Marine & Transit Insurance
Your Goods, Protected In Transit
Marine cargo insurance covers goods against loss or damage while they move by sea, air, road, rail or courier — inside India or across borders. Who should insure, and on what terms, depends on your contracts and the Incoterms you trade on. MILES helps importers, exporters, manufacturers and traders choose the right policy and handles claims with carriers and insurers.
Reviewed by Vinay Jain, Principal Officer (IRDAI Reg. No. 954) · Last reviewed
Marine Covers We Place
Import & Export Cargo
Cover for international shipments on Institute Cargo Clauses (A), (B) or (C), aligned to your Incoterms.
Inland Transit
Goods moving within India by road, rail or courier, including loading and unloading risks.
Open Policy
One annual policy covering all shipments up to an agreed limit, with each dispatch declared.
Sales Turnover Policy
Premium based on annual turnover, covering inward and outward transits without per-shipment declarations.
War & SRCC
War, strikes, riots and civil commotion cover for cargo, where available.
Claims & Carrier Recovery
Help with surveys, carrier notices and documentation so claims are not lost on technicalities.
What is marine cargo insurance?
Marine cargo insurance covers goods against loss or damage while they are in transit — by sea, air, road, rail or courier, within India or internationally. Despite its name, most marine policies in India protect goods moving by road between a factory, a warehouse and a customer.
Who should insure the goods?
For international trade, the Incoterms in your sales or purchase contract decide who bears the risk at each stage. Under FOB, for example, risk passes to the buyer once goods are loaded on the ship; under CIF and CIP, the seller must arrange insurance for the buyer’s benefit. Within India, the sale terms and who owns the goods in transit decide who should insure. Getting this wrong can leave a shipment uninsured or insured twice.
Types of marine policy
| Policy | Best for |
|---|---|
| Specific voyage policy | A single, occasional shipment |
| Open policy | Regular shipments, each declared against an annual limit |
| Open cover | A long-term agreement under which individual policies are issued for each shipment |
| Sales Turnover Policy (STOP) | Businesses with frequent inward and outward transits; premium is based on annual turnover and no per-shipment declarations are needed |
| Inland transit policy | Goods moving within India by road, rail or courier |
Levels of cover
International cargo is usually insured on the Institute Cargo Clauses:
- ICC (A) — the widest cover: all risks of loss or damage except those specifically excluded.
- ICC (B) — named perils such as fire, explosion, vessel stranding or sinking, collision, earthquake, and water entering the vessel or container.
- ICC (C) — the narrowest: major casualties such as fire, explosion, stranding, sinking and collision.
War and strikes, riots and civil commotion (SRCC) are insured separately. Inland transit policies are available on all-risk or named-peril (fire, collision, overturning) terms.
Making a marine claim
- Inspect goods on delivery and record any damage or shortage on the delivery receipt.
- Notify the insurer and MILES immediately so a surveyor can be appointed.
- Serve a written notice of claim on the carrier within the time limit in the transport contract — this protects the insurer’s right of recovery and, with it, your claim.
- Keep the invoice, packing list, bill of lading or lorry receipt, and photographs of the damage.
How MILES helps
We review how and where your goods move, recommend the policy type and clauses that fit, compare insurer terms and help you meet the notice and documentation steps that decide whether a claim pays. For goods in storage, see fire insurance.
Cover, exclusions and premiums depend on the insurer’s policy wording and underwriting. MILES Insurance Brokers Pvt. Ltd. is an IRDAI-licensed direct broker (Reg. No. 954); the insurance is issued by the insurer. Insurance is the subject matter of solicitation.