What is Marine Export-Import (Open) Insurance?
Marine Export-Import (Open) Insurance is a policy that provides coverage for your cargo in transit throughout the year. Also called a floating policy, it allows you to insure multiple consignments under a single policy, eliminating the need to purchase individual coverage for every shipment. This saves you from repeated paperwork, premium payments, research, and policy comparisons each time your goods are transported.
The policy financially protects your business against losses caused by perils such as fire, explosion, theft, volcanic eruptions, and lightning. It is ideal for companies involved in the movement of goods, including import-export businesses, shipping agencies, and merchants. With this insurance, you are safeguarded against unforeseen events that may occur during cargo transit.
Marine Export-Import Insurance covers all dispatches until the sum insured is exhausted, the policy period ends, or the policy is cancelled—whichever occurs first. It provides peace of mind by ensuring your business is financially protected, even when accidents happen despite all precautions.
What Does Marine Export-Import (Open) Insurance Cover?
A Marine Export-Import (Open) Insurance policy provides financial protection against losses caused by:
- Fire or explosion
- Overturning or derailment of a vehicle
- Collisions between vehicles
- Unplanned discharge of cargo at a port of distress
- Jettison of cargo
- Cargo washing overboard
- Lightning, earthquakes, or volcanic eruptions during transit
- Damage to goods during loading and unloading
- Damage to goods while being handled in transit
- Malicious damage or theft
- Hijacking of goods
There are two plans available:
The Basic Plan is more affordable but includes only essential coverage. Premium rates vary depending on the selected plan’s terms. It is recommended to review the policy coverage carefully before purchasing marine insurance and choose the plan that provides the most comprehensive protection.
Generally, an open marine policy offers coverage against multiple transit-related risks.
