Marine Cargo Insurance Cost and Quote

Marine rates are not a table. Two exporters shipping identical values from the same city can be rated very differently, and correctly so. Here is what actually moves the number, and what we need to give you real terms.

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Before you ask

Marine cargo premium is a rate applied to the declared value, usually invoice plus freight plus a customary ten per cent for profit and incidentals.
Two different clause sets apply depending on the leg. Domestic movement by road or rail runs on the Inland Transit (Rail/Road) Clauses; the overseas leg of an export runs on the Institute Cargo Clauses.
In both sets the (A) grade is all-risks and the lower grades are named perils. Inland Transit (B) pays for overturning, collision and fire, but not for ordinary breakage, handling damage, rain or theft.
Theft, pilferage and non-delivery, strike and riot, and rain damage are separate add-ons inland. None of them is automatic.
Twelve or more consignments a year almost always belongs on an annual open policy rather than voyage-by-voyage cover.
The per-sending limit, not the annual turnover, is what decides whether a single loss is paid in full.

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What drives the premium

The commodity and how it behaves in transit, since marble, yarn and electronics fail in completely different ways
Packing, which is the factor buyers most often overlook and underwriters weigh most heavily
Route, mode and any transhipment or accumulation points
Clause set: the all-risks (A) grade against a named-perils grade, plus TPND, SRCC and rain damage extensions where the movement is inland
Annual carryings and the largest single consignment
Your claims history over the last three years

Indian general insurance was de-tariffed in 2007, so there is no tariff to quote from and any site publishing a rate is guessing. What we can do is read your risk against the market and come back with real terms.

What we need from you

What you ship, and how it is packed
Origin and destination, and the mode
Average consignment value and your largest single sending
How many consignments a month
Incoterm on your sales contracts, since it decides whose policy responds

Send whatever you have on WhatsApp, even a photograph of the existing policy schedule. We will tell you what is missing rather than send you a form.

Frequently asked questions

How is marine cargo insurance premium calculated in India?

As a rate applied to the declared value of the consignment, which is customarily invoice value plus freight plus ten per cent. The rate itself depends on commodity, packing, route, mode, clause set and claims history, which is why it is quoted rather than published.

What sum insured should a consignment carry?

Invoice value plus freight plus ten per cent is standard practice. Insuring only the invoice value leaves you short of what the consignment was actually worth to you once freight and expected margin are counted.

Who insures the goods under CIF terms?

The seller, but only to the minimum of Institute Cargo Clauses (C), which is narrow and excludes theft, non-delivery and most wetting. Buyers who want full cover should specify Clauses (A) in the contract rather than assume it.

Which clause set applies to a domestic consignment inside India?

The Inland Transit (Rail/Road) Clauses, not the Institute Cargo Clauses, which govern the overseas leg of an export. Clause (A) is all-risks. The named-perils grades respond to events such as fire, collision and overturning of the carrying vehicle, and they do not respond to ordinary breakage or handling damage, which for stone, glass and ceramics is the loss that actually happens.

My inland policy says Clause B. What is not covered?

Broadly, anything that is not on the named-perils list. Breakage and chipping during handling, damage from road shock, rainwater ingress, and theft or non-delivery all sit outside it. Rain damage, TPND and SRCC are separate extensions, and the all-risks (A) grade is the alternative. Read your own schedule with us before the next despatch.

Should I take an open policy or insure each voyage?

Above roughly a dozen consignments a year an annual open policy is both cheaper per rupee carried and materially safer, because nothing travels uninsured because somebody forgot to arrange cover. Below that, specific voyage policies usually cost less.

Written by Parul Bhargava · Founder and Principal Advisor, advising since 2004

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