Marine Cargo Insurance to protect your goods
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% Discount Available*
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7-Day Claim Process*
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24/7 Customer Assistance*
Marine Cargo Insurance
Whether you are a business owner, importer, exporter or logistics partner, the movement of goods across cities or borders comes with its own set of risks. These can include handling errors, transit accidents, theft and even natural disasters. Even a single damaged or lost shipment can lead to serious financial setbacks and disrupt your supply chain.
This is where IndusInd Marine Cargo Insurance comes into play. It offers protection against loss or damage to goods during transit by road, rail, air, sea or even registered post. With our policy, you can focus solely on business operations and not what-ifs.
We offer customisable marine cargo insurance plans for a wide range of goods, ensuring your cargo is protected right from loading to delivery. Our plans are designed to align with your business needs and provide you with coverage you can truly rely on.
Why 5 Crore+ Choose Our Marine Cargo Insurance?
IndusInd Marine Cargo Insurance (previously known as Reliance Marine Cargo Insurance) ensures your supply chains operate smoothly without disruptions. Our plans enable you to handle cargo loss and delays efficiently without having to pause operations.
Instant Policy Issuance*
All-digital process
10+ Risks Covered*
Wide-Range Coverage
Multiple Plan Options*
Choose a cover that suits you
99.57% Claim Settlement*
Quick and transparent claims
Key Benefits of Marine Cargo Insurance
Extended Protection
Freight forwarders and carriers provide only limited coverage for delays, theft or damage to your cargo. For example, if a cargo with ₹50 lakh of electronics is partially damaged during sea transit, the carrier may only compensate a portion of the loss. Having marine and cargo insurance ensures you are fully covered for any losses during transit.
Add-ons for More Coverage
Depending on your shipment route and cargo type, the risk of exposure varies. For example, if your goods are temporarily stored at a port warehouse due to customs delays, an incidental storage add-on ensures this period is also covered. Other add-ons, such as Riot, Strike, and FOB extensions, can also help enhance coverage when you know your cargo will be transiting through difficult ports.
Risk Mitigation
The policy can be customised to cover risks like geopolitical tensions. For instance, ships passing the Suez Canal decreased by 42% to avoid conflict, causing them to take other routes and exposing them to more risk and longer voyages. A tailored marine policy can cover such rerouting and reduce the risk of uninsured delays or losses during transiting through alternate routes.
Trade Compliance
International buyers often operate under Incoterms such as CIF (Cost, Insurance, and Freight) and CIP (Carriage and Insurance Paid) that require proof of insurance. Without this, your contract may be considered non-compliant. Having marine insurance in place not only protects your goods but also helps you meet global trade documentation standards and retain international business relationships.
Business Credibility
Securing marine insurance signals preparedness and professionalism. It assures your stakeholders, clients, vendors and international partners that your operations are protected against potential risks. This enhances your credibility, especially during negotiations with larger organisations or export councils.
Competitive Advantage
As your export business enters competitive global markets, absorbing losses from damaged or delayed cargo is no longer sustainable. With marine insurance, such losses are covered, helping keep unit costs stable and preventing price hikes. Over time, this creates a pricing advantage and makes your offering more appealing to overseas buyers.
Features of IndusInd Marine Cargo Insurance
Coverage | Institute Cargo Clause A | Institute Cargo Clause B | Institute Cargo Clause C |
|---|---|---|---|
Fire or explosion |
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Ship sinking, flipping over or getting stuck |
| ||
Vehicle overturning or going off-track | |||
Collision with any external objects | |||
Unloading cargo at a different location due to an emergency | |||
Earthquake, volcanic eruption or lightning |
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Damage due to entry of sea or river water (excludes rainwater) | |||
Damages caused by rainwater | |||
Total loss of cargo dropped when loading and unloading or lost at sea | |||
Theft | |||
Breakage and non-delivery of cargo | |||
Intentional damage caused by others |
Disclaimer: Please refer to the official policy documents for detailed information linked here.
Who Should Get Marine Cargo Insurance?
My Employer is taking care of my Health Insurance and so I do not need one
Product-Based Businesses
Retailers, wholesalers and manufacturers who need to protect their goods from losses or damages during transit.
My Employer is taking care of my Health Insurance and so I do not need one
Importers and Exporters
Importers and exporters need marine cargo insurance coverage to protect their cargo during international trade operations.
My Employer is taking care of my Health Insurance and so I do not need one
Logistics Companies
Logistics companies that regularly manage the import or export of goods for businesses.
My Employer is taking care of my Health Insurance and so I do not need one
Ship Owners
Ship owners and those who rent ships require marine transit insurance to cover costs associated with accidental collisions, natural disasters, or piracy.
