...

marine

Trivia:

Do you know? Marine Transit Insurance covers goods from start of transit to end of destination irrespective of the number of modes taken — whether transported by road, rail, air, or sea...

Importance of
Marine transit insurance

Protects against financial losses

Marine transit insurance (inland) steps in when disasters like fire, earthquake, explosion, lightning, volcanic eruptions, etc. — so you don’t end up paying from your pocket.

Covers every mode of transit

From accidents and theft to floods and earthquakes — marine transit insurance (inland) handles the mess. Your cargo is protected across road, air, and sea, no matter what surprises the journey throws at you.

Hassle-free customs & delivery

Having valid marine transit insurance (inland) documents speeds up customs clearance and prevents disputes with buyers in case goods arrive damaged.

Required 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 transit insurance makes sure you meet this requirement, so your payment isn’t delayed.

Who should buy
Marine transit insurance

Exporters & importers – Protect goods across borders

If you ship or receive goods across borders, you face risks like loss, theft, or damage during international transit. Marine transit insurance safeguards your cargo and ensures smoother trade and payment compliance under LC terms.

Domestic manufacturers & traders – Secure raw material & finished goods

If you move raw materials to factories or finished goods to clients within India, marine transit insurance covers your shipments against transit risks, whether by road, rail, air, or coastal shipping.

Merchant exporters & wholesalers – Shield your supply chain from risk

For businesses sourcing goods locally and selling them internationally, marine transit insurance protects consignments throughout the supply chain — ensuring one incident doesn’t disrupt your trade commitments.

Logistics providers (Transporters, 3PLs, C&F Agents) – Reduce liability, boost trust

If your business is moving or storing goods for others, your reputation and liability rest on safe delivery. Marine transit insurance adds a layer of protection against claims and damages during cargo handling.

How does
Marine transit insurance work?

 
1
Pick the right policy

You buy marine transit insurance before shipping goods and choose a policy based on your commodity type and journey.

2
Pay the premium

You pay a premium, which depends on the value of the goods, transit route and risks involved.

3
Notify about the loss

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.

4
Survey & assessment

The insurer then appoints a licensed surveyor to inspect the loss and prepare a detailed report based on the policy terms.

5
Get your claim

Once the report is reviewed and approved, the insurer compensates you for the loss as per the coverage.

Types of Marine transit
insurance policy

Inland Transit Insurance

  • Provides coverage for goods within India.

  • Perfect for manufacturers, traders, and suppliers shipping across cities and states.

Import Transit Insurance

  • Provides coverage for goods within India.

  • Perfect for manufacturers, traders, and suppliers shipping across cities and states.

Export Transit Insurance

  • Provides coverage for goods within India.

  • Perfect for manufacturers, traders, and suppliers shipping across cities and states.

What’s covered in ICICI Lombard’s
Marine transit insurance?

  • Inclusions
  • Exclusions

Fire or explosion

Overturning or derailment of vehicle

Collision between two vehicles

Missing items in cargo

You receive your shipment only to find a few containers missing—lost in transit or misplaced during unloading.

Theft or malicious damage

Package lost overboard or dropped

River, lake or sea water entering cargo

A sudden storm at sea causes water to seep into the container hold, leaving your shipment of electronics soaked and unsellable.

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

Owner’s insolvency or financial failure

Unsuitable or unsafe transport

Your goods are shipped in an open truck instead of a covered container, leading to damage from rain.

Expenses caused by delay

Your cargo arrives late due to a port strike, but no physical damage occurs—the delay costs aren’t covered.

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.

Why should you buy ICICI Lombard’s
Marine Transit insurance

Don’t leave your shipments to uncertainty. With ICICI Lombard, you get instant policies,
quick claims, and dedicated support – so you can focus on growth.

Expert help through dedicated RM

We have been helping businesses stay safe for years, so we understand the risks you face. We have a team of dedicated Relationship managers (RM) that help you through your journey of buying and raising claims for marine insurance.

Trusted insurance expertise

We are the market leaders in private sector for marine and other notable insurances, delivering exceptional services to our esteemed customers.

Easy claim process

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.

Instant policy creation

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!

How to buy Marine transit insurance
from ICICI Lombard?

To buy a marine transit insurance follow the mentioned steps:

1

Choose the type of marine transit insurance ideal for your business.

2

Provide details such as commodity type, sum insured and mobile number.

3

Click on ‘ Proceed to buy ’

4

Follow the steps and instructions mentioned on the page that pops up after clicking ‘proceed to buy’

How to process a claim?

3. Upload documents

Submit the required documents using the provided link.

6. Claim payment

Complete your KYC and the payment will be credited to your account.

Online claim process

For claims up to ₹5 lakh, customers can opt for virtual survey for making a claim.

