Marine Insurance For Manufacturers in India by Cargo Cover Marine Insurance Agents and Advisors
Marine Insurance For Manufacturers in India by Cargo Cover Marine Insurance Agents and Advisors

Marine insurance for Indian manufacturers covers raw materials, machinery, and finished goods against loss or damage during transit — whether moving imported inputs from port to factory, finished goods from factory to port for export, or domestic dispatch to buyers/warehouses across India. It protects working capital tied up in inventory while goods are in transit and outside the factory's own fire/burglary policy.

Types of Marine Insurance Policies for Manufacturers

  1. Marine Cargo Insurance (Transit Insurance) – Covers raw materials, components, and finished goods against loss, theft, or damage while in transit by road, rail, sea, or air — the foundational policy for any manufacturer.

  2. Institute Cargo Clauses (ICC A/B/C) – Coverage tiers for imported raw materials or exported finished goods:

    • ICC A – All-risk, widest cover

    • ICC B – Named perils only

    • ICC C – Basic, major casualty cover only

  3. Inland Transit Insurance – Covers domestic movement of goods — factory to port, factory to buyer's warehouse, or between plants — a critical policy since most manufacturers' cargo risk is domestic, not just international.

  4. Open Cover / Open Policy – Annual standing policy that auto-covers every consignment (raw material inbound + finished goods outbound) without needing a separate policy per shipment — ideal for manufacturers with continuous production and dispatch cycles.

  5. Specific/Single Transit Policy – One-off cover for occasional large shipments, machinery imports, or non-routine consignments.

  6. Project Cargo / Machinery Insurance – Specialized cover for importing heavy plant, machinery, or capital equipment, including installation-related transit risk (often extended to Storage-Cum-Erection cover).

  7. Storage-Cum-Erection (SCE) Insurance – Covers machinery/equipment from the time it leaves the supplier until it's installed and commissioned at the manufacturer's site, including the storage period in between.

  8. Warehouse-to-Warehouse Cover – Extends protection across the full journey — supplier's warehouse to factory, or factory to buyer's warehouse — not just the port-to-port leg.

  9. War & SRCC Cover – Add-on for losses due to war, terrorism, strikes, riots, and civil commotion, especially relevant for imported raw material shipments from politically sensitive regions.