Import · Export · Inland Transit · Project Cargo · Hull & Machinery

Marine Insurance in Hyderabad —
Protect Every Shipment, Every Voyage

Q: What does marine insurance cover in India?

Marine insurance covers physical loss or damage to goods (cargo), vessels (hull), and freight charges during transit by sea, air, road, or rail. In India, marine policies are governed by the Marine Insurance Act, 1963 and cover risks from loading at origin to final delivery at destination.

Q: What are ICC-A, ICC-B, and ICC-C clauses?

The Institute Cargo Clauses (ICC) define the scope of cover: ICC-A is the broadest (all-risk cover), covering all risks except those explicitly excluded. ICC-B covers named perils including fire, explosion, vessel stranding, collision, earthquake, and washing overboard. ICC-C is the most basic, covering only major casualties. Most importers and exporters choose ICC-A for maximum protection.

Q: What is the difference between a specific policy and an open policy?

A specific (voyage) policy covers a single, defined shipment between named ports. An open policy covers all shipments during a policy year under an agreed rate, with declarations made for each consignment. Open policies are preferred by businesses with regular shipments as they simplify administration and ensure no shipment is left uninsured.

Q: How is the sum insured calculated for marine cargo insurance?

The standard basis is CIF + 10% loading: Commercial Invoice Value + Insurance Premium + Freight charges, plus a 10% markup for anticipated profit. This ensures the buyer is fully compensated for the goods and associated costs in the event of a total loss. The sum insured appears on the marine certificate or policy document.

Q: What perils are excluded from marine cargo insurance?

Standard exclusions under ICC-A include deliberate damage by the insured, inherent vice of goods (natural deterioration), improper packing, delay-related losses, financial insolvency of vessel owners, nuclear risks, and war risks (unless specifically added as add-ons). Refrigeration breakdown is excluded unless SRCC and temperature cover riders are added.

Q: How is a marine insurance claim settled in India?

Upon loss or damage, the insured notifies the insurer and appoints a surveyor. The surveyor inspects the goods and issues a survey report. Claims are settled based on the survey findings, the policy terms, and the agreed basis of valuation. Partial damage claims are settled proportionally; total loss claims are settled at the sum insured.

Q: How does Finvastra arrange marine insurance in Hyderabad?

Finvastra assesses your trade pattern, shipment frequency, cargo type, and incoterms to design the right marine insurance programme. We compare rates from top IRDAI-approved marine insurers including New India Assurance, National Insurance, ICICI Lombard, and Bajaj Allianz, and arrange both specific voyage policies and annual open policies at competitive rates.

Marine cargo, inland transit, and hull insurance for importers, exporters, manufacturers, and trading businesses across India. From ICC-A all-risk open policies to single-voyage cover — Finvastra arranges the right marine programme at competitive rates.

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ICC-A

All-risk cargo cover — broadest protection

Inland Transit

Road and rail cargo cover within India

Open Policy

Annual cover for all regular shipments

Project Cargo

Oversize & high-value equipment transit

Marine Cover

What Is Marine Insurance?

Marine insurance protects against financial loss arising from damage to or loss of cargo, vessels, and freight charges during transit. In India, it is governed by the Marine Insurance Act, 1963, and covers goods transported by sea, air, road, and rail — from the point of loading at origin to final delivery at the destination warehouse.

Every business involved in international trade or domestic movement of goods carries transit risk. A single shipment loss — due to vessel sinking, fire, theft, or natural disaster — can wipe out months of profit. Marine insurance transfers that risk to the insurer for a fraction of the shipment value.

Marine Cargo Insurance

Covers physical loss or damage to goods during sea, air, or multimodal transit. Available as specific voyage policy or annual open policy for regular shippers.

Inland Transit Insurance

Extends coverage to goods transported by road or rail within India. Essential for supply chain managers responsible for raw materials, finished goods, and inter-warehouse transfers.

Hull & Machinery

Covers the vessel itself — hull, machinery, equipment, and furniture — against collision, stranding, fire, and perils of the sea. For vessel owners and operators.

Project Cargo Insurance

Tailored for transportation of oversized or high-value equipment — turbines, transformers, drilling rigs, plant and machinery — typically for EPC and infrastructure projects.

Coverage Scope

Institute Cargo Clauses — ICC-A, ICC-B, ICC-C

Clause	Coverage Basis	Perils Covered	Best For
ICC-A	All Risks	All risks of physical loss or damage except listed exclusions	Importers & exporters seeking maximum protection
ICC-B	Named Perils	Fire, explosion, stranding, collision, earthquake, washing overboard, water entry	Bulk commodity shippers
ICC-C	Named Perils (Basic)	Fire, explosion, stranding, collision, discharge at port of distress	Low-risk or CIF minimum requirement

Add-on covers available across all clauses include War Risks (mandatory for Ukraine/Middle East routes), SRCC (Strikes, Riots, Civil Commotion), Temperature Variation (for perishable cargo), and Theft & Non-Delivery clauses for high-value consumer goods.

