Marine InsuranceAnnual Sales Turnover

Annual Sales Turnover

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Marine Sales Turnover Policy (STOP)

This policy provides cover from the time the raw material is purchased to movements to all intermediate locations for processing or storage until it reaches the destination or until the customer's responsibility ceases. It covers a company's sales turnover, unlike the other marine open policies which cover the value of goods which are offered for insurance. The company's annual estimated turnover can be covered as a single amount, and all a company needs to do is to provide sales turnover figures periodically to the insurance company (usually quarterly). All the requirements of a company's Marine policies can be met by a single comprehensive policy.

Key Benefits

  • Savings
    Unlike other Marine Insurance policies that cover the value of the shipment, the Marine Sales Turnover Policy charges businesses a premium that is based on their annual sales turnover.
  • Hassle-free
    Businesses don't need to submit periodical declarations of transit and cargo movements -- all transits required to achieve sales are automatically insured.

Salient Features

  • Sizeable saving in premium which is charged only on your sales turnover
  • Seamless cover with all movement of goods automatically covered.
  • No hassles of submitting periodical declaration of movements to the insurer. Only monthly sales figures need to be submitted
  • Intermediate storage cover can be built into the policy.
  • Premium on full annual sales turnover need not be paid in advance. Facility for payment of premium on half-yearly / quarterly
  • This policy provides cover from the time the raw material is purchased to movements to all intermediate locations for processing or storage until it reaches the final destination or until the customers responsibility ceases. This gives a seamless cover on a worldwide basis thereby reducing gaps in the overall process.
  • The premium rates depend on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience


Goods (merchandise) dispatched by rail or road from any place in India to any place in India (not in conjunction with an overseas voyage) are subject to Inland Transit (Rail/Road) Clause A, B & C. The brief coverage is as under:

  • Inland Transit (Rail or Road) Clause -- A (All Risks): Covers All Risks of Physical loss or damage subject to exclusions

  • Inland Transit (Rail or Road) Clause -- B (Basic Cover): Covers Physical loss or damage caused by:

    • Fire, Lightning, Breakage of Bridges
    • Collision with or by the carrying vehicle, derailment or accidents of the like nature to the carrying railway wagon/vehicle.
  • Inland Transit (Rail or Road) Clause -- C: Covers Physical loss or damage caused by

    • Fire
    • Lightning

Add on Cover

  • Inland Transit: Strike, Riot and Civil Commotion
  • Overseas Transit:
    • War, Strike, Riot and Civil Commotion
    • Duty and Increased Value Insurance (for Imports only)
    • Seller's Interest Insurance (for Exports with C&F or FOB terms only)


  • Willful misconduct
  • Ordinary leakage/loss in weight or volume, wear and tear
  • Improper packing
  • Inherent vice
  • Delay
  • Insolvency/financial default of carriers
  • War, Strike, Riot and Civil Commotion if not opted as add -- on.

Claim Process

In the event of loss, the following are immediate actions to be taken
To intimate to the insurer the occurrence of loss, submit full statement in writing of the claim, provide the nature and extent of loss and also the estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express inability in accepting liability of the loss / damage.

  • To take all steps to reduce and minimize the extent of loss / damage and liability.
  • Proximate cause of the loss and assess the type/extent and whether it is within the scope of the policy.
  • To extend full co-operation to the insurer and the surveyor appointed for completion of the survey work and for proper assessment of the loss.
  • Produce all such records and proof as may be required by the surveyor or the Insurer for arriving at the extent of loss and the liability under policy.
  • Provide documents such as, claim form, copy of Policy, Incident note, COF, Monetary claim along with Speed post etc.
  • Keep the damaged property under the safe custody until advised by the surveyor / insurer regarding its disposal.
  • Identification of the subject matter insured.

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)