Marine Insurance - Marine Cargo STOP
This policy is designed to cover Sales turnover (including export/import/ indigenous sale, stock transfer) during the financial year of the Assured for one year.
A Sales Turnover Policy covers different legs of transit of the Assured like export/import/indigenous/ stock transfer/ purchase/sales return etc. with the facilities of submission of quarterly declaration as per quarterly financial results (Board approved as required under Companies Act, 1956 and/or prepared as per clause 41 of the listing agreement) to the Insurer within 45 days of end of each quarter.
The insured must be an entity registered under the Indian Companies Act, 1956
The policy shall not be issued to any client having turnover less than Rs 50 Crores only. Sum Insured shall be determined on the basis of average sales turnover of previous three years excluding the expiring year, as obtained from balance sheet of the assured or Insured’s estimate for the current year or actual turnover of the Insured in the preceding year, whichever is higher.
The risk under the policy will commence as per sale/purchase contract of the Insured with their buyer/supplier. Contingency interests shall not be covered. The policy does not cover Capital goods, Project materials, Spares, Machinery unless related to trade of assured, coal, Timber logs, Cement, Bullions/Jeweller, Personal effects/Household goods
The policy covers storage extension of cover for 60 days (if required, subject to additional premium) under
- ICC Clause no 8/ITC Clause no 5
- Intermediate storage for Allocation, Redistribution and Processing.
The Institute and Inland transit Clauses incorporate a set of exclusions
