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What is Marine Export-Import insurance?

Marine export-import (open) insurance is a policy that offers coverage for your cargo in transit during a year. Open marine policy is also known as a floating policy because you need not buy individual policies for every consignment. This saves you from the hassles of buying a new policy, such as researching, paperwork, paying premiums, comparisons, etc., every time your goods are in transit from one place to another.

With a marine export-import insurance policy, you can protect your business financially from losses incurred due to various perils such as fire, explosion, theft, volcanic eruption and lightning. This policy is ideal for companies involved in the movement of goods, such as import-export organizations, shipping agencies, merchants, etc. With this policy, you can be financially protected against unexpected events that may occur during the transit of goods.

Marine export-import insurance covers the number of dispatches until you exhaust the sum insured or till the end of policy period or cancellation of the policy whichever is achieved first. It provides you with the peace of mind knowing that you are financially cushioned in the event of a mishap, which can’t be ruled out despite the best precautions taken.

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Why Do You Need a Marine Export-Import Policy?

An marine export-import (open) policy serves various needs and offers an extensive coverage against various risks.You need a marine open insurance:

To safeguard against risks faced by cargo during transportation

In trade, cargo faces several risks when goods move across vast stretches of Roads, Seas, Airways, and railways. While some of these risks are due to natural forces, some are man-made. Despite technological advances, cargo transportation is exposed to many hazards, including rough weather conditions, piracy, fire, explosion, hijack, earthquake, lightning, theft and vehicle collision. These perils threaten cargo integrity and call for a robust mechanism to safeguard against potential losses. This makes it imperative for you to have a policy that safeguards you financially from such risks, and this is where a marine open policy steps in. Marine Export – Import Insurance (Open) Policy helps minimise the financial repercussions of such losses, which can hamper revenues A marine export-import (open) policy offers insurance coverage for a year, accommodating multiple transits throughout that period, sparing the need to purchase a new policy for each transit individually. An marine export-import (open) policy helps you effectively manage risk without hindering your ongoing business operations. The potential ramifications of cargo damage can impact financial stability, disrupt the supply chain, and damage business relationships. However, with an marine export-import (open) policy, you can proactively address these challenges and mitigate the stress of financial losses. An export-import (open) marine policy helps you effectively manage risk without hindering your ongoing business operations. The potential ramifications of cargo damage can impact financial stability, disrupt the supply chain, and damage business relationships. However, with an export- import (open)marine policy, you can proactively address these challenges and mitigate the stress of financial losses. It ensures you can continue your business without major financial setbacks. Read more

For risk management

An marine export-import (open) policy helps you effectively manage risk without hindering your ongoing business operations. The potential ramifications of cargo damage can impact financial stability, disrupt the supply chain, and damage business relationships However, with an open marine policy, you can proactively address these challenges and mitigate the stress of financial losses. It ensures you can continue your business without major financial setbacks. Read more

For compliance with regulatory requirements

In some industries, such as shipping and logistics, it's mandatory to have marine export – import insurance to comply with regulatory standards. This policy ensures you meet the legal requirements and avoid any potential penalties. Marine export-import insurance can be an obligatory requirement for cross-border transportation, and you need to have it to stay within the laws. It also helps you win the trust of your clients as they know their cargo is safe with you, and in case of any mishap, you have the financial means to settle the losses. Read more
Marine Open insurance price

What is covered under
Marine Export-Import policy?

A marine export-import (open) insurance offers coverage for financial damages suffered due to:

  • Fire or explosion
  • Overturning or derailment of vehicle
  • The collision between two vehicles
  • Discharge of cargo at port of distress
  • Jettison
  • Washing overboard
  • Lightening, earthquake or volcanic eruption during transit
  • Damage to goods during loading and unloading
  • Damage to goods during handling of goods in transit
  • Malicious damage or theft
  • Hijack of goods

Generally, an marine export- import insurance (open) policy provides coverage against several risks.

There are 2 plans available:

1. All Risk Plan

2. Basic Plan

The basic plan price is lower than all risk plan and contains basic covers only. Premium rate depends on the proposed terms of the plan. Before buying marine insurance, go through the policy's coverage list and opt for the one that offers you the most comprehensive coverage.

