Bajaj offers customised insurance solutions for individuals and businesses with diverse needs. For instance, the company offers marine insurance that provides tailored coverage for MSMEs to large industries, ensuring smooth and secure cargo movement across India and abroad.
With its vast network and reliable service, Bajaj makes transportation worry-free. But with so many options available, how do you choose the right Bajaj General Marine Insurance policy? Let’s explore the best fit for you.
What is a Marine Insurance Policy?
Marine insurance safeguards businesses, cargo owners, and freight forwarders against losses during goods transportation by sea, air, or land. It covers risks like accidents, theft, grounding, and natural disasters under the principle of indemnity.
While cargo owners use it to protect their ship and contents, buyers or sellers opt for it to secure goods based on transport liability.
Types of Bajaj General Marine Insurance Policy
Bajaj generally offers 4 types of marine insurance policies under the MSME Insurance segment. These policies are tailored to meet the requirements and convenience of various types of businesses and cargo owners in India.
- Single Transit Marine Insurance
This policy is designed to cover a single shipment. The plan comes with flexible coverage options of protection from 8, 12 and 18 risks, based on your plan. This is a good plan for MSME businesses that do not have contractual shipments.
- Marine Open Cover Insurance
This Bajaj General Marine Insurance policy offers marine insurance cover for a certain period. Policyholders buying this insurance plan can get continuous coverage for multiple shipments they make within that period. This is a great option for businesses with a fixed contract for periodic regular shipments.
- Marine Sales Turnover Policy
The Marine Sales Turnover Policy from the insurance company is a flexible insurance policy that offers comprehensive coverage for businesses associated with marine transportation instead of insuring individual shipments. The premiums of this policy depend on estimated annual sales. This helps to simplify risk management and consolidate the coverage of multiple business risks into one premium.
- Marine Open Policy Inland Transit Insurance
This is an open insurance policy that offers a range of features designed to meet the diverse needs of various types of businesses that involve the transportation of goods. Among these features, you can choose and adjust your coverage as per your needs. This helps you to personalise your insurance coverage as per your needs and budget.
Which Marine Insurance Policy Should You Buy?
The right Bajaj General Marine Insurance policy depends on your business relationship and contract terms with clients. For instance, if you handle a one-time large shipment, the Single Transit Marine Insurance is ideal as it covers that single transit comprehensively.
However, if you have an ongoing contract involving multiple shipments, say, around 15 in a year, the Marine Open Cover Policy is a more economical and convenient choice, offering continuous protection for all transits under one policy.
What Does the Bajaj General Marine Insurance Policy Cover?
Bajaj offers tailored policies based on location, load, and frequency to cover the risk of their policyholders at the most affordable options, especially for MSME businesses. Here is a list of risks that Bajaj covers in its policies:
- Loss due to Fire or Explosion
Bajaj will cover the losses in case the ship or the cargo catches fire or causes an explosion. Both ship owners and liable business owners can get financial coverage by buying the insurance policy.
- Accidental Loss of the Mode of Transport
The Bajaj General Marine insurance policy covers various types of accidental damage causing loss to the ship, vehicle or the goods in it. Various types of accidents include sinking or grounding of a ship, derailment of a train or collision of two vessels. A marine insurance policy will cover these losses.
- Emergency Discharge of Cargo
In case the captain has to make an emergency stop at a random port for reasons such as bad weather. The insurance company will pay for the additional expenses in such cases. Here, additional expenses might include additional labour costs or loss due to delay.
- Deliberate Sacrifice
Sometimes a vessel has to deliberately make a sacrifice of a part of the goods to save the entire ship in case of emergencies. In such cases, Bajaj will cover those losses.
The Bottom Line
Choosing a trustworthy insurer helps to ensure that you will get the financial support at the time of need. Buying a Bajaj General Marine Insurance policy will ensure that you are financially safe from the perils of goods transport. Moreover, the 24/7 open customer support window makes you feel welcome anytime you are in need of emergency help.
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