Marine insurance isn’t just for shipping companies. If your business moves goods — by road, rail, sea, or air , within India or internationally, marine cargo insurance protects those goods while they’re in transit. Here’s a straightforward guide to what it covers and who needs it.
What Marine Insurance Covers
Marine insurance covers goods while they’re being transported from one location to another. This includes damage from accidents in transit, theft, fire, flooding, container damage, and loss during loading or unloading. Coverage applies to goods moving by sea, air, road, or rail — the name ‘marine’ is historical; it covers all forms of cargo transit today.
Who Needs It
Any business that ships goods ,as a buyer or a seller and has an exposure to cargo loss or damage. Importers, exporters, manufacturers, distributors, and retailers who move inventory across cities or across borders all benefit from marine coverage. Even if your supplier or logistics partner has their own insurance, their policy may not fully compensate you for your loss if goods are damaged.
Open Cover vs Specific Voyage Policies
Businesses with regular shipping needs typically use an open cover (also called an open policy) — a standing arrangement that automatically covers all shipments within agreed parameters without needing a fresh policy for each consignment. Specific voyage policies are issued for individual shipments and work better for businesses that ship infrequently or for unusual high-value cargo.
What to Check in Your Policy
Coverage basis matters significantly in marine policies. ‘All risks’ coverage is broader and covers most causes of loss except specifically excluded ones. ‘Named perils’ coverage only covers the causes specifically listed in the policy. For most cargo, all risks basis provide better protection. Also check whether the policy covers the full value of goods including freight and potential profit, and what the claims process looks like for international shipments.
IRDAI’s Standardised Products
IRDAI has standardised insurance products for domestic shipments — Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha — which include marine coverage for eligible businesses, subject to policy terms.
For international cargo, a range of commercial marine policies are available from general and speciality insurers, often requiring broker assistance to navigate.
Draco Insurance offers marine cargo insurance for businesses of all sizes — domestic and international. Visit dracoinsurance.in or call +91 7064106417 to discuss your shipping needs.
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