Marine Cargo Insurance to protect your goods

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Marine Insurance Calculator

In the shipping and trade industry, every journey is an opportunity to connect markets, deliver on promises and grow your business. Behind every successful delivery is careful planning, which includes choosing the right protection for your cargo to ensure a safe journey.

This is where IndusInd Marine Insurance becomes essential. It ensures that even if unexpected events occur, your operations stay on track and your business commitments are met without any interruptions.

To make planning even easier, IndusInd General Insurance offers a Marine Insurance Premium Calculator that gives you instant, accurate cost estimates so you can arrange the right coverage before your goods set sail.

Whether you’re an exporter meeting a tight deadline, a logistics provider managing multiple routes or a growing business sending your first overseas shipment, this tool helps you protect your cargo and budget with confidence.

How to use the Marine Insurance Premium Calculator?

The IndusInd Marine Insurance Premium Calculator makes it quick and simple to estimate your coverage cost. You can easily get accurate quotes online in minutes and protect your cargo before the journey begins.

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Business person

Scroll up to the premium calculator tool to get started

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Business person

Enter shipment details, transit dates and other information.

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Business person

Review and adjust your coverage options as required.

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Business person

Click Submit and get your premium online instantly.

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Factors Affecting Marine Insurance Premium

Type of Cargo

Fragile, high-value or hazardous goods often have higher premiums because they carry a greater risk of damage or loss. For example, shipping fine art or chemicals is riskier than sending packaged clothes, and insurers adjust the cost to reflect that risk.

Mode of Transport

Different transport methods come with different risk levels. Air freight is faster but can be more expensive to insure, while sea freight may face storms or rough port handling. Road and rail have their own risks, such as theft or accidents, which can also influence the premium.

Shipment Value

A higher shipment value directly increases the premium since the insurer would have to pay more in case of loss or damage. Just like insuring a luxury car costs more than a regular one, valuable cargo comes with higher protection costs.

Route & Destination

Shipment passing through regions with piracy, political instability or severe weather patterns are more expensive to insure. Safer, low-risk routes tend to result in lower premiums.

Coverage Type & Add-ons

Basic marine insurance covers common risks, but adding extra features like war risk, theft, or damage during loading raises the premium. These add-ons provide greater protection but also increase the insurer’s liability.

Transit Duration

Longer shipping durations mean the cargo is exposed to risks for a longer time. A two-day domestic delivery generally costs less to insure than a three-week international voyage.

Packaging & Handling

Proper, secure packaging can lower the premium, as it reduces the chances of damage. Poor or insufficient packaging increases the risk and the insurance cost.

Why Choose IndusInd Marine Insurance?

Be it across the globe or within the country, shipping goods can mean exciting progress for your business. But the journey comes with risks ranging from rough weather, accidents in transit, theft or damage during loading. This can derail delivery schedules, strain customer relationships and cause unexpected costs.

IndusInd Marine Insurance is designed to take that worry off your shoulders. Our plans protect your goods against fire, collision, overturning, seawater damage, breakage, theft, malicious damage, non-delivery and more. Be it one-time shipments or ongoing consignments, you can customise your coverage to match your shipping needs.

Plus, with us, you don't have to worry about signing up for unnecessary coverage. We calculate your sum insured transparently, covering cargo cost, insurance, freight and incidental charges so you get the right amount of coverage. With IndusInd Marine Insurance, you can focus on growing your business while we safeguard your cargo’s journey, no matter how unpredictable the waters or roads may be.

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Get comprehensive protection for your goods in transit. Choose from tailored policy options and add-on covers to match your shipping needs.

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Frequently Asked Questions

What types of losses are generally not covered by marine cargo insurance?

Marine cargo insurance generally does not cover losses arising from:

• Willful misconduct by the assured

• Ordinary leakage or normal loss in weight/volume

• Ordinary wear and tear

• Poor or unsuitable packing/preparation of the goods

• Inherent nature or defect of the goods (inherent vice)

• Delay in transit

• Insolvency of the parties involved

• Unseaworthiness or unfitness of the vessel, craft, container or conveyance

• Losses caused by war or strikes

• Storage risks outside the ordinary course of transit

Disclaimer: For a complete list of exclusions, it’s best to check the detailed policy wordings on the IndusInd General Insurance website.

How is the sum insured calculated for marine cargo insurance?

The sum insured for marine cargo insurance is generally calculated based on the total value of the cargo to be insured. The staff calculator method used the CIF, which is the Cost, Insurance and Freight method. This includes the value of the goods, the shipping charges and the insurance premium. The insurer may also add a small percentage, say 10%, to cover any incidental expenses or anticipated profits in case of a total loss.

Can the marine cargo insurance policy be changed once the cargo has been shipped?

No. Generally, once a shipment is in transit, the policy terms cannot be changed. It is crucial to have the correct and complete coverage in place before the journey begins. If there are any planned changes to the route or destination, they need to be discussed with your insurer beforehand.

What are Incoterms, and how do they impact marine cargo insurance?

Incoterms (International Commercial Terms) are a set of globally recognised rules that define the responsibilities of buyers and sellers for the delivery of goods. They are crucial for marine insurance because they specify which party, the buyer or the seller, is responsible for arranging and paying for the insurance.

For example, if goods are being shipped under CIF, which is Cost, Insurance and Freight, the seller is responsible for the insurance. On the other hand, if they are being shipped using FOB, which is Free on Board, the buyer is responsible for purchasing the insurance once the goods are loaded onto the vessel. Understanding your Incoterms is essential to ensure the correct party insures the cargo and is not left unprotected.

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