Insurance
General Insurance
Marine Insurance

At a Glance

Marine insurance is a type of coverage that protects goods, cargo, and vessels against loss or damage during transit—whether by sea, air, or land. It’s essential for businesses involved in shipping or logistics, offering financial protection from risks like:

  • Accidents (e.g., collisions, grounding)
  • Natural disasters (e.g., storms, floods)
  • Theft or piracy
  • Fire or explosion

It can be tailored to cover single shipments, ongoing transits, or inland transportation, depending on business needs.

Types of Marine Insurance Policies

Plan Name

Coverage

Marine Specific Transit Policy

Single shipment, covering goods from origin to destination.

Marine Open Cover

Continuous coverage for all shipments within the policy period.

Marine Sales Turnover Policy

Covers shipments required to meet sales targets, based on annual sales.

Inland Marine Insurance

Covers goods during transport via land (truck/train) within India.

Types of Coverage Under Marine Insurance

Coverage Type

Details

All Risk Coverage

Covers loss or damage from all risks except those specifically excluded.

Named Perils Coverage

Covers loss or damage caused by specific risks such as fire, theft, etc.

Inland Marine Coverage

Specifically covers goods in transit within the country (by truck or train).

Seaworthiness Coverage

Ensures the ship or vessel is fit for transporting goods across seas.

Coverages in more detail

Institute Cargo Clauses are opted based on required level of coverage for the goods in transport.

Feature

Clause A (All Risks)

Clause B (Named Perils)

Clause C (Basic Cover)

Coverage Type

All risks (except exclusions)

Limited named perils

Very limited named perils

Fire & Explosion

Covered

Covered

Covered

Vessel Stranding/Sinking

Covered

Covered

Covered

Collision/Overturning

Covered

Covered

Covered

Earthquake/Volcanic Eruption

Covered

Covered

Not Covered

Washing Overboard

Covered

Covered

Not Covered

Entry of Sea/Lake/River Water

Covered

Covered

Not Covered

Theft/Pilferage

Covered

Not Covered

Not Covered

General Average & Salvage

Covered

Covered

Covered

War/Strike Risks

Not Covered (unless endorsed)

Not Covered (unless endorsed)

Not Covered (unless endorsed)

Best For

High-value or sensitive cargo

Moderate-risk cargo

Low-risk cargo or short inland transit

General Exclusions (not covered) in Marine Insurance

Exclusion

Description

Wilful Misconduct

Losses caused intentionally by the insured or their agents.

Ordinary Leakage or Wear & Tear

Natural deterioration, evaporation, or wear during transit.

Inherent Vice

Damage due to the nature of the goods themselves (e.g., perishable items).

Improper Packing

Losses due to inadequate or faulty packaging.

Delay

Losses caused by delays in transit, even if due to insured risks.

Unseaworthiness of Vessel

If the ship is not fit for voyage and the insured was aware of it.

War, Strikes, Riots, Civil Commotion

Not covered unless specifically endorsed with additional clauses.

Nuclear Risks

Damage due to radioactive contamination or nuclear incidents.

Loss of Market

Financial loss due to market conditions or missed deadlines.

Improper Documentation

Claims denied due to missing or incorrect shipping documents.

Premium Calculation Factors

  • Value of Goods: The declared value of the goods being transported impacts the premium calculation.
  • Risk Factors:The type of goods, transport mode, and route influence risk assessments and premiums.
  • Transit Duration: The longer the journey, the higher the premium.
  • Add-on Coverage:Additional coverage like inland transit insurance or marine open policies increases the premium.
  • Claims History: Businesses with frequent claims may face higher premiums.

Key Benefits

  • Comprehensive Coverage: Includes theft, damage, fire, and natural disasters.
  • Global Protection: Internationally recognized policies.
  • Agreed Value Policy: Covers cargo value plus taxes and profit margins.
  • Loss Mitigation: Covers both total and partial losses.
  • Legal Compliance: Often required for international trade.

Eligibility Criteria for policy

  • Type of Cargo: Eligibility depends on the type of cargo being shipped (e.g., perishable goods, hazardous materials, etc.).
  • Mode of Transport: The type of transit (e.g., ocean freight, inland transit insurance) can impact eligibility and coverage options.
  • Insurable Interest: The insured must prove a legitimate financial interest in the cargo, as required under the policy.
  • Destination and Route: Policies are designed according to the destination, route, and potential risks involved during transit.
  • Valuation of Goods: The declared value of the goods will influence eligibility, ensuring coverage reflects the actual value of goods.

Claim Process

  1. Notify insurer.
  2. Submit documents (invoice, bill of lading, insurance certificate, proof of loss).
  3. Inspection and approval.
  4. Compensation as per policy terms.

Documents Required to Raise Claim Under Marine Insurance  

  • Bill of Lading: Proof of shipment and delivery.
  • Invoice: The commercial invoice indicating the value of the goods.
  • Insurance Certificate: The marine insurance policy document.
  • Surveyor's Report: If required, a report detailing the extent of damage or loss.
  • Proof of Loss: Photographs or documents proving the loss or damage to goods

For more details https://www.bajajallianz.com/commercial-insurance/marine-insurance.html

Disclaimer

Bajaj Allianz Marine Cargo Insurance is an IRDAI approved product with UIN: IRDAN113RP0024V01200102, which is underwritten and serviced by Bajaj Allianz General Insurance Co. Limited. This brochure is not a contract of Insurance. Please refer policy document for exact terms and conditions and specific details applicable to this Insurance. Your participation in this insurance product is purely on a voluntary basis. We advise you to take your own professional advice before you participate.

DBS Bank India Limited (IRDA of India Registration Number: CA 0257) having the registered office at GF: Nos. 11 & 12, Capitol Point BKS Marg, Connaught Place, Delhi - 110001 is the Corporate Agent of Bajaj Allianz General Insurance Company Limited (IRDA of India Regn.No.113) CIN: U66010PN2000PLC015329 having the Registered office address at Yerwada Pune - 411006. DBS Bank India Limited (Bank) does not underwrite the risk or act as an insurer. The Marine Cargo Insurance by Bajaj Allianz with UIN: IRDAN113RP0024V01200102, is underwritten by Bajaj Allianz General Insurance Company Limited. The contract of insurance is between the insurer and the insured and not between the Bank and the insured. Bank does not give any warranty, as to the accuracy and completeness of the policies. Bank does not accept any liability or losses attributable to your contract of Insurance. Participation by the Bank’s customers in the insurance products is purely on a voluntary basis and is not linked to availment of any other facility from the bank. ISNP registration valid.

The contents and product information of this web site are given strictly for your convenience and is indicative in nature and ‘as is’ received from the Insurer. Nothing contained herein is to be construed as advice, recommendation, offer for a policy or any other assistance. Bank does not guarantee that this website reflects latest amendments/ information at all times or at any time. Bank shall have no liability to the customer for any loss or damage of any kind incurred for reliance on the content and product information available on this website.

For more details on risk factors, terms and conditions, exclusions, please read sales brochure of insurer and policy terms and conditions carefully before concluding a sale. Tax benefits are available as per the prevailing tax laws, which are subject to change.

Contact our 24-hour toll free customer service helpline number 1-800-209-4555 / 1-860-267-1234 or our overseas customer service number 91-44-66854555 or write to us at [email protected]. Visit us at: www.dbs.com/in

UIN: IRDAN113RP0024V01200102

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IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.