Who Needs It

Marine Insurance Is Essential For

Importers & Exporters

Every business with a trade relationship across borders needs marine cargo insurance. LC terms typically mandate it; the risk without it is total.

Manufacturers & Traders

Businesses moving raw materials or finished goods between factories, warehouses, and customers across India need inland transit cover.

EPC & Infrastructure

Project developers transporting critical plant, machinery, or heavy equipment require project cargo insurance tailored to each consignment's dimensions and value.

Vessel Owners

Fishing vessel operators, barge owners, and inland waterway companies need hull & machinery insurance to protect the vessel asset itself.

Our Process

How Finvastra Arranges Marine Insurance

Risk Assessment

We understand your trade pattern, cargo type, transit routes, shipment frequency, and incoterms to identify the right policy structure — specific voyage or open policy.

Market Comparison

We obtain quotes from New India Assurance, National Insurance, ICICI Lombard, Bajaj Allianz, and other IRDAI-approved marine insurers to find the best rate for your cargo class.

Policy Placement

We structure the policy with the right ICC clause, sum insured basis, add-on covers, and declaration procedures — ensuring no shipment slips through uninsured.

Claims Support

In the event of a loss, Finvastra coordinates the survey appointment, guides your documentation, and follows up with the insurer through to final settlement.

FAQ

Marine Insurance — Frequently Asked Questions

What does marine insurance cover in India?

Marine insurance covers physical loss or damage to cargo, vessels, and freight during transit by sea, air, road, or rail. In India it is governed by the Marine Insurance Act, 1963, and covers risks from loading at origin to final delivery at destination.

What are ICC-A, ICC-B, and ICC-C clauses?

ICC-A is all-risk cover — the broadest scope, covering all risks except those explicitly excluded. ICC-B covers named perils including fire, explosion, stranding, collision, and earthquake. ICC-C is the most basic, covering only major casualties like fire and collision. Most businesses choose ICC-A for maximum protection.

What is the difference between a specific policy and an open policy?

A specific policy covers a single defined shipment between named locations. An open policy covers all shipments during a policy year under an agreed rate, with declarations made for each consignment. Open policies are preferred by businesses with regular shipments as they ensure continuous cover without insuring each shipment individually.

Is marine insurance mandatory for imports and exports in India?

Marine insurance is not legally mandatory for all trade, but it is a standard commercial requirement. Letters of Credit (LC) typically require the shipper to maintain marine cover. CIF incoterms require the seller to provide minimum ICC-C cover. Banks financing trade transactions also require marine insurance as collateral security.

How is the sum insured calculated for marine cargo insurance?

The standard basis is CIF + 10%: Commercial Invoice Value + Insurance Premium + Freight charges, plus a 10% markup for anticipated profit. This ensures full compensation including associated costs in the event of total loss. The agreed value appears on the marine certificate.

What perils are excluded from marine cargo insurance?

Standard exclusions include deliberate damage by the insured, inherent vice or natural deterioration of goods, improper packing, delay-related losses, financial insolvency of vessel owners, and nuclear risks. War risks and SRCC (strikes, riots, civil commotion) are excluded by default but can be added as riders.

What is an inland transit clause and when is it needed?

An Inland Transit Clause extends marine cover to goods transported by road or rail within India — from warehouse to port and from port to final destination. It is essential for importers and exporters who are responsible for goods before loading or after discharge. Without this clause, a road accident en route to the port would not be covered.

What is project cargo insurance?

Project cargo insurance covers the transit of large, indivisible equipment — machinery, turbines, transformers, drilling rigs, and infrastructure components — for EPC and infrastructure projects. It is tailored to each consignment's value, dimensions, and transit route rather than using standard open policy rates.

How is a marine insurance claim settled in India?

Upon discovering loss or damage, the insured notifies the insurer immediately and appoints a surveyor. The surveyor inspects the goods and issues a survey report. Claims are settled based on the survey findings, the policy terms, and the valuation basis. Partial damage is settled proportionally; total loss is settled at the full sum insured.

How does Finvastra arrange marine insurance in Hyderabad?

Finvastra assesses your trade pattern, cargo type, and shipment frequency to design the right marine programme. We compare rates from top IRDAI-approved marine insurers and arrange both specific voyage policies and annual open policies. Our team also supports claim coordination and survey appointment in the event of a loss.

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