Marine Insurance
Marine Insurance for Indian exporters and importers. Mandatory CBIC compliance, 0.5-2.5% premiums, IRDA-approved policies, customs clearance support.
- Obtain shipping documents (Bill of Lading, Air Waybill, or Inland Rail Slip) confirming cargo details and value
- Calculate insurable value by adding commodity cost, freight, handling charges, and 10% contingency margin
- Submit marine insurance application to an IRDA-approved insurer with invoice, packing list, and IEC certificate
- Pay insurance premium (0.5%-2.5% of cargo value) and receive Marine Insurance Certificate from the insurer
- File customs clearance documents including the insurance certificate with your freight forwarder or customs broker at the port in Chennai
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What is Marine Insurance?
Marine Insurance is a specialized coverage product that protects goods, vessels, and cargo against loss or damage during transit across international waters and inland routes. Under Indian EXIM trade regulations, marine insurance is mandatory for all shipments crossing borders, whether by sea, air, or inland waterways. It covers perils including theft, natural disasters, collision, piracy, and general average adjustments as per the Marine Insurance Act, 1963.
In the context of Indian trade, marine insurance policies are issued by IRDA (Insurance Regulatory and Development Authority)-approved insurers and must comply with CBIC (Central Board of Indirect Taxes and Customs) directives. The policy value must align with the CIF (Cost, Insurance, Freight) or CIP (Carriage and Insurance Paid) pricing declarations submitted to customs authorities. Marine insurance certificates are essential documents for customs clearance under the Customs Act, 1962, and must be presented during bill of entry filing at ports of entry in Chennai.
Pricing
| Package | Price | Details |
|---|---|---|
| Standard | On request | Including document prep |
Process
- 📋Obtain shipping documents (Bill of Lading, Air Waybill, or Inland Rail Slip) confirming cargo details and value
- 🔍Calculate insurable value by adding commodity cost, freight, handling charges, and 10% contingency margin
- 📝Submit marine insurance application to an IRDA-approved insurer with invoice, packing list, and IEC certificate
- ✅Pay insurance premium (0.5%-2.5% of cargo value) and receive Marine Insurance Certificate from the insurer
- 📤File customs clearance documents including the insurance certificate with your freight forwarder or customs broker at the port in Chennai
Documents Required
- Valid IEC (Importer-Exporter Code) certificate issued by DGFT
- Bill of Lading, Air Waybill, or proof of inland transport
- Commercial Invoice with itemized commodity description and declared value
- Packing List specifying weight, dimensions, and packaging details
- GST Registration Certificate or PAN if applicable for premium payment
- LC (Letter of Credit) or purchase order confirming buyer and payment terms
Frequently Asked Questions
Service in Chennai
Chennai (Tamil Nadu) — our team will guide you through local requirements and documentation.
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Marine Insurance|AEO-LO|AEO-T1|AEO-T2|AEO-T3|Air Freight|Airway Bill|Bank Guarantee|Bill of Lading|Bonded Warehouse License|Commercial Invoice / Export Invoice|Compartment Certificate|Customs AD Code Registration|Customs Appeal|Customs Broker License|Customs Clearance|Customs DBK Brand Rate|Dangerous Goods Declaration (DGD)|EPR Registration|Export General Manifest (EGM)|First-Time Customs Registration|Freight Forwarding|IATA DGR Certification|ICEGATE Registration|IFSC Code Registration|IMDG Code Compliance|Letter of Credit|MOOWR Scheme|Packing List / Export Packing List|Refund of Customs Duty|Running Bond|Sea Freight (FCL/LCL)|Self-Sealing Permission|Shipping Bill|Single Entry Bond|TIR Carnet|Transit Insurance|Transport Services|UN Packaging Certification|Weight Certificate|All Custom Clearance & Freight Forwarding
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