Marine Sales Turnover Policy

WHAT IS MARINE SALES TURNOVER POLICY?

A Marine Sales Turn Over Policy, or STOP, is an insurance plan with a twist. Unlike traditional policies that cover the cargo's value, STOP protects all shipments needed to make sales happen.

Marine Sales Turnover Policy is a tailored solution for customers, offering flexible coverage tied to your sales. It covers:

● Imports, including customs duty

● Purchases within the country

● Movements between factories, depots, and job workers

● Exports

● Domestic sales

● Temporary storage protection at intermediary locations

Why is Marine Turnover Policy Insurance Important?

Comprehensive Coverage:

Marine Turnover Policy Insurance covers all transit activities related to sales turnover, including imports, domestic purchases, inter-factory movements, exports, and domestic sales.

Financial Risk Mitigation:

It shields goods from potential loss or damage during transit, thereby mitigating financial risks for businesses.

Simplified Management:

This single insurance solution simplifies management by eliminating the need for multiple policies for each transit activity.

Peace of Mind:

By offering comprehensive coverage, Marine Turnover Policy Insurance provides peace of mind to businesses, reducing complexity and ensuring continuity in operations.

Safeguarding Bottom Line:

It minimizes the financial impact of unforeseen events during transit, safeguarding the bottom line of businesses involved in international trade and transportation.

Crucial Risk Management Tool:

Marine Turnover Policy Insurance is an essential risk management tool that provides holistic protection for businesses, enabling them to navigate the complexities of the supply chain with confidence.

What is covered under Marine Turnover Policy Insurance?

Bajaj Allianz Marine Insurance safeguards customers' cargo from various risks during transportation. Here's a breakdown:

● Theft/Pilferage: Coverage for goods/cargo loss due to theft.

● Total Loss during Loading/Unloading: Protection against loss/damage during loading/unloading.

● Malicious Damage: Coverage for intentional damage by others.

● Vessel Collision: Insurance for collisions between vessels.

● Fire, Lightning, Explosion: Essential coverage for dire situations like fire or explosions.

● Land Conveyance Incidents: Compensation for land vehicle collisions, overturning, or derailment.

● Bridge Breakage: Coverage for cargo loss if a bridge breaks during transportation.

● Vehicle Overturning: Protection for goods damaged due to vehicle overturning.

● Stranding, Grounding, Sinking: Coverage for losses caused by ship accidents.

● Earthquake or Volcanic Eruption: Protection against natural calamities during transit.

Additionally, it covers water entering vessels, general average sacrifice salvage charges, natural calamities like earthquakes, jettison, washing overboard, and delivery at different locations due to bad weather. Also, it includes coverage for vehicle contact with structures or animals.

**Please note, above coverages are for reference only. Kindly refer policy terms and conditions for detail list.

Exclusions

Exclusions in the Marine Insurance Policy

● Loss, damage, or expense due to willful misconduct of the Assured.

● Ordinary leakage, loss in weight or volume, or wear and tear of insured subject-matter.

● Loss, damage, or expense caused by insufficient or unsuitable packing or preparation.

● Loss, damage, or expense caused by inherent vice or nature of the insured subject-matter.

● Loss, damage, or expense caused by delay, except Clause 2 expenses.

● Loss, damage, or expense arising from insolvency or financial default.

● Loss, damage, or expense from use of atomic or nuclear weapons or radioactive force.

● No coverage for unseaworthiness or unfitness of vessel or craft.

● Waiver of implied warranties of seaworthiness unless Assured is privy to unseaworthiness.

Eligibility

Marine Turnover Policy Eligibility:

● Manufacturers

● Buyers

● Import/Export Merchants

● Sellers

● Contractors

● Buying Agents

CLAIM PROCESS – MARINE SALES TURNOVER POLICY

Follow these steps to lodge a claim under marine insurance policy:

Step 1:Notification to Insurer: Promptly inform the insurer on occurrence of the loss.
Step 2:The insurer provides a claim reference number and surveyor details if appointed, or/and Letter of Requirement (LOR) is issued for further claim processing.
Step 3:Submission of Documents: Submit necessary claim-related documents as per the LOR.
Step 4:Documents Verification: The surveyor/insurer examines the submitted documents and informs about any pending requirements. Upon verification, if all documents are satisfactory, the insurer/surveyor assesses the reported claim based on marine insurance policy terms and conditions.
Step 5:Claim Approval: Upon assessing the loss, the insurer seeks consent from the insured and requests NEFT details for payment processing, along with any additional documents, if required.
Step 6:Claim Settlement: Once the insurer transfers the claim payment via NEFT, it reflects in the insured's account within 3-4 working days.

DOCUMENTS REQUIRED TO FILE CLAIM

After a successful claim filing, the insurer provides URN number/claim number for document upload and status tracking. The necessary documents are as follows:

● Marine Insurance Policy Copy

● Invoice Copy

● Transit Document (Lorry Receipts/Good Receipts/Consignment Notes/Rail Receipts/ Bill of Lading / Airway bill copy)

● Packing List

● Insured’s Claim bill

● Cargo Damage Photos

● Monetary Claim lodged on carrier

FAQs

What are the Risks Specifically Excluded from Marine Turnover Policy Insurance?

● Intentional misconduct by the Assured

● Standard leakage or wear and tear

● Inadequate packing

● Inherent nature of the insured item

● Delays

● Owner or operator financial issues

● Unfit or unseaworthy transport vessels

**Please note, above exclusion are for reference only. Kindly refer policy terms and conditions for detail list.

Does Marine Turnover Policy Insurance provide coverage for damage caused by natural calamities?

Yes, Marine Turnover Policy Insurance typically covers damage caused by natural disasters during transit.