Marine Insurance
Marine Insurance covers your goods against loss or damage while they are in transit by sea, air, road or rail. Despite the name, it protects all kinds of cargo movements, including inland shipments within India and overseas trade. Assurmate's IRDAI-certified advisors compare 75+ insurance partners to find you the right cover at a fair price, with full claims support.
What it is
Marine Insurance, often called marine cargo or transit insurance, protects the goods you ship or receive against physical loss or damage that happens while they are being transported. The cover travels with the cargo from the point of origin to the destination, so your stock, raw materials or finished products are financially protected during the journey.
The name is historical: although it started with sea voyages, modern marine policies cover cargo moving by any mode, sea, air, road or rail, and both within India and across borders. You can insure a single shipment or take an annual open cover that automatically protects all the consignments you send or receive over a year, which is common for businesses with regular dispatches.
Who needs it
Marine Insurance is essential for anyone who buys, sells or moves goods, including manufacturers, traders, importers, exporters, e-commerce sellers, distributors and SMEs that send stock to dealers or customers. If you are a small business shipping products across cities, an exporter dealing in international contracts, or even an individual transporting high-value goods or relocating valuable items, a transit policy protects you from out-of-pocket losses if cargo is damaged, lost or stolen on the way. It is especially important when your sale terms (such as CIF or FOB) make you responsible for the goods during part or all of the journey.
What's covered
- Loss or damage to cargo while in transit by sea, air, road or rail
- Accidents such as collision, overturning or derailment of the carrying vehicle
- Theft, pilferage and non-delivery of insured goods
- Natural perils like storm, flood, lightning and earthquake (per policy wording)
- Fire and explosion affecting the consignment
- Loading and unloading risks during the covered journey
- Single-transit cover for one shipment or annual open cover for regular dispatches
- Inland (domestic) and overseas (import/export) shipments
Typically not covered
- Ordinary wear and tear, gradual deterioration or inherent vice of the goods
- Improper or insufficient packing of the cargo
- Loss or damage caused by deliberate act or wilful misconduct of the insured
- Delay in transit and consequential losses such as loss of market or profit
- Loss due to inherent defect or natural characteristics of the goods
- War, strikes, riots and civil commotion unless specifically added as cover
Why buy it through Assurmate
Protects your cash flow
If a shipment is damaged or lost in transit, the policy reimburses the insured value so a single bad consignment does not become a major financial hit.
Cover for every mode of transport
One policy can protect goods moving by sea, air, road or rail, and both within India and overseas, so you are covered end to end.
Flexible single or annual cover
Choose single-transit cover for an occasional shipment, or an annual open cover that automatically protects all your dispatches over the year.
Smoother trade and contracts
Marine cover is often required under international sale terms and by banks for trade finance, helping you close deals and meet contractual obligations.
Unbiased advice from certified professionals
Assurmate's advisors are IRDAI-certified and we do not underwrite policies, so we compare 75+ insurance partners and recommend what genuinely fits your shipments.
Full claims support when it matters
Our team helps you document the loss, file the claim and follow up with the insurer and surveyor so you are not navigating the process alone.
Optional add-ons
- War and SRCC cover. Extends protection to loss or damage caused by war, strikes, riots and civil commotion, which are normally excluded; often advisable for overseas shipments.
- Warehouse-to-warehouse cover. Extends the policy beyond the main transit to include storage at the origin or destination warehouse for a defined period.
- Duty and increased value cover. Insures the customs duty and any increase in the goods' value at destination so a claim reflects the full landed cost, not just the invoice value.
- All-risks (Institute Cargo Clauses A) cover. Provides the widest protection against all risks of physical loss or damage except listed exclusions, instead of a narrower named-perils basis.
How to buy through us
- 1
Share your shipment details
Tell us what you ship, the typical value, modes of transport and routes, and whether you need single-transit or annual open cover.
- 2
Compare tailored quotes
Assurmate compares offers from 75+ insurance partners and explains the cover terms, clauses and exclusions in plain language so you can choose confidently.
- 3
Buy and get your policy
Complete the documentation and payment, and we issue your policy or open cover, along with the certificates you need for each shipment.
- 4
Get support when you claim
If goods are lost or damaged, we guide you through survey, documentation and filing so your claim is settled as smoothly as possible.
Marine Insurance questions
The things people ask us most about this cover.
No. Despite the name, marine cargo policies cover goods moving by sea, air, road or rail, and include both inland (domestic) and overseas shipments. The name is historical, from when most cargo travelled by ship.
Single-transit cover protects one specific shipment from origin to destination. Annual open cover is a yearly policy that automatically covers all the consignments you send or receive during the year, which suits businesses with regular dispatches.
It is usually based on the invoice or commercial value of the goods, and can be extended to include freight, customs duty and a margin for incidental costs. The exact basis varies by insurer and policy wording.
It depends on the sale terms agreed between the parties. Under terms like CIF the seller arranges cover, while under terms like FOB the buyer typically does. We can help you work out who should insure based on your contract.
Typically the policy or certificate, invoice and packing list, transport documents (such as the bill of lading or lorry receipt), a survey or damage report, and proof of the claim lodged with the carrier. Requirements vary by insurer.
Assurmate is a trusted insurance advisory that does not underwrite policies, so our advice is conflict-free. We compare 75+ insurance partners, explain the clauses clearly, and support you fully at claim time, all at no extra cost to you.
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