Marine Insurance in India provides financial protection for the goods transported through sea, land, or airways. The policy covers loss and damage to the goods due to various risks. 

Countries like India which have extensive trade networks and rely on the transport of goods every day need this marine insurance coverage policy to mitigate risks in a better way. Thus it will reduce the financial losses to some extent. 

What is Marine Cargo Insurance? 

It is a contract between the insured and insurer. In this the insurer provided financial compensation for the damages and loss of goods during transportation. 

This policy covers a wide range of risks. Few are mentioned below, 

• Accidents that involve the vehicle or ship also. (Like Collision)
• Damage or loss due to natural disasters (Like Flood, Storms)
• Theft or Pirate attacks (Subject to coverage) 
• Mishandling issues during loading and unloading. 

Based on different coverage the marine policy is categorized into different types. Namely, 

1. Open Policy/ Annual Policy

2. Single Transit Policy

Each policy has different terms and conditions for its claim and coverage. Let’s explore them.

What is Single Transit Policy? 

The marine insurance provides coverage for a specific shipment for one single journey. Unlike other policies,  the single transit policy only covers the specific shipment for only one travel. 

The starting and ending point for policy coverage is the same as the origin and end place for the shipment. Sometimes it ends after a period of time from reaching the final destination. Like 60 days unloading for international  shipments or 7 days after arrival at the end point for

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inland transit. 

This policy is preferred by businesses and individuals who may not need coverage for frequent shipments but want one time occasional ro one time transit. 

This single transit policy covers risks like, Natural disasters, theft and attacks, Accidental damages, Fire accidents or any other specialized risks. 

There are few exemptions in the single transit policy, they are intentional misconduct, delay in transit, pre-existing damage, inadequate packaging, natural deterioration of goods, and kind of nuclear and war risks. 

Open Transit Policy 

This is a flexible and customizable insurance contract that provides continuous coverage for multiple shipments during a specific period, mostly a year. 

Unlike other policies, open policy offers a wide range of coverage of goods transported by sea, rail, road or any other ways.

This policy is mostly preferred by businesses that might be involved in frequent or regular trade. This is because this policy eliminates the need to obtain separate insurance for each shipment. 

The main advantage of open policy is its flexibility, particularly being beneficial for frequent policy amendments. Open policy is also cost efficient, since it offers multiple coverings under a single contract. 

It offers continuous coverage, thus it eliminates the negotiation in insurance for each individual shipment. This ensures the protection without any interruption.  

Thus businesses who involve regular shipments can prefer this open transit policy. 

List of Companies in India offering Marine Cargo Insurance 

1. Reliance General Marine Insurance
2. ICICI Marine insurance India
3. Bajaj Goods Cargo Insurance India
4. National Insurance Container Insurance Policy
5. United India Insurance Open Cargo and Transit Insurance
6. TATA AIG goods protection insurance

How to Claim Marine Insurance in case of loss of Shipment? 

When there is a loss or damage of goods in transit, you can follow the given steps. 

1. Report to the Insurer: The first thing to do is, inform the insurance company about the loss as soon as possible.
2. Give the documentation: After informing, submit invoices, survey reports and shipping documents.
3. Assessment and Inspection: Once the documents are submitted, the insurer will assess the damage and verify the shipment for
   

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   claim. 4. Claim Settlement: After inspection, if the claim is valid the compensation will be provided based on the policy availed and its terms.

Conclusion: 

Thus there are different policies for different requirements. The cost of marine insurance depends upon various factors like risk level, transportation route, cargo value and more. To claim the insurance timely reporting, document submission such as billing and survey reports are important. Proper risk assessment and selection of proper policy helps businesses to safeguard their goods and claim insurance in case of unforecasted damages. Hence find the right insurance policy for your needs.