Marine Insurance Policy: Compare & Buy Online

Marine Insurance Policy is a financial protection for individuals and businesses. It protects your goods while they're being transported from one location to another, whether it's on a ship, in a storage place, or on their way to you.

It's a comprehensive protection plan to ensure

Read more Read less valuable goods remain in good condition. In a globally connected world, marine insurance provides you with the confidence to do business worldwide without worries about your goods.

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What Is the Marine Insurance?

A Marine insurance policy is a type of insurance that provides coverage for boats, ships, and other types of marine vessels against various risks and perils. These risks may include damage to the vessel itself, as well as liability for bodily injury or property damage caused to others.

This type of insurance not only covers the goods on ships; it also provides protection when goods are moved by train, truck, or plane. It's a full package for individuals and businesses who want insurance while their goods are in transit. Whether your goods are traveling by land, sea, or air, marine insurance ensures their safety.

Benefits of the Marine Insurance Policy

A marine insurance policy is like a safety plan for goods and ships during transportation, and it has important features. All these features make marine insurance important for people and businesses in shipping and transportation.

Voyage Coverage

It protects goods during a specific journey, shielding them from damage, loss, or theft while on the move.

Comprehensive Protection

This insurance covers not only the journey but also the loading, unloading, and storage of goods, giving all-around protection.

Covers Many Risks

It protects against various risks like natural disasters, accidents, theft, and unexpected events that can harm goods.

Customizable Policies

You can customize the insurance to fit your needs, whether it's for a single shipment or multiple shipments.

Flexible Premiums

The cost depends on factors like the type of goods, their value, shipping route, and mode of transportation, so you can choose what suits your budget.

No Coinsurance

Unlike some other insurance types, there's no coinsurance, meaning you get full coverage.

International Coverage

It's not just for domestic shipping; it covers international shipments, making it great for global trade.

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What is Covered in the Marine Insurance Policy?

Marine insurance policy covers many types of risks. The exact coverage can vary based on the type of marine insurance and the terms set by the insurer.

Here are the main things it helps with:

  • Fire Accidents

    If there's a fire on the ship that damages goods or the vessel, the marine insurance policy pays for those losses.

  • Sinking

    If the ship sinks, partially or completely, the insurance covers the loss or damage to cargo and ships.

  • Explosions

    When an explosion happens on the ship and it causes damage, marine insurance takes care of those losses.

  • Overturning

    If the ship tips over or capsizes, which can lead to cargo damage, marine insurance protects against these incidents.

  • Washing Overboard

    When goods are washed away by rough seas, the insurance compensates for the lost cargo, so you don't lose money.

  • Theft

    If someone steals the cargo during transit, the insurance helps you recover your losses.

  • Earthquakes or Volcanic Eruptions

    When water enters the ship during transportation, causing damage like leaks or flooding, marine insurance covers it.

  • Water Getting

    When water enters the ship during transportation, causing damage like leaks or flooding, marine insurance covers it.

  • War and Strikes Risks

    Some marine insurance policies may include extra coverage for risks linked to war, piracy, or strikes. You can choose these if needed.

What is not Covered in the Marine Insurance Policy?

The marine insurance policy comes with protection for goods and ships, but there are certain things it doesn't cover. Remember that insurance policies can vary between providers, and the terms and conditions may be different.

Here are the main points that are usually not covered:

  • On Purpose Damage

    If someone deliberately causes damage or loss, the insurance won't pay for it. It's for accidental problems, not intentional ones.

  • Bad Packaging

    If goods get damaged because they weren't packed well, the insurance won't help. It's the shipper's job to pack things properly.

  • Money Troubles

    The insurance doesn't cover losses due to financial issues like bankruptcy or insolvency of the insured, the shipping company, or anyone else involved in the shipment.

  • Riots and Strikes

    Damage from riots, protests, or worker strikes is typically not included. These are seen as events beyond the insurer's control.

  • Damaged Containers

    If you use a container that's in bad shape and causes problems, the insurance may not cover it. Make sure that your containers are in proper and well-maintained condition.

