Marine insurance is important for businesses involved in the import or export of goods. It helps in providing financial security against the dangers and perils related to transporting goods, within the country or globally. In this article, we have compiled a list of the top 10 marine insurance providers in India, based on their reputation, financial stability, and customer reviews.
ICICI Lombard General Insurance
Description
ICICI Lombard provides insurance to the property and goods while in transit. It is one of the best policies to safeguard your marine products while their import, export, or inland transport via ship or cargo. It is a must for importers and exporters, traders, transporters and aggregators, and manufacturers to protect their businesses against losses during transit.
Website Link Marine Insurance Online (icicilombard.com)
HDFC ERGO General Insurance
Description
HDFC ERGO General Insurance offers a wide range of marine insurance products, including cargo insurance, hull insurance, and marine liability insurance. It is known for its efficient claim settlement process, customer-centric approach, quick response, and affordable solutions. It also provides attractive add-ons such as coverage for loading and unloading, customs duty, and removal of debris. It is customizable policies cover all marine shipments within a period of 12 months of import or export.
Website Link Marine Cargo Insurance – HDFC ERGO
National Insurance Company
Description
It is known as one of the oldest insurance companies in India. Its marine insurance policy offers a wide range of products such as marine-specific policy, marine open policy, marine open cover, duty insurance policy, and many more, to cater to the needs of its diverse policyholders. The company offers services to businesses involved in national as well international trade and is known for its customer-centric approach.
Website Link National Insurance Company Limited (nic.co.in)
New India Assurance
Description
It is one of the largest marine insurance providers in India. It offers several marine insurance policies, including Specific Voyage Insurance, Marine cargo insurance, Port Package Insurance, and liability insurance. The company through its various plans covers the goods in transit against any kind of risks till they reach their destination.
Website Link Specific Voyage Insurance – New India Assurance
United India Insurance Company Limited
Description
It is a public sector insurance company that provides marine insurance cover for goods in transit through water, rail or road, air, registered post, or any of the above combinations. The company is known for its comprehensive insurance solutions and efficient claims settlement process.
Website Link UIIC
Reliance General Insurance Company Limited
Description
It offers 3 types of marine insurance solutions that are Specific Policy, Open Policy, and Open Cover policy to protect the goods. It also provides certain add-on benefits such as worldwide claims survey and settlement assistance for the benefit of the business owners. The company provides a financial safety net for international trade and ensures peace of mind to business owners against any kind of loss or damage during transit.
Website Link reliancegeneral.co.in
Bajaj Allianz General Insurance Company Limited
Description
Bajaj Allianz is a collaboration between Bajaj Finserv Ltd. and Allianz SE. Its marine insurance policy provides coverage against risks associated with the import, export, and inland transit of goods. The company ensures that the goods reach their destination safely, securely and on time.
Website Link Marine Insurance (Bajaj Allianz
Oriental Insurance
Description
It is a public sector general insurance company that provides a comprehensive range of marine insurance products for inland transit of goods through vessels, cargo, and inland waterways. The company is known for its reliable services, and expert support, and is a trusted name for single-voyage marine insurance within the country.
Website Link Marine Inland Policy – OICL
Tata AIG General Insurance Company Limited
Description
Tata AIG is a collaboration between Tata Group and American International Group, Inc. It offers a wide range of transit insurance products, including inland cargo policy, import cargo policy, and export cargo policy for broader coverage of goods in transit. The company is known for its efficient claim settlement process against unexpected losses of goods and customer-centric approach for the peace of mind of business owners.
Website Link Marine (tataaig.com)
Chola MS General Insurance
Description
Chola MS is a collaboration between Murugappa Group and Mitsui Sumitomo Insurance Company Limited. The policy offers a range of marine insurance products like damage to goods while importing from other countries, and damage to goods while transit by road, rail, sea, or air. The company is reliable and offers a wide range of insurance products and efficient customer service.
Website Link Chola MS (cholainsurance.com)
Conclusion
These are the 10 best marine insurance companies known for their reliability and prompt customer support. However, it is important to note that the rating of these marine insurance providers may vary based on business owners’ needs and preferences. Therefore, we suggest you analyze and examine the various policies to make an informed decision.
