STOP- Sales Turnover Open Marine Insurance Policy

STOP- Sales Turnover Open Marine Insurance Policy

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100% Claim Settlement

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Documentation

Reasonable

Premium

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Total Cover

100% Claim Settlement

No

Documentation

Reasonable

Premium

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Client Testimonials​

Prakhar Srivastava
2 months ago
They guided me through the intricacies of various insurance options, ensuring I fully understood each policy's coverage and benefits. Their transparency and willingness to address all my concerns instilled a sense of trust and confidence in their services.
Agam Kansal
2 weeks ago
Brilliant place for all types of insurance. Always connected with every claim settlement.. Hassle free.. Kudos to beemawala..
punitchibber chibber
2 weeks ago
Good service whenever we call to them they give positive response i have a claim they support and my claim got settled
rahul goyal
6 months ago
Beemawala and team is a best Company for take any type of insurance. They support and take care of your claim . Thanks a lot for your support of my claims many times .
Devyani Kharbanda
2 years ago
Shantanu is professional and very prompt in responding to my questions. I’m a repeated client and he’s been supportive throughout. I highly recommend his services. I wish him and his team good luck for future.

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

Accidents

Damage to cargo due to accidents during transportation.

Theft

Damage to cargo due to accidents during transportation.

Natural Disasters

Damage caused by natural disasters such as storms, floods, or earthquakes.

Fire Incident

Losses resulting from fire incidents during transit.

General Average Contributions

Coverage for general average contributions, salvage, and sue and labor expenses.

Liability Protection

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.

Perishable Goods

Coverage for deterioration or spoilage of perishable goods.

Riots , War, Civil War etc

Protection against risks associated with war or political unrest affecting transportation routes.

Protection for Businesses

It provides financial security for businesses involved in international trade or shipping.

Additional Add-ons Under the Open Marine Insurance Policy

Extended Warehouse Coverage

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.

Customized Coverage

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

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

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

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
Premium Calculation
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?

Notification

Notification

Promptly inform the insurance company about the loss or damage during transit.

Documentation

Submit necessary documents, including policy copy, detailed statement, shipping documents, proof of value, and relevant evidence.

Detailed sales and purchase proofs

Detailed sales and purchase proofs

Documents demonstrate your financial transactions from the policy start date to claim intimate date .

Claim Form

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.

Verification

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.

Settlement Decision

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-related losses

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

Aadhaar Card

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.

PAN Card

Copy of the insured party’s Permanent Account Number (PAN) card for taxation purposes.

E-way Bill

Submit a copy of the E-way bill, a document required for the movement of goods in compliance with GST regulations.

Invoice Copy

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.

LR Copy

Include a copy of the Lorry Receipt (LR) or any other relevant transportation document.

Transporter Letter

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: services@beemawala.com

Frequently Asked Questions : STOP Marine Insurance Policy in India

The STOP Marine Insurance Policy is a comprehensive insurance policy that provides coverage for goods in transit. It is designed to protect businesses from financial losses caused by damage, theft, or other perils during transportation via sea, air, road, or rail.
The STOP policy covers a wide range of risks, including damage to cargo during transit, theft or pilferage, losses due to natural disasters like storms or floods, fire incidents, liabilities arising from collisions, and more. It offers financial security for businesses involved in international trade or shipping.
Yes, one of the key features of the STOP policy is that the purchase of the insured is covered by default without any additional premium charges. This means goods bought by the insured are protected during transit.
Yes, the STOP policy is flexible and can be customized to meet the specific requirements of businesses. Additional add-ons are available to extend coverage for high-value goods, strikes, riots, civil commotions, war and terrorism risks, temperature-controlled cargo, and more.
Premiums for the STOP policy are charged based on the sales turnover of the insured company. The premiums are influenced by the volume of sales and the frequency of shipping.
The STOP policy may offer Delay in Start-Up (DSU) coverage. In the event of covered transit delays leading to business start-up delays, DSU coverage compensates for financial losses incurred during the period.
In case of any covered loss or damage during transit, notify your insurance provider immediately. They will guide you through the claims process and assist in submitting the necessary documentation and information.
Yes, the STOP policy can be used for both domestic and international transportation within India, covering goods transported by road, rail, air, or inland waterways.
While it is not mandatory, having marine insurance is highly recommended for businesses involved in transportation to safeguard against potential financial losses due to unforeseen events during transit.
You can purchase the STOP policy through insurance providers or brokers. It is advisable to compare quotes and coverage options from different insurers before making a decision.
Yes, the STOP policy can be customized to cover specialized goods or unique shipments, providing tailored coverage to suit specific business needs.
Yes, the policy can offer protection against risks associated with war or political unrest affecting transportation routes.
The policy generally covers a wide range of goods, but there might be exclusions for certain hazardous or prohibited items. It’s essential to review the policy terms to understand any restrictions.
Yes, the STOP policy can offer Exhibition or Trade Show Coverage, extending protection to goods displayed or exhibited at trade events.
Yes, the policy may include a Loading and Unloading Clause, providing coverage for damages that occur while goods are being loaded onto or unloaded from the transport vehicle.
Yes, the policy typically includes coverage for the deterioration or spoilage of perishable goods during transit.
Yes, the policy may offer an Over Dimensional Cargo (ODC) Clause, providing specialized coverage for transporting large or oversized cargo.
Yes, you can opt for Strikes, Riots, and Civil Commotions (SRCC) Coverage, protecting against losses or damages caused by such events during transit.
You can renew the policy by contacting your insurance provider or broker before the policy expiration date. They will guide you through the renewal process and update your coverage as needed.
Yes, the policy can provide coverage for damages resulting from navigation errors during transportation.
Yes, the policy typically provides coverage for goods in transit round the clock, 365 days a year.
Yes, there might be a maximum limit on the coverage amount, depending on the value of the goods being transported.
Yes, the policy may include Temperature-controlled Cargo Coverage, protecting perishable goods from losses caused by temperature deviations or equipment failures.
Yes, you can opt for Extended Coverage for High-Value Goods as an add-on to provide extra protection for valuable items during transit.
Yes, the policy is applicable to goods transported via sea, air, road, or inland waterways.
Yes, the policy can offer compensation for expenses incurred due to vessel detention or quarantine during transit.
The policy coverage can be tailored to specific geographical areas, including domestic and international territories.
Yes, the policy can offer protection against liabilities arising from collisions or contact with other vessels or property damage.
Yes, the policy can cover damages caused by natural disasters like storms or floods during sea transport.
Yes, the policy is suitable for businesses of varying sizes, including small enterprises involved in shipping and transportation.

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