My Employer is taking care of my Health Insurance and so I do not need one
Port Authorities
Cargo is more likely to be damaged during loading and unloading, which can affect port or terminal operations.
My Employer is taking care of my Health Insurance and so I do not need one
Contractors
They handle construction and repairs along coastlines or offshore oil rigs and need coverage for equipment damage, personnel injury and more.
Types of Marine Cargo Insurance Policies
IndusInd General Insurance (previously known as Reliance General Insurance) provides coverage tailored for two primary shipment types: Domestic shipments, which involve cargo movement within India. And International shipments, covering imports and exports via land, sea, or air - where payments are made in foreign currency.
Specific Policy (Single Transit)
What Does It Cover? - A single shipment or a specific voyage. Coverage starts when goods leave the warehouse and ends when the cargo reaches its destination.
Premium - The premium rate is based on the agreed value of goods in that particular shipment. It can be purchased as needed and paid for before the journey begins.
Who Should Buy It? - Businesses that occasionally ship goods, have irregular shipments or need to ship high-value cargo.
Open Policy
What Does It Cover? - Covers all shipments made during the specific policy period. It applies to multiple shipments, typically for all shipments made within a single year.
Premium - The full premium is collected in advance and adjusted based on the total value of shipments declared for each voyage. It can be bought annually.
Who Should Buy It? - Businesses such as global shipping conglomerates that export goods all year round.
Sales Turnover Policy
What Does It Cover? - Covers all transits based on the company’s yearly sales. Unlike the agreed-upon value of goods in an open policy, all transit costs needed to meet sales targets are insured.
Premium - The premium is charged based on the company’s overall annual sales.
Who Should Buy It? - Businesses that need to meet specific sales targets every year, like those in textiles, FMCG or e-commerce, can benefit from this policy.
Want to know more about marine cargo insurance coverage?
Talk to the Experts!
What is Covered and Not Covered in Marine Insurance Policy Coverage?
What’s Covered
Accidental collisions: Covers damage to your goods caused by the ship or vehicle hitting another object or vessel by accident.
Breakage and Non-Delivery: If goods are broken during transit or don’t reach the destination, the cost of loss or damage will be covered.
Water Damage: If water enters the cargo hold and damages your goods, the insurance will take care of the loss.
Emergency Costs: If the ship faces an emergency and action is taken to save it, like hiring help or offloading some cargo, the costs will be covered.
Fire or Explosion: If your cargo is damaged due to a fire or explosion during transit, the loss will be covered.
Natural Calamities: Covers damage caused by natural disasters like earthquakes, volcanic eruptions, or other major natural events.
Ship Flipping/Sinking: If the ship carrying your goods sinks, flips or gets stuck, you’ll be compensated for the loss of cargo.
Derailment: If the vessel accidentally goes off track or turns over and your goods are damaged as a result, the insurance will cover it.
Theft: If your cargo is stolen during transit, the loss, this policy will cover the loss.
Total Loss During Transit, Loading or Unloading: If all of your cargo is lost during transport or while it’s being loaded or unloaded, you’ll receive compensation.
What’s Not Covered
Ordinary Wear and Tear: Loss due to regular handling, like minor breakage, leakage, or loss in weight or volume, is excluded.
Natural Defects: Damage from natural defects in the goods themselves (like spoilage or rot) is not covered.
Poor Packaging: If goods are damaged because they were not packed properly, the insurance won’t cover it.
Delivery Delays: Insurance does not cover financial losses just because the shipment was delayed.
Non-Transit Storage: Losses that happen while goods are stored and not actually being transported anywhere aren’t covered.
Using an Unsafe Vessel: If the cargo is being transported using an unsafe ship or vehicle, the resulting loss won’t be covered.
Bankruptcy: If you or someone working for you damages the cargo on purpose, the policy won’t cover it.
Ententional Damages: If you or someone working for you damages the cargo on purpose, the policy won’t cover it.
Nuclear risks: Damage caused by nuclear reactions, radiation, or radioactive contamination is not covered.
Riots, wars or strikes: Losses due to war, civil unrest, or strikes aren’t covered unless the policy specifically includes them.
Disclaimer: Marine insurance exclusions and inclusions will differ based on the specific type of marine cargo insurance policy chosen. Kindly refer to the respective policy wording for detailed information.
Add-ons for Marine Cargo Insurance
War-related risks (other than land)
Adding a child to the family is a joyous occasion for parents. It is also an important milestone for every couple as they get an added responsibility for the child. While pregnancy and childbirth are wonderful experiences, they can prove expensive too.
