About Marine Insurance

Marine insurance is another type of general insurance that covers any accidental damage to the goods during transit. The transit mode can be rail, road, air, and water. The type of marine insurance is primarily based on the nature of goods, packing, and mode of transport. It can be taken either by the seller or the buyer of the goods.

There are different types of marine insurance to suit your varied business requirements, such as specific transit, special declaration policies, and open cover. It helps businesses to expand their operations and transact worldwide by securing their businesses under marine insurance against any loss or damage to the goods in transit.

For the inland transit, i.e., within the territorial limits of India, the marine policies are categorized under ITC A, B, and C which refers to a minimum or maximum risks incidental to transport.

The marine insurance for export or imports business is categorized under ICC A, B and C with the extension of FOB/FOR (Free on board/Free on the rail), etc.