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.
Open Policy- Open cover available for multiple transits with provision for periodic declarations.
Floating/ Open Policy
Wager or Honour Policy
Single Vessel Policy
Named or Specific Policy
Port Risk 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
Non-delivery available on payment of extra premium
No service tax for Export policies