STOP- Sales Turnover Open Marine Insurance Policy
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Sales Turnover Open Marine Insurance: Buy/Renew Marine Insurance Policy Online Instantly
What is STOP – Sales Turnover Open Marine Insurance Policy?
✓ The STOP Marine Insurance Policy is a comprehensive insurance policy that provides coverage 24/7, 365 days a year for medium and small owner businesses in India. It includes coverage for marine transportation as well as other modes of transport such as rail, road, and air. Businesses engaged in importing, exporting, or transporting goods through various transportation methods are protected by this policy. Coverage is offered for risks associated with different modes of transport, ensuring that businesses are financially protected from potential damage, loss, accidents, or other perils that may occur during their operations. With this policy, businesses can have peace of mind, regardless of the transportation mode utilized, as they will be covered.
⛦ Example Scenario: Theft During Transportation – A small business, Suppose Mayank, dealing with electronic gadgets regularly ships its products to various retailers across the country. During one shipment, the goods are stolen while in transit. The theft is discovered upon reaching the destination, resulting in a significant financial loss for the business.
How the Policy Helps: If the small business has the Sales Turnover Open Marine Insurance Policy, they are protected against such losses. Coverage is provided for theft during transportation. The incident is investigated by the insurance company, and the extent of the loss is assessed.
Upon verification, the insurance company compensates the business based on the insured value of the stolen goods. This ensures that the financial burden of the theft is alleviated, allowing the business to recover and continue its operations smoothly.
Without the insurance policy, the entire loss caused by the theft would have to be borne by the small business, which could severely impact its finances and operations. However, with insurance coverage, the business can receive financial support and continue serving its customers without significant disruptions.
Coverages of STOP - Sales Turnover Open Marine Insurance Policy
Damage caused by natural disasters such as storms, floods, or earthquakes.
Losses resulting from fire incidents during transit.
General Average Contributions
Coverage for general average contributions, salvage, and sue and labor expenses.
Protection against liabilities arising from collisions, contact with other vessels, or property damage.
Financial Losses Due to Delays
Coverage for financial losses due to transit delays.
Vessel Detention or Quarantine
Compensation for expenses incurred due to vessel detention or quarantine.
Coverage for deterioration or spoilage of perishable goods.
Riots , War, Civil War etc
Protection for Businesses
Additional Add-ons Under the Open Marine Insurance Policy
Extended Warehouse Coverage
Extends coverage to include storage at warehouses or storage facilities during transit or before final delivery.
Strikes, Riots, and Civil Commotions (SRCC) Coverage
Protects against losses or damages caused by strikes, riots, or civil commotions during transit.
War and Terrorism Coverage
Provides coverage for losses or damages resulting from acts of war, terrorism, or political violence.
Temperature-controlled Cargo Coverage
Offers protection for perishable goods that require temperature-controlled transportation, covering losses caused by temperature deviations or equipment failures.
Exhibition or Trade Show Coverage
Extends coverage to goods displayed or exhibited at trade shows, exhibitions, or fairs.
Tailors the policy to meet specific needs and requirements of the insured, providing additional coverage for unique or specialized goods or circumstances.
Valuable Papers and Documents Coverage
This add-on ensures the safety of important business documents during transit, covering the loss or damage of these valuable papers, offering financial security and minimizing disruptions to your operations.
Loading and Unloading Clause
The loading and unloading clause provides coverage for any damages that occur while goods are being loaded onto or unloaded from the transport vehicle, protecting against potential losses during these critical stages.
ODC (Over Dimensional Cargo) Clause
The ODC clause offers specialized coverage specifically for transporting large or oversized cargo, ensuring protection for these unique shipments and addressing any potential risks associated with their transportation.
Major Differences Between Open Marine Insruance & STOP Marine insurance policy ?
|Coverage||STOP Marine insurance policy||Open Marine Insruance|
In The STOP marine policy , The purchase of the insured is covered by default, and premiums are charged based only on the sales of the insured company
The premiums may be determined based on the type and value of goods being transported, regardless of whether they were purchased by the insured or not.
Coverage of Purchased Goods
The STOP marine policy , Insurance coverage automatically extends to goods purchased by the insured without any additional premium charges
The policy may or may not automatically cover goods purchased by the insured.
How to Settle an STOP Marine insurance policy Claim?
Promptly inform the insurance company about the loss or damage during transit.
Submit necessary documents, including policy copy, detailed statement, shipping documents, proof of value, and relevant evidence.
Detailed sales and purchase proofs
Documents demonstrate your financial transactions from the policy start date to claim intimate date .
Complete and submit the provided claim form with essential information.
Additional KYC Documents
Include copies of identification documents (such as Aadhaar card, PAN card) and a self-declaration letter of ownership.
The insurance company assesses the claim, conducts investigations if needed, and appoints a surveyor for assessment.
Additional Supporting Documents
Provide a cancelled cheque image, subrogation letter (if applicable), and discharge voucher.
The insurance company determines the eligible amount and communicates the decision to the insured.
Exclusions of Single Transit Marine Insurance Policy
Losses due to willful misconduct
The policy does not cover losses resulting from intentional acts or negligence on the part of the insured.
Delay in transit without any physical loss or damage is not covered by the policy.
Inherent vice or nature of goods
Losses arising from the natural characteristics or inherent vice of the insured goods are excluded.
Insufficient or improper packaging
Losses due to inadequate or improper packaging of the cargo are not covered.
Unseaworthiness of vessel
Losses caused by the unseaworthiness of the vessel or lack of proper maintenance are excluded.
Nuclear or war-related risks
Losses resulting from nuclear incidents, war, civil war, or political unrest are not covered.
Confiscation or detention by customs
Losses arising from confiscation or detention of goods by customs authorities are excluded.
Losses covered under separate policies
Losses that are already covered by other insurance policies are not included in this policy.
Documents Required for Claim Settlement under Single Transit Marine Insurance Policy
Copy of the insured party’s Aadhaar card for identification purposes.
GST Registration Certificate
If applicable, provide a copy of the Goods and Services Tax (GST) registration certificate.
Copy of the insured party’s Permanent Account Number (PAN) card for taxation purposes.
Submit a copy of the E-way bill, a document required for the movement of goods in compliance with GST regulations.
Include a copy of the original bill or invoice for the insured goods.
Bilti / Consignment Note
If applicable, provide a copy of the Bilit, which is a transportation document used in some regions.
Include a copy of the Lorry Receipt (LR) or any other relevant transportation document.
If the goods were being transported by a third-party transporter, a letter from the transporter confirming the loss or damage is required.
Monetary Claim Letter
Submit a letter requesting the settlement of the claim, stating the amount of the claim sought.
Contact Information for Claim Settlement related to STOP Marine Insurance Policy
If Policy Obtained through Agent/Broker
Claims are the reason we get a car insurance in the first place! Therefore, ensure the claim process of your desired car insurance is smooth and doesn’t take too long. When you’re in trouble, the last thing you want is, to spend all your time and energy in just filing a claim!
If Policy Obtained Directly from Insurance Company
Claim Settlements are basically getting your compensations done right. Claims being such an important part of a car insurance, check for your desired insurer’s claim settlement ratio so that you’re assured that no matter what, your claims will be settled!
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
- Phone: +91-9654259715
- Email: email@example.com