Here is how:

  • 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.

Ratings and reviews

ACG Group

Quote

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

Quote

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

Quote

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

Quote

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

Quote

Customer friendly insurer. Goes the extra mile to meet deliverables. Happy to work with ICICI Lombard.

Luxmi Tea Company Private Limited

Quote

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.

Frequently asked questions -
Marine single transit insurance

  • General
  • Cover
  • Claims
  • Policy
1.What are the types of marine cargo insurance covers available?

Following types of cover are available:

  • For Import and Export Transits:

    1. Institute Cargo Clause – A (All Risk)

    2. Institute Cargo Clause – B (Named Perils/ Basic Cover)

  • For Inland (Transit within India):

    1. Inland Transit Clause – A (All Risk)

    2. Inland Transit Clause – B (Named Perils/ Basic Cover)

2.What are the perils covered in A (All Risk) or B (Named Perils / Basic Cover)?
Risk All Risk Basic
Fire, Lightening or Explosion Yes Yes
Overturning or derailment of vehicle Yes Yes
Earthquake or Volcanic Eruption during transit Yes Yes
Collision between 2 Vehicles Yes Yes
River or lake water entering cargo Yes Yes
Damage/Loss to goods during loading & unloading Yes No
Damage/Loss to goods during handling of goods in transit Yes No
Theft or malicious damage Yes No
Shortage or non-delivery of goods Yes No
Hijack of goods Yes No
Any other risk not specifically excluded Yes No
3.What are INCO terms?

They determine the point of change of responsibility between the buyer and seller. Incoterms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer.


Some commonly used Inco Terms:


Ex Works (EXW): Seller has to place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer.


Free On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the buyer has to bear all costs &risks to the goods from that point.


Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from seller to buyer.


Other INCO Terms used in the market :


Rules for Any Mode (or modes) of Transport

  • CIP - Carriage and Insurance Paid

  • CPT - Carriage Paid To

  • DAP - Delivered At Place

  • DAT - Delivered At Terminal

  • DDP - Delivered Duty Paid

  • EXW - Ex Works

  • FCA - Free Carrier

Note: New Incoterms 2020 has been published recently.


What are common warranties, conditions and exclusions*?

Below are some general conditions or warranties attached to a marine insurance policy:

  • Rusting, oxidation, discoloration and corrosion are excluded unless caused by ICC(B) perils

  • Institute Replacement clause

  • Pair and set clause

  • Second hand Replacement clause

  • Excluding Mechanical, Electrical and Electronic derangement unless caused by ICC (B)/ITC (B) perils.

  • Over Dimensional Cargo Survey Warranty.

  • Warranted that losses due to adulteration, contamination and deterioration of quality is excluded.

  • Warranted that goods are transported in closed wagons and/or trucks to be covered with tarpaulin or any other water proof material to avoid ingress of water.

What are the risks specifically excluded from marine insurance?

  • Wilful Misconduct of the Assured

  • Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured

  • Insufficiency or unsuitability of packing

  • Inherent vice or nature of the subject-matter insured

  • Delay

  • Insolvency or financial default of owner, manager, charters or operators of the vessel

  • Unfitness/ Unseaworthiness of carrying conveyance

What are the types of marine/ transit cargo policies?

Marine Single Transit Policy

  • Covers single consignment from one location/port to another location/port.

  • It is suitable for those firms who seldom require marine cargo policies in the course of their trade.

  • Marine Open Declaration Policy (MOP)

  • MOP is an annual arrangement between the insured and the insurer to provide coverage to all the shipments/transits on pre-arranged terms and conditions for a particular leg (Domestic/Import/Export).

  • Open inland policy is a declaration based policy where insured has to make periodic declaration (Monthly) of sum insured utilization.

  • Certificates are issued for individual transits and are treated as sum insured utilization for open import/export policy.

  • Insurer’s maximum liability is restricted to a pre agreed limit per sending and limit per location.

  • Insurer’s maximum liability Policy period of one year at an initial Sum Insured which can be enhanced during the duration of the policy.

    • Sales Turnover Policy:

  • It’s a wider form of Marine Open Policy and is issued on the basis of annual sales turnover – both domestic and exports, all transits/voyages deemed to be held covered without specific declaration. (Import, Export or Inland)

  • Sum Insured and premium is based on the estimated annual Sales Turnover of goods movement under various legs of transit.

  • Certificates are issued for individual transits.

What information does the insurer need to provide quotation?

  • Basic Client Information

  • Type of Cover (All risk (A) or basic coverage (B))

  • Policy Duration

  • Nature of Commodity and its description

  • Custom Duty (In case of Import)

  • Packing Description

  • Mode of Conveyance (Sea, Air, Rail, Road or Courier)

  • Claim Experience

  • Basis of Valuation

  • Per Sending and Per Location Limit


What are the factors that you should consider while buying marine transit (cargo) insurance?

