Open Marine Insurance Policy in India.

An Open Marine Insurance Policy is designed for exporters, importers, manufacturers, traders and businesses that make regular shipments of goods. Instead of arranging a separate marine insurance policy for every consignment, an open policy provides ongoing cargo insurance protection for eligible shipments made during the policy period, subject to the agreed terms, conditions, limits, clauses and exclusions.

Cargo Cover Advisory helps Indian businesses arrange and manage open marine cargo insurance for shipments moving by sea, air, road, rail and multimodal transport. The policy can be suitable for businesses regularly exporting or importing goods through major commercial centres such as Mumbai, Delhi, Ahmedabad, Surat, Pune, Chennai, Bengaluru, Hyderabad, Kolkata, Jaipur, Indore and Coimbatore, as well as businesses shipping through major ports including JNPT/Nhava Sheva, Mundra, Kandla, Chennai, Visakhapatnam, Kolkata/Haldia, Cochin and Tuticorin (V.O. Chidambaranar Port).

Risks Covered Under an Open Marine Policy

Depending on the policy and selected insurance clauses, cargo may be protected against covered transit risks such as accidental physical loss or damage, fire, collision, overturning, theft, non-delivery, water damage and certain loading, unloading and handling risks. Coverage may also be extended through appropriate policy clauses for specific commodities, routes or transportation requirements.

The exact protection depends on the policy wording, Institute Cargo Clauses or other applicable clauses, declared cargo, mode of transport, limits, deductibles, exclusions and insurer's terms and conditions. Certain risks, including inadequate packing, inherent vice, ordinary wear and tear and other excluded circumstances, may not be covered.

Who Can Benefit From an Open Cargo Policy?

An open marine insurance policy can be particularly useful for:

• Exporters making regular international shipments

• Importers receiving multiple consignments

• Manufacturers shipping goods to customers

• Trading companies with recurring cargo movements

• Businesses using multiple ports or transport routes

• Companies transporting cargo by sea, air, road, rail or multimodal routes

• Businesses exporting through JNPT/Nhava Sheva, Mundra, Kandla, Chennai and other Indian ports

Get in touch with Cargo Cover Advisory to discuss an Open Marine Insurance Policy suited to your shipment frequency, cargo, routes and transportation requirements..