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What is marine open insurance?

Marine 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 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 insurance covers the number of dispatches until you exhaust the sum insuredor 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 open policy?

An open marine 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 Open Insurance Policy helps minimise the financial repercussions of such losses, which can hamper revenues. Read more

For risk management

An 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 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 insurance to comply with regulatory standards. This policy ensures you meet the legal requirements and avoid any potential penalties. Marine 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 open policy?

A marine 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 open marine 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 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 a marine open 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 minimises disruptions in business operations We have a team of knowledgeable professionals specialising in marine 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 insurance claim is unique and go the extra mile to provide personalised assistance tailored to your specific needs. By prioritising timely resolution, we help minimise 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 insurance from ICICI Lombard?

Steps to Buy Marine Open Insurance Online:

  • Choose here the type of marine open insurance you want to purchase
  • Provide your mobile number, pin code, email ID and the name of your company
  • Click on ‘Proceed To Buy’
  • Follow the steps and instructions on the page after clicking “Proceed to Buy” to buy marine insurance
What are the benefits of renewing your Marine Open insurance online?

Documents required for buying marine 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.

How is premium determined under marine open transit insurance policy?

Premium is calculated by multiplying the Sum insured with the defined rate of specific cargo. Premium is subject to total value of cargo insured and type of cargo.

Is damage due to loading and unloading covered in marine declaration policy?

Cargo is prone to damage during the loading into the vehicle/ship and unloading of the goods from the vehicle. Such damages can be covered under marine open declaration policy with all risk cover (Cover A).

What are the exclusions of open marine policy?

  • Wilful Misconduct of the Assured
  • Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject-matter insured
  • Insufficiency or unsuitability of packing
  • Inherent vice or nature of the subject-matter insured
  • Delay
  • Insolvency or financial default of owner, manager, charters or operators of the vessel
  • Unfitness/ Unseaworthiness of carrying conveyance

What is claim settlement process in marine open transit insurance policy?

  • Claim Intimation: Where the consignment is found in damage condition at the time of taking delivery or if consignment carrying vehicle met with an accident, being a rightful claimant, claim to be intimated immediately after delivery or notification of loss through Web Claim portal. Link :
  • List of Requirements: After survey inspection, surveyor will share quantification of loss and list of documents to be submit (For Claim Above 1 Lakh)
  • Submission: Insured should arrange all requested details to surveyor / insurance company within time.
  • Assessment: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
  • Consent/Discharge voucher: Surveyor will assess the loss based on docs submitted and share assessment with the insured.
  • Final Survey Report: Surveyor will arrange to prepare and submit their report to insurer upon receipt of all requested details along with consent.
  • Processing: Upon receipt of final survey report from surveyor, notarized subrogation (claims above 2 lakhs) and duly singed Discharge voucher (claims above 10 lakhs) Insurer will arrange to release payment.

Can I claim for partial loss of cargo under marine open transit insurance policy?

Yes, partial loss is covered. It is of two types. One is particular average which means losses shall be covered up to the level of damage on subject matter insured. Other one is general average, which means, in order to avoid any other risk or danger, if the remaining cargo is voluntarily destroyed, the same shall be covered.

What are the documents required to file claim under marine open transit insurance policy?

Below 1 lakh- Self Survey

  • Invoice copy
  • Final Repair Bill
  • Repair Estimate (If repairable) claim and original AD
  • FIR copy
  • Salvage Bill
  • LR Copy
  • Photographs (In case of damage claim
  • Shortage Certificate(In case of shortage)
  • Driving License, RC Book of transporters of vehicles
  • Discharge voucher on mail

Above 1 lakh- surveyor will be deputed

  • Original invoice
  • Repair Estimate
  • Acknowledged copy of letter lodging monetary
  • FIR in case of accident and theft claims
  • Salvage Bill
  • Photographs (In case of damage claim)
  • Original LR
  • Original Damage certificate issued by transporter
  • Final claim Bill along with salvage value
  • Driving License, RC Book of transporters vehicle
  • Original Letter of subrogation on Rs 200 on stamp paper notary
  • Original Discharge voucher
Product Product Code Product UIN
Marine transit insurance (inland) 2001 IRDAN115RP0011V01200102
Marine export-import insurance 2002, 2002/I, 2002/E IRDAN115CP0008V01201920