Benefits of ICICI Lombard’s Marine Export-Import(Open) Policy

Comprehensive Coverage for Cargo During Transportation

This is one of the significant benefits of open marine policy from ICICI Lombard. It offers your cargo an extensive coverage across various stages of the transportation process, right from the moment the goods leave the warehouse to their final destination. This comprehensive protection shields the cargo from different natural and man-made perils it may encounter. It covers an indefinite number of shipments until the sum insured is exhausted or until the policy is expired. By opting for an export-import(open) marine policy, you don't have the hassle of obtaining individual policies for each consignment. This saves time and is highly cost-efficient. Read more

Hassle-free claims settlement process

To ensure swift coverage, we have streamlined our claims settlement process. We understand that time is of the essence, and our efficient claims handling ensures you receive timely resolution and assistance with your claims. This minimizes disruptions in business operations. We have a team of knowledgeable professionals specializing in marine export – import insurance who are well-versed in the nitty-gritty of claim settlement. This enables them to expedite claims, and we maintain transparency at every step. At the heart of our claims settlement is the commitment to put customers first. We understand that each marine export-import insurance claim is unique and go the extra mile to provide personalized assistance tailored to your specific needs. By prioritizing timely resolution, we help minimize the financial impact on your business. Read more

24X7 Customer Support

Our customer service executives are at your service 24/7. We offer round-the-clock assistance for any queries or questions you might have.

To get in touch with our 24/7 customer support, click here.

Customisable policies to suit your business needs

Our marine open policy is customised to meet the unique needs of your business. Today, you need insurance solutions that provide adequate coverage and align closely with your operations and risks this is where our commitment to customisation comes into play Rather than adopting a one-size-fits-all approach, we have provisions allowing you to mould the policy per your needs. Customisation extends across various coverage dimensions and empowers you to optimise the policy to ensure you remain adequately protected without overpaying for unnecessary coverage. The customisation on offer allows you to adapt to changes and tailor your insurance needs as you evolve with time. Read more

How to Buy Marine Export-Import Insurance from ICICI Lombard?

Steps to Buy Marine Export-import Insurance Open Policy

To buy marine export-import (open) insurance online from ICICI Lombard:

  • Visit the business insurance page of ICICI Lombard and choose “marine export- import(open) insurance” from the dropdown under “Marine Insurance”.
  • From the webpage that opens, choose the type of policy you want to buy - inland, import, or export.
  • Provide details such as company name, commodity type, sum insured, email and mobile number.
  • Check the box on “I agree to the Terms and Conditions” and “Receive updates on WhatsApp” and click on “Proceed to Buy”.
  • Follow the steps and instructions on the page after clicking “Proceed to Buy” to buy the policy.
What are the benefits of renewing your Marine Open insurance online?

Documents Required for Buying Marine Export-Import Insurance Policy

You typically need the following documents to buy a marine open policy are:

  • Vessel registration documents
  • Ownership documents
  • Cargo details
  • Voyage details
  • Previous details of policy, if any
Car insurance price

Get answers to common questions about marine open insurance policy

  • General
  • Cover
  • Claims
  • Policy

What do you mean by bill of lading?

A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type of shipment, quantity of the shipment and destination of the shipment being carried

What is the meaning of per sending limit?

Per sending limit is defined as the maximum amount of liability which the insurer would assume in respect of goods belonging to the insured carried on a single transit. The policy may have a single limit per sending across different modes of conveyance or specify different limits for different modes of conveyance.

What is open policy in marine insurance?

Single insurance policy which can cover loss or damage of the cargo for their multiple transit.Thus, Marine Open Declaration Policy enables you insure all your goods in transit or shipment during the year in a single policy.

What are INCO terms in marine insurance in India?

They determine the point of change of responsibility between the buyer and seller. Inco terms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer. Some commonly used Inco Terms:

  • Ex Works (EXW): Seller has to place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer
  • Free On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the buyer has to bear all costs &risks to the goods from that point
  • Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from seller to buyer

Who can buy marine open inland transit insurance?

