Marine insurance

Marine insurance in India is a critical safeguard for businesses engaged in shipping, logistics, and trade. It protects goods, cargo, and vessels against risks such as accidents, theft, fire, and natural disasters during transit by sea, air, or land. Almost 90% of India’s trade by volume depends on shipping, making marine insurance essential for supply chain continuity.

🌊 What Is Marine Insurance?

Marine insurance is a contract under the Marine Insurance Act, 1963, where the insurer indemnifies the insured against losses or damages to goods, cargo, or vessels during transit. It applies to imports, exports, inland transit, and coastal shipping.

Types of Goods Carrying Vehicle Insurance in India

📌 Importance of Marine Insurance

Legal & Trade Requirement: Mandatory for many international trade contracts.
Financial Protection: Covers losses due to unpredictable logistics risks.
Business Continuity: Prevents disruptions in supply chains.
Risk Management: Provides confidence to exporters, importers, and logistics operators.

🔒 Risk Coverages

Marine insurance typically covers:

Perils of the sea: Storms, collisions, sinking.
Fire & Explosion.
Theft, Piracy, or Malicious Acts.
Natural Disasters: Earthquakes, floods, cyclones.
Transit Risks: Damage during loading/unloading, mishandling, or accidents.

➕ Add-On Covers

War Risk Cover – Protection against war-related damages.
Strike & Riot Cover – Covers losses due to labor unrest or civil commotion.
Duty Insurance – Protects customs duty paid on goods.
Warehouse-to-Warehouse Cover – Extends protection from origin to final destination.
Warehouse-to-Warehouse Cover – Extends protection from origin to final destination.
Contingency Insurance – Covers buyer’s risk if they fail to insure goods.

✅ Inclusions

❌ Exclusions

Ordinary wear & tear.
Delay in transit (without physical damage).
Improper packing or handling by the shipper.
Loss due to willful misconduct of the insured.
War/nuclear risks (unless add-on purchased).
Financial losses unrelated to physical damage.

Get In Touch

330, Ganpati Plaza, MI Road, Jaipur, Rajasthan 302001

Second Floor, Office no 31, Transport Nagar, Punjabi Bagh, West Delhi, New Delhi – 110026

Optisure Insurance Brokers Pvt. Ltd. | Reg. Office – 330, 3rd Floor Ganpati Plaza, MI Road, Jaipur (Raj.)-302001 | IRDAI Direct Insurance Broker (Life & General) | License No.- 1116 | Valid Till – 18/11/2028 (Renewable) Code No. -IRDAI/INT/BRK/DB 1266/2025 CIN NO. – U66220RJ2025PTC104577 | IBAI Membership No.-519 Standard T&C Apply*
Insurance is the subject matter of solicitation. Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the Insurer.