🚢 Marine Insurance – Starting at ₹591!

Coverage You Can Trust — Protect Your Goods Against Unforeseen Events

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Marine Insurance Overview

Marine insurance provides essential financial protection for businesses against loss or damage to goods during transit—whether by sea, air, road, rail, or inland waterways. It covers cargo at every stage of transportation, including loading, unloading, and movement between destinations.

For exporters, importers, freight forwarders, and logistics providers, marine insurance mitigates the financial impact of unforeseen events such as accidents, theft, natural disasters, or delays. It plays a crucial role in safeguarding the value of goods throughout their journey.

At Tata AIG, we offer comprehensive marine insurance coverage in India—both domestic and international—designed to support businesses of all sizes with flexible, reliable protection across all modes of transport.

What is Marine Insurance?

Marine insurance is a contractual agreement where the insurer agrees to cover financial losses a business may incur while transporting goods across sea, air, road, rail, or inland waterways. It encompasses cargo insurance (covering goods in transit) and hull insurance (covering damage to ships, machinery, or equipment).

The scope includes multimodal transport, tailored policies, and legal compliance, aligned with trade terms like CIF, FOB, DDP, and EXW. It is governed by the Marine Insurance Act, 1963, and regulated by IRDAI (Insurance Regulatory and Development Authority of India).

How Does Marine Cargo Insurance Work?

1. A business purchases marine insurance from Tata AIG before shipping its cargo.
2. The premium is based on cargo value, risk factors, and mode of transport.
3. The shipper pays the premium for coverage during transit.
4. The policy covers loss or damage caused by natural calamities (storms, lightning, earthquakes) or accidental man-made risks (fire).
5. In case of loss or damage, the shipper files a claim for compensation.
6. Tata AIG investigates and settles the claim as per policy terms.
7. The settlement is based on cargo value and extent of damage.

Features of Tata AIG Marine Insurance

• Financial Protection: Compensation for cargo loss or damage.
• Trade Contract Compliance: Ensures adherence to international trade terms.
• Supports International Trade: Facilitates cross-border transactions.
• Customizable Coverage: All-risks or specific risks, tailored policies.
• Strengthens Business Reputation: Reliable claim settlement enhances trust.
• Supply Chain Resilience: Proactive risk management ensures continuity.
• Competitive Advantage: Insured operations boost market trust.

Principles of Marine Insurance

• Good Faith: Full disclosure of all relevant info.
• Insurable Interest: Stake in cargo or vessel.
• Indemnity: Compensation for actual loss, not profit.
• Contribution: Multiple policies share claims proportionally.
• Proximate Cause: Liability only if covered peril directly causes loss.
• Subrogation: Insurer can recover losses from responsible third parties.

Is Marine Insurance Mandatory?

Marine cargo insurance is not universally mandated by law in India. However, it is highly recommended—especially for international trade or high-value shipments. Many trade contracts (like CIF, DDP) require the seller to insure goods, making it a business necessity.

Who Needs Marine Insurance?

• Ship Owners: For vessel damage, loss, or liability.
• Freight Forwarders: To cover transportation risks.
• Exporters & Importers: To protect goods during transit.
• Shipbuilders & Repairers: Risks during construction or maintenance.
• Port Authorities & Terminal Operators: Cargo handling liabilities.
• Marine Contractors: Offshore exploration and activities.
• Charterers: Vessels under their control.

Marine Cargo Insurance for Exporters & Importers

• Financial Security: Coverage against theft, damage, natural calamities.
• Legal & Regulatory Compliance: Alignment with international trade standards.
• Business Continuity: Ensuring supply chain smoothness.
• Customized Policies: Tailored to cargo type and destination.
• Smoother Customs Clearance: Faster processing and fewer delays.
• Trade Financing: Often required for credit or loans.

Why Choose Tata AIG Marine Insurance?

• Presence in 130+ Countries: Global coverage with compliance and quick claims.
• Trusted Expertise: Backed by Tata Group & AIG.
• MLCE: Marine Loss Control Engineering for risk assessment.
• Innovative Products: Flexible plans for all business sizes.
• Tech Advantage: 24/7 online certificate issuance via E-marine platform.

Coverage Highlights

• Accumulation Clause
• Airfreight Replacement Charges Clause
• Attachment & Termination of Risk Clause
• Average Clause
• Brands Clause
• Buyers Interest Clause
• Cancellation Clause
• Civil Authority Clause
• Claused Bill of Lading Clause
• Concealed Damage Clause
• Debris Removal Clause
• Declaration Clause
• Deliberate Damage & Pollution Hazard
• Duty Clause
• Exhibition & Demonstration Risks Extensions
• Fumigation Clause
• General Average
• Goods Purchased under CIF or FOB Terms
• Increased Value upon Arrival Clause
• Insolvency of Shipowners
• Labels Clause
• Letter of Credit Clause
• No Survey Clause
• On-Deck Shipments
• Own Sheets & Ropes Clause
• Repacking Clause
• Rejected Shipments Clause
• Seals Intact Clause
• Sellers' Interest
• Shortage from Containers
• Trade Marked Cartons
• Testing & Sorting Clause
• Theft Co-Insurance Clause

What is Not Covered?

Exclusions include:

• Rust, oxidation, or discolouration of unprotected goods.
• Electrical/mechanical breakdown unless caused by covered perils.
• Unexpected disappearance or stock losses.
• Theft from vessels or premises without forcible entry.
• Theft by employees.
• Losses due to climate or atmospheric conditions.
• Damage caused during poor packaging or assembly.
• Losses during exhibitions unless specifically covered.

Transportation Modes Covered

• Sea or Ocean: International & domestic shipping.
• Inland Waterways: Rivers, canals, and inland transport.
• Air Transport: Cargo via air freight.
• Road Transport: Trucks and trailers.
• Rail Transport: Railway shipments.

Top Commodities Insured

• Electronics & Machinery
• Pharmaceuticals & Medical Supplies
• Automotive Parts & Vehicles
• Textiles & Garments
• Agricultural Produce & Food Items
• Chemicals & Hazardous Goods
• Petroleum & Mineral Shipments

Types of Marine Insurance Policies

• International Marine Insurance: For cross-border cargo.
• Domestic Marine Insurance: For shipments within India.
• Open Policy: For frequent shippers, covering multiple shipments.
• Specific Policy: For occasional shipments, covering individual consignments.

Key Clauses

• Inland Transit Clauses (ITC)
• International Cargo Clauses (ICC) A, B, C
• Institute Cargo Clauses (ICC) A, B, C (All Risks, Medium, Basic)
• Additional clauses for theft, pollution, packing, etc.

How to Buy Tata AIG Marine Insurance

1. Visit the Tata AIG website.
2. Navigate to Marine Cargo Insurance under Business Insurance.
3. Select your policy type and provide cargo details.
4. Upload required documents.
5. Receive your quote and make payment.

Premium Calculation Factors

• Nature and value of goods
• Mode of transport and route
• Coverage type and extent
• Shipment frequency
• Safety measures & risk mitigation
• Past claim history

Claim Process

1. Notify Tata AIG, carriers, and port authorities immediately.
2. Initiate claim online with details and documentation.
3. A surveyor investigates damages.
4. Claims are processed and settled as per policy.
5. Do not accept damaged goods until verified.

Documents Required for Claim

• Original policy/certificate
• Bill of Lading or carriage contract
• Shipping invoices & packing list
• Landing remarks & weighment notes
• Survey reports & correspondence

Note: IRDAI does not involve in selling policies or managing premiums. Beware of fraudulent calls. Always verify through official Tata AIG channels.