Losses due to strikes and riots
Adding a child to the family is a joyous occasion for parents. It is also an important milestone for every couple as they get an added responsibility for the child. While pregnancy and childbirth are wonderful experiences, they can prove expensive too.
Damages caused by civil commotion or unrest
Adding a child to the family is a joyous occasion for parents. It is also an important milestone for every couple as they get an added responsibility for the child. While pregnancy and childbirth are wonderful experiences, they can prove expensive too.
Multi-transit for cargo that needs multiple shipments
Adding a child to the family is a joyous occasion for parents. It is also an important milestone for every couple as they get an added responsibility for the child. While pregnancy and childbirth are wonderful experiences, they can prove expensive too.
Storage extension for storage beyond the usual transit period
Adding a child to the family is a joyous occasion for parents. It is also an important milestone for every couple as they get an added responsibility for the child. While pregnancy and childbirth are wonderful experiences, they can prove expensive too.
How to Buy Marine Insurance Online?
Buying IndusInd marine cargo insurance is quick and easy through our website. All you need to do is enter a few details and complete the payment online.
Enter Your Details
Enter commodity, transport mode and policy requirements. Click on “Check Prices”
Provide Cargo Details
Enter the start date and end date of the voyage, the consignor and carrier details.
Review Premium and Pay
Review the premium quote and proceed as directed.
Get Your Policy
A copy of your policy will be emailed to you instantly.
IndusInd General Insurance
IndusInd General Insurance
From land, sky and sea transit, IndusInd Marine Cargo Insurance Policy offers tailored coverage to cover various types of goods and routes. Quick claims and instant purchases ensure that we have you covered!
Marine Cargo Insurance Claim Procedure
Claim Procedure
Inform Us
You can use our paid helpline - 022-4890 3009, WhatsApp number - 7400422200, Email - rgicl.services@relianceadda.com or the IndusInd Self-i App.
Appointment of Surveyor
Our surveyor will investigate the incident. Cooperate with the surveyor and provide the completed claim form and supporting documents.
Report Submission
Based on the details you provide, the surveyor will prepare a report stating the damage caused and the estimated costs to submit to us.
Claim Process
We will review your claim and the survey report and process it according to your specific policy terms and conditions.
Claim Settlement
If your claim is approved, we will settle it and transfer the payout to your account.
Note: Take immediate action after a loss. Ensure that all recovery rights against carriers, bailees or other third parties are maintained and carried out within prescribed time limits.
Key Takeaways
FY 2024-25 has been a milestone for high cargo handling and efficient operations, with major ports recording a 4.3% increase in cargo handling compared to FY 2023-24 by handling approximately 855 tonnes of cargo. With these numbers in mind, businesses relying on timely and secure shipments need marine cargo insurance. In fact, many global buyers now mandate insurance proof for contracts under Incoterms like CIF and CIP.
Plus, with the increasing annual growth of cargo handling at India’s major ports, marine insurance is more crucial than ever. Whether you're shipping high-value electronics, industrial equipment or bulk commodities, our marine insurance plan helps you recover financially from losses during sea or inland transit.
At IndusInd General Insurance, we offer customisable plans to cover specific risks on the transit route, add-ons to extend the coverage for incidental storage, strikes and more. Our marine cargo policies are available for both domestic and international shipments, with expert assistance and 100% digital policy management tools to simplify the protection. With us, you stay on top of industry trends and protect your cargo transit.
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FAQ about Marine Cargo Insurance
Is purchasing marine cargo insurance mandatory?
Purchasing marine cargo insurance is not legally mandatory for all cargo movements in India. However, under certain international contracts, such as CIF (Cost, Insurance and Freight) and CIP (Carriage and Insurance Paid), the parties involved must provide proof of insurance coverage. Therefore, it is important to purchase marine cargo insurance to comply with trade regulations.
What are INCOTERMS?
INCOTERMS, or International Commercial Terms, are internationally recognised rules published by the International Chamber of Commerce. They list the responsibilities and risks of both parties (seller/consignor and buyer/consignee) concerning the transportation of goods.
For example:
In CIF (Cost, Insurance and Freight) - The seller pays for the cost, insurance and freight. The risk is transferred to the buyer when the cargo is loaded on the ship.
In FOB (Free on Board), the seller delivers the cargo to the ship. The risk is transferred to the buyer at the port of shipment, and the buyer pays for the freight and insurance.
What are the principles of marine insurance?
Marine cargo insurance operates under these core principles:
- Principle of Good Faith - The insurer and the insured must share all relevant information regarding the goods that need to be insured.
