Marine Insurance for Indian Exporters/ImportersCIF contracts: Seller arranges and pays for insurance. Policy should be in buyer's currency.FOB contracts: Buyer arranges insurance from loading port. More control over coverage.Open Cover Policy: Annual policy for regular shippers. Covers all shipments automatically without individual declarations.Single Transit Policy: One-time cover for individual shipments. Best for occasional shippers.Frequently Asked QuestionsIs marine insurance mandatory for imports?

Not legally mandatory, but every bank financing the import will require marine insurance as a condition for opening Letter of Credit (LC). Practically, it's compulsory for all trade finance transactions.

What happens if goods are damaged during transit?

Document the damage immediately at the port with photographs. File a claim with the insurer within 30 days. Submit Bill of Lading, commercial invoice, packing list, survey report, and damage photos. Most maritime claims are settled in 60-90 days.

Marine Insurance India: Cargo Coverage for Importers, Exporters & Logistics

By Admin • Feb 23, 2026 • 📖 4 min read

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Insurance & financial content specialist at PolicyBaazar. Helping Indians make informed insurance decisions with expert analysis and unbiased reviews.

📅 Published: Feb 23, 2026 📖 830 words ⏱️ 4 min read

Marine Insurance India: Cargo Coverage for Importers, Exporters & Logistics

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