RUAM-INSURANCE

In-Depth Look at Marine Insurance

Marine Insurance is a specialized coverage designed to protect goods and cargo from potential losses or damages while being transported from the starting point to their final destination. This type of insurance encompasses various modes of transportation, including road, rail, air, sea, couriers, and postal services.

Our Marine Cargo insurance addresses risks associated with transportation such as fire, explosion, theft, accidents, collisions, or even overturning. We provide bespoke insurance plans tailored to cover specific risks like theft, damage, shortage, and non-delivery, giving you the flexibility to choose the best coverage based on your unique business needs.

Who Can Benefit from Marine Insurance?

Marine Insurance is a critical asset for both businesses and individuals. For businesses, high-value shipments are at risk, and any damage could significantly impact operations and financial stability.

For individuals, moving can be a highly stressful experience. Our Marine Insurance offers essential protection for your goods during relocation, ensuring they are safeguarded from damage and providing peace of mind throughout the moving process.

Why Marine Insurance is Worth the Investment

Protecting your valuable belongings with Marine Insurance is crucial for ensuring their safety during transit. Whether you are relocating personal items or managing business assets, having insurance provides crucial peace of mind, knowing that your possessions are secure against unforeseen incidents.

When dealing with items of significant sentimental or monetary value, the process of moving them can be daunting. Our Marine Insurance allows you to rest easy, confident that your cherished possessions are well-protected throughout their journey.

Comprehensive Coverage Offered by Marine Insurance

Marine Insurance provides extensive coverage across all major modes of transport, including air, sea, road, and rail. Additionally, goods shipped via courier services are also covered. This insurance ensures that your cargo is protected against various potential risks such as theft, strikes, and other transit-related incidents, giving you comprehensive peace of mind.

How marine transit insurance works?

The process of getting a marine transit insurance policy is simple. When you purchase marine insurance, any financial responsibility for potential damage shifts to the insurance provider. In the event of a loss, you report it to the insurance company, which will send a surveyor to assess the damage. Based on the surveyor's evaluation, the insurer will provide compensation.

As a result, marine transit insurance gives you peace of mind by providing financial protection if your cargo suffers any damage.

Types of Marine Transit Insurance

The different types of insurance include:

Inland: Coverage for goods transported within India
Import: Coverage for goods brought into India from a foreign country
Export: Coverage for goods sent from India to another country

Who can buy transit insurance online?

The following persons can buy transit insurance online:

✔ Exporters
✔ Importers
✔ Manufacturers
✔ Traders
✔ Logistics operators
✔ Merchant exporters
✔ C&F agents

Note: This list isn't comprehensive, as there could be additional parties with interests in securing marine transit insurance.

What is covered and policies

TYPES OF POLICIES

Open Policy

Open policy covers multiple transits for the whole year and comes with a fixed sum insured, per sending limit and per location limit.

Single Transit Policy

A Single Transit Policy provides coverage for a specific shipment or transit, offering protection against risks during that particular journey.

Container Policy

A container policy defines rules and guidelines for managing and handling containers within a specific environment or system.

Customs duty only policy

A customs duty policy outlines the regulations and rates for taxing imported and exported goods, including exemptions.

TYPES OF COVERAGES

ITC-A & ICC-A

Both ITC-A and ICC-A provide comprehensive coverage for all types of damages, including theft and pilferage, but specifically exclude any damage caused by rainwater. This ensures broad protection for your cargo during transit, covering most risks except rainwater-related incidents. These clauses are essential for businesses seeking extensive insurance coverage for their goods.

ITC-B & ICC-B

Both ITC-B and ICC-B offer coverage for accidental damages during transit, excluding theft, pilferage, and rainwater damage. This ensures that your cargo is protected against specific accidental incidents, such as collisions or mishandling. However, it does not cover losses resulting from theft, pilferage, or rainwater-related damage, providing a more limited scope of protection.

*ITC stands for Inland Transit Clauses.
*ICC stands for International Cargo Clauses.