About Marine Insurance

Marine Insurance protects goods, vessels, and related interests against loss or damage during transit by sea, air, rail, or road.

In India, it plays a vital role in safeguarding domestic and international trade against risks like accidents, theft, fire, natural disasters, and handling damage.

Key Features:

  • Covers transit by sea, air, rail, road & inland waterways
  • Suitable for importers, exporters, & logistics firms
  • Policies available for single shipment or open / annual coverage
  • Covers domestic & international movements
  • Flexible risk coverage under ICC Clauses
  • Helps maintain business continuity and cash flow

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Key Coverages Under Marine Insurance

Loss or damage due to fire or explosion

Loss or damage due to fire or explosion

Vessel or conveyance accident / overturning

Vessel or conveyance accident / overturning

Natural calamities like storm, cyclone, earthquake

Natural calamities like storm, cyclone, earthquake

Jettison, washing overboard

Jettison, washing overboard

Collision & contact damage

Collision & contact damage

Theft, pilferage & non-delivery (as per cover)

Theft, pilferage & non-delivery (as per cover)

General average & salvage charges

General average & salvage charges

Types of Marine Insurance Policies

01

Cargo Insurance

Covers loss or damage to goods while in transit.
01
02

Hull & Machinery Insurance

Covers physical damage to ships, boats, and vessels.
02
03

Freight Insurance

Protects the freight payable to the carrier in case goods are lost or damaged.
03
04

Liability / P&I (Protection & Indemnity)

Covers legal liabilities arising from injury, collision, attacks or damage to third parties.
04

Marine Cargo Insurance is governed by Institute Cargo Clauses (ICC):

ICC (A) – All Risks Cover

Covers all risks of loss or damage except standard exclusions (best & widest cover).

ICC (B) – Named Perils Cover

Covers specific risks like fire, explosion, vessel sinking, earthquake, etc.

ICC (C) – Basic Cover

Covers limited major risks such as fire, explosion, and vessel accident.