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What Would You Like to Protect Today?

Marine Insurance — what is it?

Marine insurance is an insurance policy specifically designed to protect your business and its assets from risks associated with the transportation of goods/cargo by between the points of origin to the final destination. Marine insurance policy provides coverage for all means of transportation example road, railway, air, sea, couriers and postal service.

The term of a Marine insurance policy can either be a single transit where in it just protect on trip from point A to point B or can be an open policy where the same type of goods can be transported for the decided sum insured.

What type of coverages does Marine insurance provide?

Marine insurance can protect your business from a variety of risks that may arise. Marine insurance policies are available in a variety of forms, including:

Liability

Hull

This type of marine insurance covers damage the hull & torso of the transportation vehicle. It covers the transportation against damages and accidents.

Cargo

How to choose your plan?

Understand INCO terms

INCO Terms determine the point of change of responsibility between the buyer and seller. They are part of the sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer. Some commonly used Inco Terms:
Ex Works (EXW)
Free On Board (FOB)
Cost, Insurance, Freight (CIF)

Single Transit Vs Open Cover

As a business owner making cost effective decision is vital. The choice between a single transit and open covers may seem simple, but as business scale getting an open cover can turnout to be a much more economical and hassle free as compared to purchasing Single Transit policies, with varied per sending Limits.

Type of Cover

Marine transits are mainly divided into Import/Export Transits and Inland Transits, each of these types of transits have two type covers namely A and B.
Type A is an all risk cover but is always more expensive while Type B is a basic cover that only takes account of natural perils and a few other scenarios that vary depending upon insurer underwriting.

Understanding Marine Insurance Coverages

ITC

ITC stands for Inland transit clauses and it is for inland transits in India only.

ITC A

Inland cargo clause A provides coverage for all kinds of damages, except rainwater damage.

ITC B

Inland cargo clause B provides coverage for accidental damages and basic perils of the goods only.

ICC

ICC stands for International cargo clauses and it is for international cargo only.

ICC A

International cargo clause A provides coverage for all kinds of damages, except rainwater damage.

ICC B

International cargo clause B provides coverage for accidental damages of the goods only.

Why Choose PrishaPolicy

5 Reasons why you should choose us to be your policy issuing partner of choice. Allow us to tell you why we are one of the fastest growing insurance brokers.

Customer-Centric Culture

For us, you always come first. Our products and services are designed to find the best coverage for all.

A Decade of Market Leadership

Our teams expertise and experience makes them the perfect guides in choosing a policy that fits your needs.

Reliable and Consistent

Rest assured that everything will be taken care of without a glitch. From shortlisting to claims processing & delivering promises without a hitch.

Guided Policy Assistance

Our experts are forever ready to assist you through each policy detail with a fine-tooth comb.

Claims Assistance

Our DNA prompts - Sales is incomplete without timely support. From start to end, we facilitate smooth processing from lodging to settlement.

Still Thinking About It?

Get on a call with us. We take pride in being associated with you for competitively managing your risks with the best insurance covers and delivering a stress-free experience.

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Questions You Might Have

What are Common Warranties, Conditions and Exclusions?

Below are some general conditions or warranties attached to a marine insurance policy:
  • Rusting, oxidation, discoloration and corrosion are excluded unless caused by ICC(B) perils
  • Institute Replacement clause
  • Pair and set clause
  • Second hand Replacement clause
  • Excluding Mechanical, Electrical and Electronic derangement unless caused by ICC (B)/ITC (B) perils.
  • Over Dimensional Cargo Survey Warranty.
  • Warranted that losses due to adulteration, contamination and deterioration of quality is excluded.
  • Warranted that goods are transported in closed wagons and/or trucks to be covered with tarpaulin or any other water proof material to avoid ingress of water.

    • What is per sending Limit?

    Per Sending limit represents the maximum sum insured amount that in the event of a claim of any one consignment or shipment whilst the goods are in ordinary course of transit.

    What is sum insured?

    Sum insured is the total value of the goods in transit including freight, taxes and any other port handling charges. This is the maximum amount which is payable in the event of a total loss of the insured cargo.
    The sum insured will comprise of the following:
  • Cost of the goods either on (CIF)/FOB/C & F (Depending on the INCO term)
  • Clearing charges and internal freight
  • Customs Duty

    • What are the types of Marine claims?

    Partial Loss (Particular Average) : Particular Average means partial loss of the subject matter insured although not appearing in the Clauses directly, all three sets of ICC covers particular average in full.
    Total Loss : The goods are completely destroyed. The assured is irretrievably deprived of the goods. The goods are no longer the thing insured (loss of specie). The goods are on a ship that has been posted as missing. Total loss can be an Actual Total Loss or Constructive Total Loss.
    General Average (GA) : This occurs when the insured goods are partly or totally sacrificed in a general Average act. Provided the GA does not arise from any of the exclusions expressed in the Clauses, the underwriter is liable for the sum insured if the sacrifice results in a total loss of the goods or the proportion of the sum insured produced by applying the percentage of depreciation caused by the sacrifice to the SI, if only part of the goods is sacrificed.

    What is General Average?

    GA is a sacrifice or expenditure made or incurred by one of the parties to the maritime adventure for the purpose of saving all of the property insured in such maritime adventure”. All loss which arises in consequence of extraordinary sacrifice made or expenses incurred for the preservation of the ship and cargo comes within general average and must be borne proportionately by all who are interested)