Marine Insurance

Marine insurance falls under commercial insurance. The policy is taken to reduce business risks. It caters to small scale business organisations to large corporates. Policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, war, strike, riot and civil commotion.

Types of Policies

Specific Policy – This policy provides cover against specified perils under marine cargo sent/received during the Policy period.

Open Policy – Typically opted by commercial firms and industrial establishments with substantial volume of trade and a number of transactions, an Open Policy is issued for ensuring automatic & continuous insurance protection. This policy is issued to cover all shipments sent/received during the Policy period.

Open Cover – This is an arrangement similar to Open Policy to cover loss or damage to cargo where specific stamped certificate is issued for declaration made.