Every entity or individual dealing in shipment of cargo and they are involved in multiple shipments during the year can buy this insurance policy to protect the goods from loss or damage.

What are the types of covers provided under marine open transit insurance policy?

  • All risk cover (ITC A/ICC A)
  • Basic Cover (ITC B/ICC B)

Can I cover terrorism under marine open transit insurance?

No Terrorism is not covered in Marine open transit insurance.

What Types of Claims are Typically Covered by Marine Export-Import (Open) Insurance?

A marine export-import (open) insurance policy typically covers claims for losses suffered due to fire, explosion, collision of vehicles, earthquake, lightning, hijack of goods, washing overboard, etc.

How Do I Initiate a Claim Under My Marine Export – Import (Open) Insurance Policy?

To initiate a claim, inform the insurance company as soon as possible, fill out the claims form, and provide the relevant documents. The insurer will appoint a surveyor who, upon inspection, will send the documents to the insurance company's claims department. Upon successful verification, the insurance company will release the payment.

What Documentation is Required When Filing a Claim for Damaged Cargo?

Depending on your case, you may be required to submit the following documents:

  • Invoice copy
  • FIR copy
  • Salvage bill
  • Photos and videos of damaged items
  • LR copy
  • Original discharge voucher
  • Any other document, as asked by your insurer

Is Theft of Cargo Covered Under the Marine Export-Import (Open) Insurance Policy?

Yes. Marine open insurance policy covers the theft of cargo.

In the Event of a Storm Causing Damage During Transit, Can I Make a Claim?

Yes, you can claim in the event of a storm causing damage during transit.

What Steps Should I Take Immediately After Discovering a Loss Covered by the Policy?

Contact your insurer immediately and file a claim as per the due process.

Are Delays in Shipment Covered, and Can a Claim be Filed for Financial Losses Incurred Due to Delays?

Generally, you can’t file a claim for financial losses incurred due to delays in shipment.

8. How Does the Claims Settlement Process Work for Marine Export- Import (Open) Insurance?

After submitting your claim, the insurance company will appoint a surveyor who will assess the losses and submit a report to the insurer. Based on the report, the insurer will approve or reject your claim.

9. Are There Specific Time Limits for Reporting a Claim Under the Policy?

While the specifics may differ across insurers, you must file a claim within 30 days of loss in most cases.

10. Can I Dispute a Claims Decision Made by the Insurance Provider, and What is the Appeal Process?

Yes, you can do so. First, file a claim with the concerned insurer and then approach an ombudsman or a consumer court.

What is Marine Export- Import (Open) Policy and How Does it Differ from Other Marine Insurance Policies?

Marine open insurance offers coverage for all goods in transit throughout a year until the sum insured is exhausted or until the expiry of the policy. While the coverage for other marine insurance plans ends when the cargo reaches the destination, a marine open policy ensures you need not buy individual policies for every consignment.

What Types of Risks and Perils are Typically Covered by a Marine Export- Import (Open) Policy?

A marine open policy typically covers perils such as fires, explosions, derailment of vehicles, earthquakes, volcanic eruptions, etc

How are Premiums Calculated for a Marine Export – Import (Open) Policy, and What Factors Influence the Cost?

Premium is arrived at by multiplying the sum insured with the specific cargo rate. Value of goods, cargo nature, claim history and fitness of cargo are some factors influencing cost.

4. In the Event of a Claim, What Steps Should I Take, and How Does the Claims Process Work Under a Marine Export-Import (Open) Policy?

In the event of a claim, immediately notify us through our web claim portal link - https://app3.icicilombard.com/claimstracker/Index.aspx . Post this, our surveyor will inspect and ask you to submit a list of documents based on which the quantum of loss will be assessed. Upon submission of the final report from the surveyor, we will arrange for the payment release.

Product Product Code Product UIN
Marine transit insurance (inland) 2001 IRDAN115RP0011V01200102
Marine export-import insurance 2002, 2002/I, 2002/E IRDAN115CP0008V01201920