What is Marine Insurance? Marine insurance is a specialized safeguard for the uncertainties in transporting goods via multiple channels like road, rail, sea, air, and inland waterways. It financially secures cargo owners and shippers, compensating for potential transit losses or damages. This insurance covers the physical goods in transit and related transportation costs. Swipe to know ©) moCen oe CR esne tm me CoL EtenBeacdDr® Marine Insurance covers two types of movements U Overseas Transit - Includes exports, imports, and merchant trade. @ Inland Transit - Covers domestic sales, purchases, and other domestic movements. 1. Overseas transits are protected under Institute Cargo Clauses (A, B, C), while Inland transits fall under Inland Transit Clause (A, B, C). 2. The policy covers various risks such as fire, lightning, overturning, collision, stranding, grounding of different conveyances (land/sea), and other risks based on the nature of the consignment.Types of policies under Marine Insurance WY Specific Policy UY Open Policy Y Sales Turnover Policy Y Stock Through Put PolicyBeacdDr® U Specific Policy This policy covers a single transit and ends once the transit is complete. It's arranged before the transit begins, covering specific transits on a case-by-case basis. It's not time-based like other marine policies. U Open Policy This policy is for when there are numerous transits and it's impractical to have a separate policy for each. An open policy is taken annually with an estimated sum insured based on the insured's annual transit needs. Monthly declarations are submitted to the insurance company and the sum insured can be adjusted as needed. The insured must declare each dispatch under this policy and obtain a certificate of insurance for each dispatch.BeacdDr® U Sales Turnover Policy (STOP) This policy caters to various transits like export, import, domestic sales, purchase, stock transfer, job-work, capital goods movement, and container movements. It's an annual policy with premiums based on annual sales. STOP offers a systematic approach for policy administration, high flexibility in coverage, and customization Y Stock Throughput Policy This policy covers the entire journey of a product or material from production to destination. It includes import of material, fabrication, job-work, storage at various locations, and delivery to the final consignee. It covers numerous risks involved in the supply chain, including transit, storage, and other incidental charges, including storage risk.¥ Beach © For a deeper understanding of Marine Cargo Insurance, | feel free to reach out via call at & +91-265-2318000