Marine Insurance Policy is related to Domestic and International Import-Export of Goods. This Policy covers losses occurs to the Individual consignments dispatched within India and out of country. This Policy is also known as Transit Insurance Policy.
Marine Insurance is related to coverage of damages or losses occurred to ships, terminals and any other means of transport or Cargo by which product is transferred between points of origin and final destination.
Types of Marine Cargo Insurance Policy :
- Voyage Policy- Specific Voyage Policy for single transit
- Time Policy
- Valued Policy
- Open Policy- Open cover available for multiple transits with provision for periodic declarations.
- Mixed Policy
- Floating/ Open Policy
- Wager or Honour Policy
- Fleet Policy
- Block Policy
- Port Policy
- Single Vessel Policy
- Named or Specific Policy
- Port Risk Policy
- Currency Policy
- Blanket Policy
Features of Marine/Transit Insurance:
- It covers goods of trade or in transit from one place to another.
- Discounts in rates based on favourable claims experience.
- Add on covers available like
Storage extension
Theft
Pilferage
SRCC
Non-delivery available on payment of extra premium
- No service tax for Export policies