- Principle of Insurable Interest - The policyholder will suffer a financial loss directly due to the loss or damage to the cargo that needs to be insured.
- Principle of Indemnity - The marine cargo insurance covers your actual loss and not the profit involved.
- Principle of Contribution - If you have purchased marine insurance plans from multiple insurers, they will share the claim payout amongst them.
- Principle of Proximate Cause - The cause of the loss or damage should be covered under the policy.
- Principle of Subrogation - After settling the claim, the insurer can recover the amount from third parties involved.
What does “perils of the sea” mean?
Perils of the sea refer to unexpected and unavoidable events at sea that can damage the ship or its cargo. These are not caused by normal sea conditions like regular waves but by unusual incidents, such as heavy storms, high tides or rough weather.
What do you mean by a bill of lading?
A bill of lading is the shipment receipt issued by the carrier to the shipper. It is a legal document that contains important details, such as the type of cargo or commodity, quantity, and destination.
What is a floating policy in marine cargo insurance?
A floating policy, also known as an open policy, covers multiple shipments made during the policy year. It is suitable for businesses that frequently import and export goods, so they do not have to buy a new policy for each shipment.
Who has insurable interest under a marine insurance policy?
Insurable interest is the financial stake a person or company has in their cargo. Companies have an insurable interest in their cargo because they would stand to lose money if it were damaged or lost during shipment.
When should I buy marine insurance?
You can purchase cargo and marine insurance after finalising the shipping agreement and before the actual shipment. This helps ensure end-to-end protection from loading at the origin, through transit and unloading at the destination.
What are the documents required to purchase a marine cargo transit insurance policy?
These are the documents you’ll need to present –
- Company name and registration details
- Nature of trade
- Type of goods
- Mode of transport
- Shipping route
- Value of goods
- Trade contracts
- Bill of lading
- KYC documents
What is the basis of valuation and sum insured in marine insurance?
The sum insured is the maximum amount you can claim if your cargo is completely lost during transit. It includes the cost of goods, transportation expenses, taxes and other port handling charges.
It is determined based on the following calculation:
Sum insured = Cost of cargo + insurance + freight (CIF) + 10% of CIF to cover incidental expenses
For customs duty, the sum insured is the actual duty payable.
What are the factors to consider when purchasing a marine cargo insurance policy?
You will need to consider –
- Type of commodity
- Mode of transit
- Risks involved in the shipping route
- Type of coverage required
- Policy duration
- Premium
What is a deductible in a marine insurance policy?
The deductible in a marine cargo insurance policy is the amount you have to pay out of your pocket for every claim before we cover the remaining expenses.
At IndusInd General Insurance, a voluntary deductible, also known as a voluntary excess, is optional. If you opt for it, you can decide the percentage of loss that you want to cover.
What can be the policy duration of a specific marine insurance policy?
You can purchase a specific marine insurance policy for a period of
For how long is the open policy for marine insurance offered?
An open policy in marine insurance is generally offered for 12 months.
How can I determine the marine cargo insurance premium?
You can share details of your shipment with us at the top of this page, such as the type of commodity, mode of transport and type of coverage required to determine the premium quote online.
What is the difference between inland marine insurance coverage and ocean marine insurance coverage?
Inland marine insurance covers goods in transit over land (road or rail), air or inland waterways (rivers, canals or lakes). Ocean marine insurance covers goods shipped across the sea by ships or boats.
What are the types of cargo covered in marine insurance?
Some of the common types of commodities covered in cargo and marine insurance policies are:
- Electronic appliances
- Auto spares and auto parts
- Crude oil
- Finished leather goods
- Metal bars, tubes, sheets
- Pharmaceutical products
- Steel items
- Wooden and metal furniture
You can refer to the complete list of commodities that can be covered on the marine insurance premium calculator available at the top of this page.
Does marine insurance cover damages or losses to cargo due to war?
No, we do not cover damages or losses to cargo due to war. However, IndusInd General Insurance offers an optional add-on to cover war-related risks.
What is the difference between specific cover and open cover in marine cargo insurance?
Specific cover in marine insurance covers a single shipment or voyage. An open policy covers multiple shipments during the policy duration.
What are Institute Cargo Clauses in marine cargo insurance?
Institute Cargo Clauses (ICC) refer to marine insurance terms that define the different types of coverage and the scope of risks covered. ICC A offers all-risk coverage, ICC B covers specific risks, and ICC C offers basic coverage.
What should I do if my marine cargo insurance claim gets rejected?
If your marine cargo insurance claim is rejected, you will be informed of the reason. For further clarification, please contact us on our helpline at 022-4890 3009. Refer to grievance redressal for more information.
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