Marine Insurance – Armourr Insurance Broking Pvt. Ltd.

Armourr Insurance Broking Pvt. Ltd.

Marine Hull Insurance

This policy covers the accidental damages and/or loss to the hull and machinery. Also covers the sailors and crew members and Collusion liability etc. This policy issued to owners or bankers of the ship or vessel. Various vessels / ships covered under the policy are ocean going vessels, inland water vessels, fishing vessels, dredgers and sailing vessels etc. The coverage includes fire or explosion, stranding, sinking, overturning/derailment (of land conveyance), Collision and General average sacrifice and salvage charges.

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Marine Cargo Insurance

Marine Cargo Insurance protects the property while in transit on various modes of transport such as sea water, inland water, rail, road against the perils consequential or accidental to thereof. As per the marine insurance act, who is having insurable interest on the property can take the marine insurance policy. The marine insurance policy covers transit by water, rail, road, air, courier and by post of or any combination of mode of transport.

Marine Cargo Policies

1.Marine Specific Voyage Policy
The Marine Specific Voyage Policy provides coverage for individual shipments from warehouse to warehouse basis or particular destination basis. This type of policy is well-suited for businesses involved in high-value or occasional shipments, offering protection against risk such as loss or damage to the cargo, short landing, theft, piracy, jettison, missing cargo etc.

2.Marine Open Policy
Marine Open policy issued to manufacturers or traders having huge value of business and frequent sending through air / sea / inland water / rail / road / courier / speed post. Declaring every shipment is not so easy and cumbersome and also chances to miss some of the consignment for insurance. To overcome such issues, the correct way is to take marine open policy. This is annual policy with a considerable sum insured. Every shipment should be declared at an interval as agreed by the insurer and insured. Sum insured can be enhanced during the policy period.

3.Marine Open Cover
This types of policies issued commonly to the establishment having international trade with high volume of business. This is one-year policy. Since considering the value of consignment on higher side and sophisticated, it is difficult to finalize the terms and conditions for every shipment. In such cases, the marine open cover is best suit for international sending. The policy can be issued combinations of various modes like warehouse to warehouse basis or on a particular destination.

4.Sales Turnover Policy
The Sales Turnover Policy offers extensive coverage for businesses that regularly ship goods for manufacturing, sales, stocks and internal transfers. This is an annual policy. Sum insured will be decided based on the last year Turn over. The premium is collected on last year turn over or as declared by the insured. Additional or refund of premium is available at the end of the policy. There is no need for declaration for each sending, a quarterly financial reports will be sufficient to decide the turnover for that quarter. It's a convenient choice for businesses with high sales volumes, streamlining the insurance process and guaranteeing protection for every shipment against risks such as loss, damage, or theft.