Marine insurance
Marine insurance is a type of coverage designed to protect against the risks associated with the transportation of goods by various modes, including road, rail, sea, air, and inland waterways. It provides financial protection to cargo owners and shippers by compensating them for potential losses or damages that may occur during transit. This type of insurance covers not only the physical goods being transported but also the associated costs and charges involved in the transportation process
Two Types of Movements are Covered Under Marine Policy
Overseas Transit
Export, Import, Merchant Trade
Inland Transit
Domestic Sale and Purchase
Types of Insurance
1. Specific Policy
Specific policy is issued to cover a single transit. Such policy ceases once transit is completed. As per Indian market practice the cover is to be arranged before commencement of transit; so, the policy is to be taken in advance. Specific policies cover specific transits only, on case-to-case basis and, as many policies are taken for as many dispatches. This is not a time based policy like other marine policies.
2. Sales Turnover Policy
This policy is issued for transit say export, import, domestic sales, domestic purchase, stock transfer, job-work, capital goods movement and container movements involved. It will be very difficult to manage policies for different types of transit. Hence sales turnover policy is issued to take care of all these transit under single policy. This policy is issued on annual basis and premium is charged on annual sales. Generally declaration in submitted on quarterly basis in STOP policy.
3. Open Policy
Open policy is issued where number of transit is more and practically not possible to take policy for each and every transit separately. Hence an open policy is taken with estimated sum insured considering the annual transit requirement of insured. It is issued on annual basis. Monthly declarations is submitted to insurance company and sum insured can be enhanced as per the requirement.
4. Stock through Put Policy
USP
- Beacon provides customized marine cargo insurance solutions with an experienced underwriting team dedicated to thorough risk assessment and effective claims management.
- Beacon's underwriting team meticulously assesses cargo risks from handling to delivery, ensuring seamless policy coverage and decades-long expertise in claims settlement.
- Beacon's dedicated Marine cargo vertical team provides unparalleled and prompt responses, ensuring smooth business operations for our clients. With tailored global program marine policies, we consistently exceed client expectations with optimal solutions.