Some key factors you should consider while buying marine transit insurance are:

  • Type of goods: High-value or fragile items may require exhaustive coverage.

  • Mode of transportation: Different modes of transport pose varying risks, which may affect the type and extent of coverage needed.

  • Insurance limits: Know the limits of coverage provided by marine insurance, including maximum liability amounts and any exclusions that may apply.

  • Premium costs: Compare premium rates from different insurers to ensure you are getting competitive pricing. However, don't solely base your decision on price — consider the value and scope of coverage offered.

4.How is the premium for transit insurance calculated?

Premium rates vary depending on the type of goods or commodity to transport. High-value goods have higher rates. It can also depend on the mode of transportation, transport to and from location and the sum insured.

5.How does marine transit insurance protect against unforeseen events during shipment?

A marine transit insurance policy offers a financial cushion if your cargo suffers any damages during transit. The monetary compensation allows you to recover your losses.

6.How can I get a quote for marine transit insurance tailored to my business needs?

You can get a quote online. Most insurers have this facility whereby you enter the details, including the type of cargo, sum insured needed, etc., and will receive the quote based on your inputs.

1.What is marine cargo/transit insurance?

Marine Cargo insurance / Transit Insurance covers the loss or damage of cargo / goods in ordinary course of transit between the points of origin and the final destination. Marine insurance covers Movement of goods from one place to another:

  • Institute Cargo Clause – A (All Risk)

  • Institute Cargo Clause – B (Named Perils/ Basic Cover)

  • From Country outside India to India (Import)

2.Who can buy marine/transit cargo insurance?

Any person with insurable interest in the goods in transit can insure. Further the policy can be assigned freely to any person who acquires insurable interest during transit of the cargo

  • Exporters

  • Importers

  • Manufacturers

  • Traders

  • Merchant Exporters

  • Contractors of Projects

  • Logistics Operators

  • C&F Agents

3.What are the types of cargo that can be covered in marine cargo insurance?

The types of cargo / Commodities* are:

  • General Cargo: Ex. Furniture, Spare Parts, Footwear, Electronic items, Food items, Textiles, etc.

  • Metals: Plastic, Iron and Steel Rolls, Leather

  • Machinery: Ex. Standard size in Containers. Oversize in Bulk or Open Top containers

  • Liquid Bulk Cargo: Ex. Crude Oil, Edible Oil, etc.

  • Dry Bulk Cargo: Ex. Coal, Grain, Ore and other similar products in loose form

*Above commodities / Cargo can be covered depending on the risk involved in it.

4.What is per sending limit?

Per Sending limit represents the maximum sum insured amount that in the event of a claim of any one consignment or shipment whilst the goods are in ordinary course of transit.

  • Cost of the goods either on (CIF)/FOB/C & F (Depending on the INCO term)

  • Clearing charges and internal freight

  • Customs Duty

5.What does perils of the sea means?

Perils of the seas” means fortuitous accidents or casualties of the seas, but does not include ordinary action of the wind and waves.

1.What are the types of Marine claims?

Partial Loss (Particular Average) : Particular Average means partial loss of the subject matter insured although not appearing in the Clauses directly, all three sets of ICC covers particular average in full. Total Loss : The goods are completely destroyed. The assured is irretrievably deprived of the goods. The goods are no longer the thing insured (loss of specie). The goods are on a ship that has been posted as missing. Total loss can be an Actual Total Loss or Constructive Total Loss. General Average (GA) : This occurs when the insured goods are partly or totally sacrificed in a general Average act. Provided the GA does not arise from any of the exclusions expressed in the Clauses, the underwriter is liable for the sum insured if the sacrifice results in a total loss of the goods or the proportion of the sum insured produced by applying the percentage of depreciation caused by the sacrifice to the SI, if only part of the goods is sacrificed.

2.What is general average?

GA is a sacrifice or expenditure made or incurred by one of the parties to the maritime adventure for the purpose of saving all of the property insured in such maritime adventure”. All loss which arises in consequence of extraordinary sacrifice made or expenses incurred for the preservation of the ship and cargo comes within general average and must be borne proportionately by all who are interested

3.What are the documents required to lodge a claim?

  • Invoice copy

  • LR copy

  • Final Repair Bill

  • Photographs (In case of damage claim)

  • Repair Estimate (If repairable) claim and original AD

  • Shortage Certificate (In case of shortage)

  • FIR copy

  • Driving License, RC Book of transporters Vehicle

  • Salvage Bill

  • Discharge voucher

4.Is it possible to add coverage for perishable or high-value cargo to the policy?

Yes, you can do so. However, in such cases, you need to pay a high premium.