  • Bulk Cargo

    Some marine insurance for cargo policies might not cover bulk cargo, which is stuff transported in large quantities without specific packaging. You might need a separate policy for this.

  • Delays

    Marine insurance is mainly for physical damage or loss, not for financial losses because of shipping delays or other time-related issues.

Want to Know, What is Covered or Not Covered?
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Best Marine Insurance Companies in India

Below we have mentioned some of the Best Marine Insurance Policy in India which can be chosen according to your specific needs, business requirements, and conditions.

Insurer Claim Settlement Ratio
IFFCO Tokio Marine Insurance 98.79%
Oriental Marine Insurance 93.08%
Cholamandalam Marine Insurance 89.86%
New India Assurance Marine Insurance 86.17%
Universal Sompo Marine Insurance 84.03%
Magma HDI Marine Insurance 78.38%
SBI General Marine Insurance 75.51%
Royal Sundaram Marine Insurance 74.48%
Tata AIG Marine Insurance 73.40%
Liberty Videocon Marine Insurance 72.52%
National Marine Insurance 72.01%

Disclaimer: The "claim settlement ratio" is a measure of the percentage of claims that have been paid out by the insurance company among the total claims made by the policyholders.

Types of the Marine Insurance Policy in India

Marine insurance policy provides safety for goods and ships when they are being moved across the sea. There are different types of marine insurance to suit different needs which are mentioned below.

Export: Enable the shipment of goods from India to destinations across the world.

Types of Plans Under Marine Insurance Clause/Extent of Coverage Geographical Classification
Single All risks except rainwater damage, Accidental Damage

Inland: Transit within the Indian border.

Import: Facilitate the movement of goods from various global locations into India.

Export: Enable the shipment of goods from India to destinations across the world.

Annual Open All risks except rainwater damage, Accidental Damage

Inland: Transit within the Indian border.

Import: Facilitate the movement of goods from various global locations into India.

Export: Enable the shipment of goods from India to destinations across the world.

STOP All risks except rainwater damage, Accidental Damage

Inland: Transit within the Indian border.

Import: Facilitate the movement of goods from various global locations into India.

Export:

Enable the shipment of goods from India to destinations across the world.
Hull Insurance specifically for the transportation mode (Truck, Ship, Train, Airplane) used by the vessel.

Inland: Transit within the Indian border.

Import:

Facilitate the movement of goods from various global locations into India.

Single: This type of insurance covers one trip or journey. It's useful for people or businesses who don't ship things often and want to protect a specific shipment.

Annual Open: Unlike single insurance, this policy gives you continuous coverage for multiple trips throughout the year. It's great for businesses that do a lot of shipping because it keeps all their shipments protected without the hassle of getting separate policies each time.

Stock Throughput (STOP): This is comprehensive insurance that covers your goods from the moment they leave the warehouse, during transportation, and until they arrive at their destination. It's like an all-in-one solution for businesses that want to protect their inventory during the entire supply chain.

Hull: This type of insurance is for ships and boats. It helps cover the cost if the ship gets damaged or lost. Shipowners and operators use it to reduce the financial risks of accidents or losses involving their vessels.

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Factors that Determine the Premium of the Marine Insurance Policy

There are some factors that determine the premium of the marine insurance policy that you should look for before buying. Below, we have mentioned some of the factors.

Cover Amount All Risk Cover Premium Basic Cover Premium
10,000 up to 20 lacs ~Rs 1,180 ~Rs 701
20 Lacs - 50 Lacs ~Rs 1,240 - 2,950 ~Rs 818 - 1950
50 Lacs-75 Lacs ~Rs 3,010 - 4,425 ~Rs 1,986 - 4,425
75 Lacs- 1 Cr ~Rs 4,484 - 5,900 ~Rs 2,959 - 3,894
1 Cr - 2.5 Cr ~Rs 6,000 - 14,750 ~Rs 3,900 - 13,275
2.5 Cr - 5 Cr ~Rs 14,750 - 29,500 ~Rs 13,275 - 26,550

Disclaimer: These are tentative prices subject to change according to commodities and insurers.

