Marine Insurance

Marine transit insurance, also known as marine cargo insurance, provides financial protection in case your goods suffer any damages – man-made or natural – during transit. This insurance covers goods between points of origin to the final destination across all means – roads, railways, air, and sea, etc.

Marine transit insurance covers loss during transit suffered by your cargo caused due to fire, explosions, hijacks, accidents, collisions, overturning, theft, weather events, etc. You can choose a specific coverage based on your business requirement.

The working mechanism of a marine transit insurance policy is simple. When you buy this insurance, the financial liability for potential damages is on the insurance provider. In case of losses, you inform the insurance company, which will appoint a surveyor to analyse the quantum of loss. Based on the surveyor’s assessment, the insurer will offer compensation.
Thus, marine transit insurance gives you peace of mind as you’ve a financial cushion to fall back on if your cargo suffers any damage.
Types of Marine Transit Insurance

The different types of insurance are as follows:

• Inland: Provides coverage for goods within India
• Import: Provides coverage for goods transported from a foreign country to India
• Export: Provides coverage for goods transported from India to a foreign country