Marine InsuranceAnnual Sales Turnover
Table of ContentsMarine Sales Turnover Policy (STOP)
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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.
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.
Businesses don't need to submit periodical declarations of transit and cargo movements -- all transits required to achieve sales are automatically insured.
- 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
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
- Insolvency/financial default of carriers
- War, Strike, Riot and Civil Commotion if not opted as add -- on.
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.
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Questions You Might Have
The sum insured will comprise of the following: