MARINE SALES TURNOVER POLICY

• 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:

  3. 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.

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.

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.