Marine Insurance – Specific Policy is the insurer's cargo insurance product for a single shipment or voyage — the policy is issued before transit begins, names the specific consignment, vessel, and route, and ceases automatically once that one voyage is complete. It's the natural choice for businesses with occasional shipments, as distinct from the insurer's Open Policy and Open Cover products built for continuous, high-volume shippers.
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"Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired" — the insurer's own page confirmed. The "Specific Policy" (also called a Specific Voyage Policy across the marine insurance industry) is the single-shipment variant: a standalone policy covering one consignment, on one named vessel/conveyance, for one voyage — issued before transit starts and automatically ceasing once that voyage is complete.
Marine cargo insurance premiums are individually rated for each shipment, based on cargo type, route, vessel/conveyance, packing standard, and claims history — this is standard industry practice across all marine insurers, not a published rate card. the insurer's specific premium calculation, exact sum insured documentation requirements, and complete policy wording for MISP should be confirmed directly with Probitas before finalising any shipment's cover. Throughout this page, content drawn from a comparable PSU general insurer's published Specific Voyage Policy description is used to explain how this category of policy generally works — useful context for understanding the insurer's MISP, but not a substitute for the insurer's own confirmed terms.
Comparable PSU Insurer's Marine Product Range, Mirrored in
the insurer offers several distinct marine cargo product types, each suited to a different shipping pattern. Understanding the difference helps you pick the right one — or confirms that Specific Policy is genuinely what you need.
For a single voyage or shipment. Issued before that one voyage starts, names the specific vessel/conveyance and cargo, and ceases automatically once the voyage completes. Best suited to occasional or one-off shipments.
Single Shipment"A contract effected for a period of time, usually for 12 months, whereby the insurer agrees to accept the insurance of all shipments/despatches made by the Insured." Typically used for import/export. An open cover is not itself a stamped policy — specific policies/certificates are issued as shipments are declared.
12-Month Declaration FacilityPer comparable PSU insurer description: issued for transit of goods within India, valid for one year; all transits during the period are automatically covered (subject to available sum insured) without needing a separate policy issued per consignment. It is a stamped document, with premium and stamp duty collected in advance.
Annual, India-Only TransitsA related but distinct the insurer marine product covering the "increased value" of cargo represented by customs duty paid at the port of destination — payable only if the underlying cargo policy claim is admitted. A separate, complementary cover, not a substitute for cargo insurance itself.
Customs Duty Cover, Related ProductIndustry-Standard Eligibility, via Comparable PSU Insurer's Marine Product
Standard Institute Cargo Clauses Framework, Applicable to All Marine Cargo Insurers Including the insurer
Your Specific Policy's actual scope of cover is determined by which Institute Cargo Clause you select — a standardised, industry-wide framework used across marine cargo insurance, not a the insurer-specific invention. This is one of the most important choices you'll make when arranging cover.
"All Risks" basis
Named perils, wider list
Basic risk coverage
None of ICC (A), (B), or (C) automatically include cover for War, or Strikes, Riots and Civil Commotion (SRCC) — these are standard market-wide exclusions requiring a separate extension at additional premium, confirmed by comparable PSU insurer descriptions: "War and SRCC is specifically covered" only as an add-on. If your shipment passes through higher-risk regions or routes, ask Probitas whether this extension makes sense for your specific voyage.
Standard Marine Cargo Peril List, Comparable PSU Insurer Product Description
Exact scope depends on your chosen ICC clause (above), but the following perils are commonly addressed across standard marine cargo cover in this category.
Damage to cargo arising from fire or explosion aboard the conveyance — a core peril across all three ICC clause levels.
All ClausesLoss or damage from the vessel/conveyance stranding, sinking, or capsizing during the voyage.
All ClausesFor land conveyance — overturning or derailment of the carrying vehicle/train during transit.
All ClausesCollision of the carrying vessel/conveyance with another object during the covered transit.
All ClausesContribution toward losses voluntarily incurred to save a voyage (e.g. jettisoning cargo), and associated salvage charges.
All ClausesNatural peril damage to cargo from earthquake or lightning during transit.
All ClausesLoss from theft, pilferage, or non-delivery — broader and more reliably covered under ICC (A); more limited or excluded under (B)/(C).
Mainly ICC (A)Total loss of a package lost overboard or dropped while loading or unloading the cargo.
