Importing or exporting goods? Marine insurance covers cargo in transit—by sea, air, or land. Learn about coverage, exclusions, and when ₹50k insurance protects ₹50L shipments.
Marine & Cargo Insurance
Importing or exporting goods? Marine insurance covers cargo in transit—by sea, air, or land.
What it covers: loss, damage and theft during transport. Premium: 0.1–0.5% of cargo value. Shipping companies carry only limited liability; your marine policy covers the rest.
Types
- Ocean cargo: ship transport (₹10k–₹1L premium)
- Air cargo: air transport (₹5k–₹50k premium)
- Inland transit: road and rail within India
That's the standard shape. Which routes, perils and packing conditions YOUR cargo policy accepts is written in its clauses. Generic advice ends here—check what YOUR policy actually says.
Frequently asked questions
Do I need marine insurance for imports?
Yes, if cargo value is significant. Shipping companies have limited liability. Marine insurance protects your investment. Premium: 0.1–0.5% of cargo value—worth it for ₹10L+ shipments.
What's covered in marine insurance?
Loss, damage, theft during transport (port-to-port, door-to-door). Excludes: Normal wear, improper packing, delay, war, inherent defects. Check policy for specific exclusions.
How do I claim?
Report loss immediately (within 24–48 hours). Surveyor inspects damage. Submit documents (invoice, shipping docs, survey report). Claim processing: 30–60 days.