Marine Cargo Insurance /Marine Transit Insurance

A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the insured, in the manner and to the extent thereby agreed, against transit losses, that is to say losses incidental to transit or movement of personal or organisation’s goods/stocks/raw materials/finished products from one location to another.

A contract of marine insurance may by its express terms or by usage of trade terms be extended so as to protect the insured against losses on inland waters or any inland risk which may be incidental to any sea/air voyage.

Depending upon the voyage, any organistion may apply for the following Marine Cargo Insurance policy types:

• Specific Voyage (Single Transits)

• Open Marine (Multiple Transits):

• Inland Transit (Domestic Sales/Purchase/Returns)

• Marine Cargo Open (Exports/Imports) including Duty Insurance and Contingency Insurance

• Sales Turnover Policy (Inland/Exports/Imports/Return Transit/Job-Work)