Documents Required to Buy the Marine Insurance Policy

When purchasing a marine insurance policy, certain documents are required to ensure the accuracy and reliability of the coverage. These documents serve as essential proof of ownership and value, providing comprehensive information about the vessel being insured.

Here are the documents typically required to buy a marine insurance policy:

Application Form

The first document required is the completed application form. This form captures vital details about the vessel, such as its type, age, dimensions, and purpose, along with the owner's contact information and previous insurance history.

Vessel Registration

This document proves legal ownership of the vessel and includes crucial information like the vessel's name, registration number, and country of registration. It also confirms compliance with local maritime regulations.

Purchase Invoice

The purchase invoice establishes the value of the vessel and serves as evidence of ownership. It details the purchase price, date of purchase, and any additional equipment or accessories included in the sale.

Survey Report

A pre-purchase survey or condition survey report is often required for older vessels. This document provides a comprehensive inspection report, including the vessel's condition, structural integrity, any existing damages, and recommendations for repairs or modifications.

Vessel Specifications

Providing detailed information about the vessel's specifications is essential. This includes its length, beam, depth, gross tonnage, propulsion type, horsepower, and fuel capacity. These details determine the insurance coverage needed and enable accurate premium calculations.

Crew Information

If the vessel requires crew members, documents such as crew lists, certificates of competency, and medical certificates may be required to verify their qualifications and experience.

Navigation Plans

Additional documents such as planned destinations, routes, and intended use of the vessel may be requested. These documents help assess the voyage's risk level and determine the appropriate coverage.

Insurance History

Providing information about any previous marine insurance policies, including claims history, is crucial for underwriting purposes. This information helps insurers assess the risk associated with the vessel and determine appropriate pricing.

How to Renew the Marine Insurance Policy with Okbima?

Renewing a marine insurance policy with Okbima is a straightforward process that can be completed online in just a few simple steps. With Okbima you will get comprehensive coverage at the best price with great customer service.

Here is a step-by-step guide on how to renew your marine insurance policy with Okbima:

Step 1

Review your current policy, Identify your coverage needs, and prepare the necessary documents such as a copy of the current marine insurance policy, renewal application form, proof of ownership, and proof of value.

Step 2

Once the documents are completed, visit the Okbima website, click on the “More” icon on the homepage, and select the “Marine Insurance” icon.

Step 3

On the “Marine Insurance” page, fill in the required details such as company name, mobile number, email ID, and location.

Step 4

After providing the required details, Okbima will display different policy options for you to compare with their coverage and premiums.

Step 5

Now, review the policy options, choose the policy that best suits your needs, and complete the payment process.

Step 6

Once payment is completed, you will get the marine insurance policy details on your email ID.

Documents Required to Raise the Claim for the Marine Insurance Policy

When you need to raise the claim for the marine insurance policy, you'll typically require the following documents:

  • Copy of Insurance Policy Documents: This is your marine insurance policy, which outlines the terms and conditions of your coverage.
  • Surveyor Report: A report from a qualified marine surveyor that identifies the extent of the loss or damage, helping to validate the claim.
  • Copy of Billing Landing: A crucial document in international shipping, it serves as evidence of the contract of carriage and should be included in your claim.
  • Claim Bill: This document outlines the specific loss or damage, detailing items, their value, and the extent of damage.
  • Original Invoice List with Shipping Specifications: Include the original invoices for the shipped goods and their shipping specifications, helping to calculate the insured value.
  • Copy of Letters Exchanged with Carriers: Any correspondence or communication with carriers or shipping companies related to the loss or damage should be included to establish the sequence of events and responsibility.
  • Photographic Evidence: Including photos of the damaged cargo or goods as part of the claim documentation can be highly valuable.
  • Claim Form: Depending on your insurer, you may need to complete a specific claim form. Ensure that you fill it out accurately.

Clauses under the Marine Insurance Policy

Marine insurance is a complex field, and it has special clauses to deal with specific situations and needs. Two important ones are the Inland Transit Clauses (ITC) and the International Cargo Clauses (ICC).

Inland Transit Clauses (ITC)

These are for when goods are being moved within one country, whether by land or water. They spell out the rules for covering goods during domestic transportation, making sure they're protected from damage or loss.