  • Notify the insurer immediately and share the required documents. Find out about the various channels through which you can notify about the claim.

  • A surveyor appointed by the insurer will examine the documents, verify the claim's authenticity as per the marine transit insurance policy's terms and conditions and submit the report to the insurer.

  • Following the assessment, the insurer will process your claim.

5.What is the deadline or time frame for filing a claim after an accident occurs during transit?

Ideally, you should file a claim immediately. That said, the deadline varies across insurance companies and can range from a month to a year.

6.Can I track the progress of my claim once it's been filed?

Yes, you can track the claim's progress on WhatsApp or other channels such as email.

7.Are there any specific conditions or criteria that must be met for a claim to be valid?

Your claim must fulfil the marine transit insurance policy's terms and conditions to be valid. If it doesn't, the insurer can reject it.

8.What happens if my cargo is partially damaged during transit? Can I still file a claim?

Yes, you can still file a claim if your cargo is partially damaged.

9.How Long Does it Usually Take to Receive Compensation Once a Claim is Approved?

Receiving compensation post-claim approval can take between 10 to 30 days

10.What are the specific types of cargo or goods that are excluded from coverage under this policy?

Goods that are hazardous in nature or perishable can be excluded from coverage under marine insurance.

11.What are the exclusion criteria for goods that are considered high-risk or hazardous during transit?

Goods that may endanger the safety of vehicles or persons on board are excluded from coverage during transit.

12.Are losses or damages due to improper packaging or handling excluded from coverage?

Yes, losses arising due to improper packaging are excluded from coverage

1.What are the types of marine/ transit cargo policies?

Marine Single Transit Policy

  • Covers single consignment from one location/port to another location/port.

  • It is suitable for those firms who seldom require marine cargo policies in the course of their trade.

  • Marine Open Declaration Policy (MOP)

  • MOP is an annual arrangement between the insured and the insurer to provide coverage to all the shipments/transits on pre-arranged terms and conditions for a particular leg (Domestic/Import/Export).

  • Open inland policy is a declaration based policy where insured has to make periodic declaration (Monthly) of sum insured utilization.

  • Certificates are issued for individual transits and are treated as sum insured utilization for open import/export policy.

  • Insurer’s maximum liability is restricted to a pre agreed limit per sending and limit per location.

  • Insurer’s maximum liability Policy period of one year at an initial Sum Insured which can be enhanced during the duration of the policy.

    • Sales Turnover Policy:

  • It’s a wider form of Marine Open Policy and is issued on the basis of annual sales turnover – both domestic and exports, all transits/voyages deemed to be held covered without specific declaration. (Import, Export or Inland)

  • Sum Insured and premium is based on the estimated annual Sales Turnover of goods movement under various legs of transit.

  • Certificates are issued for individual transits.

2.What information does the insurer need to provide quotation?

  • Basic Client Information

  • Type of Cover (All risk (A) or basic coverage (B))

  • Policy Duration

  • Nature of Commodity and its description

  • Custom Duty (In case of Import)

  • Packing Description

  • Mode of Conveyance (Sea, Air, Rail, Road or Courier)

  • Claim Experience

  • Basis of Valuation

  • Per Sending and Per Location Limit

3.What are the factors that you should consider while buying marine transit (cargo) insurance?

Some key factors you should consider while buying marine transit insurance are:

  • Type of goods: High-value or fragile items may require exhaustive coverage.

  • Mode of transportation: Different modes of transport pose varying risks, which may affect the type and extent of coverage needed.

  • Insurance limits: Know the limits of coverage provided by marine insurance, including maximum liability amounts and any exclusions that may apply.

  • Premium costs: Compare premium rates from different insurers to ensure you are getting competitive pricing. However, don't solely base your decision on price — consider the value and scope of coverage offered.

4.How is the premium for transit insurance calculated?

Premium rates vary depending on the type of goods or commodity to transport. High-value goods have higher rates. It can also depend on the mode of transportation, transport to and from location and the sum insured.

5.How does marine transit insurance protect against unforeseen events during shipment?

A marine transit insurance policy offers a financial cushion if your cargo suffers any damages during transit. The monetary compensation allows you to recover your losses.

6.How can I get a quote for marine transit insurance tailored to my business needs?

You can get a quote online. Most insurers have this facility whereby you enter the details, including the type of cargo, sum insured needed, etc., and will receive the quote based on your inputs.

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    What are the Types of Marine Insurance Policies

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Read more
 
Product Product code UIN No.
Marine transit insurance (inland) 2005 IRDAN115RP0011V01200102
Disclaimers

  • *as on April 2022 to March 2026

  • #as on FY 2024-25

  • @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

  • 2 Subject to additional premium. This refers to forced entry where goods from the shop are stolen and property is damaged

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