Get Marine Cargo insurance to protect your goods
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10+ risks covered
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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.
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 with minimal paperwork
10+ Risks Are Covered
Wide range of coverage options
Multiple Plan Options Available
Choose a cover that suits you
24/7 Customer Support Available
Get help anytime you need it!
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
Our marine insurance coverage for goods in transit is broadly categorised based on the mode of transport. For domestic movement, policies follow Inland Transit Clauses (ITC A, B, or C); International shipments (via sea transport) follow Institute Cargo Clauses (ICC A, B, or C); and air freight follows Institute Cargo Clause (Air).
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 |
| ||
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?
Talk to the Experts!
What is Covered and Not Covered in Marine Insurance?
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.
Intentional 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)
Losses due to strikes and riots
Damages caused by civil commotion or unrest
Multi-transit for cargo that needs multiple shipments
Storage extension for storage beyond the usual transit period
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, policy requirements & transport. Click "Check Prices”.
Provide Details
Enter the start & end date of voyage, the consignor and carrier details.
Review and Pay
Review the given premium quote and proceed as directed.
Get Your Policy
A copy of your policy will be emailed to you instantly.
From dock to doorstep, your cargo stays covered
Secure Your Global Cargo Journeys
From land, sky, and sea transit, IndusInd Marine Cargo Insurance offers tailored coverage for a wide range of goods and routes. Quick claims and instant purchase ensure that we have you covered!
Marine Cargo Insurance Claim Procedure
Claim Process
Inform Us
Travellers are no longer required to present a Covide- 19 vaccination certificate for e-visa for Vietnam from India.
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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