International Cargo Clauses (ICC)

These clauses apply when goods are traveling across international borders, like when they're shipped by sea or air. They give wide-ranging coverage for cargo during international journeys and deal with the particular risks linked to crossing borders, which might have different laws and regulations.

Principles of the Marine Insurance Policy

Marine insurance relies on some important principles to make sure things are fair and work effectively. These principles are essential for both the people who buy insurance (policyholders) and the companies that provide it (insurers). Here are the key principles:

Absolute Honesty

Everyone involved, both the person buying the insurance and the company offering it, must be completely honest and provide accurate information when getting into a marine insurance deal. If someone hides facts or lies, it can make the policy invalid.

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Insurable Interest

The person buying the insurance must prove they have a real financial stake in what's being insured. In marine insurance, this usually means showing that they own the cargo or the vessel they want to insure.

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Indemnity

This principle makes sure that the insurance payout only covers the actual loss suffered, not more than that. Insurance isn't supposed to be a way to make a profit. This keeps people from taking unnecessary risks or getting too much insurance.

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Proximate Cause

This principle helps figure out the main or closest reason for a loss. Insurers look at whether the loss is directly connected to a risk that the insurance covers. Understanding the main cause helps decide if a claim is valid.

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Subrogation

After paying a claim, the insurance company can step in and take legal action or make claims against others responsible for the loss. This way, the responsible

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Contribution

If a loss is covered by more than one insurance policy, this principle tells us how each policy should share the payment for the loss. Usually, insurers pay in proportion to the amount they insured.

 

 

Marine Insurance Act 1963

The Marine Insurance Act of 1963 is an important set of laws in India that controls how marine insurance works. It sets the rules for things like honesty, having a financial stake in what's insured, warranties, and other key parts of marine insurance.

This Act is all about making sure that marine insurance in India is open and fair, and it looks out for the interests of both the insurance companies and the people who buy the insurance.

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FAQs About Marine Insurance

Marine Cargo Insurance is not mandatory, but highly recommended to protect against potential losses during transit.

You can buy a one-year policy covering all shipments from insurance providers or brokers.

Yes, you can purchase Marine Insurance online through various insurance companies.

The choice between Marine Single Transit and Annual Open depends on your shipment frequency and needs.

Buying Marine Cargo Insurance provides financial protection against damage, loss, or theft of goods during transportation.

Types of sales contracts under Marine Insurance in India include CIF, FOB, and CFR contracts.

INCO Terms in Marine Insurance define international trade agreements, specifying the responsibilities of buyers and sellers.

Freight insurance covers the value of goods and potential loss during transit, separate from cargo insurance.

An open policy covers multiple shipments over a specified period, often a year.

A mixed plan combines open and single transit policies, offering flexibility and cost-efficiency.

A mixed plan combines open and single transit policies, offering flexibility and cost-efficiency.

A floating policy in Indian marine insurance covers goods under various voyages with specific terms.

Valuation in Marine Cargo Insurance is based on the invoice value plus additional costs.

The deductible in a Marine Single Transit Policy is a pre-defined amount paid by the insured in case of a claim.

Bulk or over-dimensional goods can be insured with specific cargo policies tailored to their nature.

Temperature-sensitive goods are insured through specialized policies like Reefer Cargo Insurance.

Correct commodity classification is determined by the goods' nature and associated risks.

The cover amount in Marine Cargo Insurance depends on the value of the goods and the potential loss.

A wager plan provides coverage only if a specific event, like a ship sinking, occurs.

The premium of marine insurance is determined by factors like cargo value, risk, and coverage.

Anyone involved in shipping goods can purchase Marine Cargo Insurance.

A voyage plan benefits those with single, infrequent shipments and expires once the voyage ends.

A floating plan is ideal for regular shippers, with terms specified beforehand.

The policyholder in Marine Cargo Insurance is the entity that owns the goods being shipped.

A port risk plan is useful during storage at ports and protects against specific risks.

The Marine Cargo Single Transit policy expires once the insured shipment reaches its destination.