Specific Marine Policy
What Is Overview Of Specific Marine Policy?
A Specific Marine Policy, also known as a Voyage Policy, is a single-transit marine insurance policy that covers goods during a particular, one-time shipment from one specified location to another. It is ideal for businesses or individuals who do occasional shipping and need insurance only for specific consignments.
Key Features of Specific Marine Policy
Specific Marine Policy covers:
- Single Shipment Coverage
- Defined Risk Period
- Customizable Scope
- Simple and Quick Issuance
- Warehouse-to-Warehouse Cover
- Cost-Effective for Low-Frequency Shipments
Benefits of Specific Marine Policy
- Low Premium for One-Time Use
- Tailored for Individual Shipment Needs
- Quick Policy Issuance
- Ideal for Occasional Shippers
- Full Protection During Transit
- Flexibility in Route and Coverage
Who Should Buy a Specific Marine Policy
Buyers
- Small Exporters or Importers,
- Occasional Shippers,
- Individuals Sending High-Value Items,
- Retailers or Manufacturers Sending Sample Goods,
- Businesses Not Requiring Annual Policies,
- Freelancers or Event Exhibitors
What is a specific risk policy?
Risk-specific insurance policies provide protection for businesses and individuals against certain identified exposures that might not be covered by a traditional insurance policy. Traditional insurance policies often cover all risks unless the risk is specifically excluded by the policy.
Documents Required
- Completed Proposal Form
- Invoice or Bill of Lading
- Packing List (if applicable)
- Transport Details (mode, origin, destination)
- Nature and Value of Goods
- Consignment Note or LR (Lorry Receipt)
- KYC Documents (PAN, GST, etc.)
Premium Calculation Factors
- Sum Insured (Invoice Value + Freight + Margin %)
- Nature of Goods
- Mode of Transport (Sea, Air, Rail, Road)
- Packing Quality and Method
- Transit Distance and Route Risk Level
- Add-On Covers Chosen
- Previous Loss History (if applicable)
- Frequency of Similar Shipments