PerilStandard Marine Cargo Valuation Basis, Comparable PSU Insurer Product Description
| Element | Standard Basis |
|---|---|
| Valuation method | CIF (Cost, Insurance, Freight) value, plus incidental expenses |
| Incidental expense margin | Typically up to 10% over CIF value (agreed at policy inception) |
| Policy type | Customarily issued on an "agreed value" basis |
| Document required | Commercial invoice establishing the goods' purchase price |
| Premium rating factors | Cargo nature, scope of cover (ICC A/B/C), packing standard, mode of conveyance, distance, claims history |
Unlike some retail insurance products where you choose from a fixed list of sum insured tiers, marine cargo sum insured is generally calculated directly from your shipment's actual invoice value (CIF basis) plus an agreed incidental expense margin. This means your sum insured changes with every shipment, reflecting what that specific consignment is actually worth — confirm the exact CIF margin and any special valuation arrangement for your cargo type with Probitas.
Industry-Standard Marine Cargo Exclusion Pattern — Confirm the insurer's Exact MISP Wording
Institute Cargo Clauses incorporate a standard set of exclusions applicable across the marine cargo insurance industry generally. The following reflects this common pattern — confirm the insurer's exact MISP exclusion wording with Probitas.
Loss attributable to the insured's own wilful misconduct is excluded across all ICC clause levels.
Ordinary leakage, ordinary loss in weight/volume, or wear and tear inherent to the goods themselves is excluded.
Loss proximately caused by delay, even if the delay itself is caused by an insured peril, is generally excluded.
Damage caused by inadequate or unsuitable packing for the cargo and journey type is generally excluded.
War risks are excluded from standard ICC cover and require a separate War Clauses extension at additional premium.
SRCC-related losses require a separate Strikes Clauses extension, similarly excluded from base cover.
A standard market-wide exclusion across all marine (and most other) insurance lines.
Losses arising from the insolvency or financial default of vessel owners, managers, charterers, or operators are commonly excluded.
Standard Marine Cargo Claims Process, IRDAI Surveyor Regulations
Notify both the carrier and the insurer/your TPA as soon as loss or damage is discovered or suspected — prompt notification is critical to preserving recovery rights.
For claims above the prescribed threshold (commonly INR 1 lakh for marine cargo), the insurer must appoint an IIISLA-licensed marine cargo surveyor within a regulated timeframe under the IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015.
The surveyor's report — assessing the cause and extent of damage — is the central document determining claim outcome. This report is usually issued "without prejudice" to the question of liability under the policy.
Required documents typically include: claim form, original policy/insurance certificate, Bill of Lading or Way Bill, commercial invoice and packing list, survey report, delivery receipt or outturn report, correspondence with carriers, and (for theft) a police FIR copy.
Keep copies of all claims made on the carrier and any acknowledgement of registered correspondence — insurers may pursue recovery from a responsible third party (e.g. the carrier) after settling your claim, and need this documentation to do so.
Marine cargo claims and recovery actions are subject to strict time limits under Indian law — for example, suits against carriers are generally subject to a statutory limitation period, and courts have enforced this strictly even where settlement discussions were ongoing. Don't delay claim notification or documentation gathering — confirm the insurer's exact intimation timeline for MISP with Probitas at 022 4302 0000 as soon as a loss is discovered.
Marine Insurance – Specific Policy — Frequently Asked Questions
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By submitting you agree to our Privacy Policy and Terms & Conditions. Marine Insurance – Specific Policy (MISP)· IRDAI Licensed. For owners or bankers of goods in transit/shipment by sea, air, rail, road, or post — covering a single voyage or shipment, issued before transit commences and ceasing on completion of that voyage. Coverage scope determined by selected Institute Cargo Clause: ICC (A) All Risks, ICC (B) or ICC (C) named perils only. War and SRCC available as extensions at additional premium. Sum insured normally based on CIF (Cost, Insurance, Freight) value plus incidental expenses (typically up to 10%), customarily issued on an agreed value basis. Premium individually rated based on cargo nature, scope of cover, packing, mode of conveyance, distance, and claims history — not a published rate card. Standard exclusions apply per Institute Cargo Clauses, including wilful misconduct, inherent vice, delay, insufficient packing, and (unless extended) war and SRCC. All terms per the insurer's MISP policy document; confirm exact wording, documentation requirements, and premium directly with Probitas/the insurer before purchase. Probitas Insurance Brokers Pvt. Ltd.· IRDAI Lic. No. 528.