Marine Insurance (Cargo & Hull)
Marine insurance is one of the oldest and most essential forms of commercial insurance — protecting goods in transit and the vessels that carry them. Whether you are importing raw materials from overseas, exporting finished goods, or moving cargo domestically by road, rail, or air, marine insurance ensures that your supply chain is financially protected against loss, damage, or delay. In India's trade-driven economy, marine cover is indispensable for businesses that move goods.
What Does It Cover?
Marine insurance encompasses cargo coverage for goods in transit and hull coverage for vessels and conveyances.
Marine Cargo — Inland Transit
Covers goods being transported within India by road, rail, or inland waterways. Protects against damage from accidents, overturning of vehicles, derailment, fire, and natural calamities during domestic transit. Essential for manufacturers moving raw materials or finished goods between locations.
Marine Cargo — Overseas Transit
Covers goods shipped internationally by sea, air, or multimodal transport. Protects against perils of the sea (sinking, stranding, collision), jettison, piracy, and damage during loading and unloading at ports. Coverage is available for both imports and exports.
Open Policy / Open Cover
An annual marine policy designed for businesses with regular and frequent shipments. Instead of insuring each consignment individually, an open policy provides blanket coverage for all shipments during the policy year — simplifying administration and ensuring no shipment goes uninsured.
Specific Voyage Policy
Covers a single, specific shipment from origin to destination. Ideal for one-off or high-value consignments that require dedicated coverage with tailored terms, conditions, and sum insured. Commonly used for project cargo and capital equipment imports.
Warehouse to Warehouse Cover
Provides seamless protection from the moment goods leave the seller's warehouse until they reach the buyer's warehouse — including all intermediate stages of transit, transshipment, temporary storage at ports, and customs clearance. Eliminates coverage gaps in the supply chain.
Institute Cargo Clauses (A, B, C)
ICC (A): All-risk coverage — the widest protection available, covering all risks of physical loss or damage except specific exclusions. ICC (B): Named perils including fire, explosion, stranding, sinking, overturning, earthquake, and washing overboard. ICC (C): Basic coverage for major casualties — fire, explosion, sinking, stranding, and collision only. Most corporates opt for ICC (A) for comprehensive protection.
Marine Hull Insurance
Covers physical damage to vessels — ships, barges, fishing boats, and inland watercraft — including hull, machinery, and equipment. Protects against perils of the sea, fire, explosion, piracy, collision with other vessels, and contact with docks or harbor equipment.
Who Needs Marine Insurance?
Any business that moves goods — domestically or internationally — has exposure that marine insurance is designed to cover.
Importers & Exporters
Businesses engaged in international trade face risks from port to port — rough seas, piracy, port congestion, and container damage. Marine insurance is often a mandatory requirement under Letters of Credit and international trade terms (Incoterms).
Logistics & Freight Companies
Freight forwarders, shipping lines, and logistics operators carry contractual liability for goods entrusted to them. Marine insurance — combined with carrier's liability coverage — protects against claims from cargo owners for loss or damage during transit.
Manufacturers with Supply Chains
Manufacturing companies that source raw materials from multiple suppliers or distribute finished goods across India and abroad need marine coverage to protect goods at every stage of the supply chain — from procurement to delivery.
E-Commerce & D2C Brands
E-commerce companies shipping thousands of orders daily — many involving high-value electronics, appliances, and fragile goods — face transit damage at scale. Marine inland transit insurance reduces the financial impact of damaged or lost shipments.
Commodity Traders & Agri-Businesses
Traders in commodities — metals, chemicals, agricultural produce, oil and gas — move bulk cargo by sea and rail. Marine insurance protects against unique commodity risks such as contamination, moisture damage, and quality deterioration during transit.
Key Benefits
Why marine insurance is the backbone of every trade and logistics operation.
End-to-End Supply Chain Protection
Warehouse-to-warehouse coverage ensures no gap in protection — from the moment goods leave the supplier until they reach your premises. This includes all intermediate transit modes, transshipment points, and temporary storage periods.
Trade Compliance
Marine insurance is a prerequisite for international trade — required under most Letters of Credit, CIF/CIP contracts, and trade finance arrangements. Without it, your trade transactions and banking relationships are at risk.
Flexible Coverage Options
Choose from ICC (A), (B), or (C) clauses based on the value, nature, and risk profile of your cargo. Add war risk, strikes risk, and special extensions as needed. Open policies simplify coverage for businesses with high shipment volumes.
Proven Claims Framework
Marine insurance operates under internationally standardized clauses (Institute Cargo Clauses) with centuries of claims precedent. This provides clarity on coverage, streamlined claims processing, and predictable outcomes — unlike many newer insurance products.