This Insurance covers all transits in a single policy document, Instead of covering each & every transit by way of separate policies. Sales Turnover Policy is a highly flexible marine insurance cover. It’s a one policy document providing seamless cover for Domestic Raw material transits, Import, Purchases, Customs Duty, Excise ,Transits to Job-worker’s/fabricators premises, Inter-Depot movement, finished Goods Sales i.e. Domestic Sales, Export Sales.
Scope of Cover
“All Risks”, War & Strikes Insurance as per Institute Cargo Clauses, including Customs Duty at actuals. Imports (FOB) and Import Duty: From anywhere in the world to Insured’s factory in India
Exports: “All Risk”, War & strike riot and civil commotion (SRCC). Exports (CIF/FOB): Finished goods from the Insured’s premises to anywhere in world
Domestic Movements: “All Risks” and SRCC. Coverage can be extended to include the risks of loading and unloading, intermediate storage (up to limited extent).
Domestic Sales: Finished Goods from Insured’s premises to anywhere in India.
Domestic Input: From anywhere in India to Insured’s factory in India
Policy can be extended to cover movement of raw materials/semi-finished/finished goods between Insured’s premises and their job worker’s premises situated at various locations in India
Voyages & Transits covered
Sales: Finished goods & other similar items.
Purchases: All Raw materials and any other materials pertaining to Insured’s trade.
Limits are fixed
Per Sending Limit: Rail/Road & Air
Per bottom Limit: Sea voyages
Per Location Limit: Exports/Imports/Inland
Sizeable saving in Premium
Seamless cover with all movement of goods covered
No hassles of submitting periodical declaration of movements
Intermediate storage cover can be built into the policy
Facility for quarterly or half yearly Premium payment
Sum insured: The expected annual sales turnover
Excluding RODC (Rust, Oxidation, Discoloration & Corrosion)
Pre- existing damages
Excluding denting, bending, twisting, pitting unless caused by ICC (B) / ITC (B) perils.
Any loss/damage due to delay.
Theft / pilferage unless visible sign of packaging slit open or package tampered.
Trade losses/ mysterious disappearances.