Commercial Insurance
Marine Insurance Calculator
Key Features
Industrial Assurance, Beyond Boundaries
Coverage Highlights
Get comprehensive protection for your business's growth
All Risk Cover
Covers all risks except those explicitly excluded
Broad Scope
Provides comprehensive protection making it suitable for diverse risks
Coverages for Assets & Operations
Inclusive protection for property damage, accidental damage, business interruption, machinery breakdown, and on-site transit risks
Partial Waiver of Under-insurance
Automatic protection against under-insurance upto 15% of the value at risk
Nil Depreciation
No depreciation considered for machinery breakdown partial losses
Inclusions
What’s covered?Property Damage
Covers damage to buildings, machinery, furniture, fixtures, fittings, and electrical systems
Accidental Damage
Provides coverage for accidental damage to insured property
Business Interruption
Compensates for loss in profits due to interruption caused by insured perils
Machinery Breakdown
Covers losses due to machinery breakdown, including optional coverage for business interruption due to machinery failure
Transit Risks
Covers risks associated with the transit of equipment and machinery within the industrial compound
Burglary and Theft
Protects against losses due to burglary and theft
Note
Please read policy wording for detailed inclusions
Exclusions
What’s not covered?Normal wear and tear
Damages arising due normal wear and tear due to regular use
Design defects
Faulty or defective design, material or workmanship
Intentional acts
Losses resulting from intentional acts or willful misconduct by the insured
Employee Dishonesty
Losses due to fraudulent or dishonest acts by employee
Specific property
Livestock, growing crops or trees are excluded under policy
Money and Securities
Money, cheques, stamps, bonds, credit cards, bullion, precious stones, works of art, unless specifically mentioned in the policy
Property in Transit
Property in transit other than within the premises specified in the policy
Record Exclusions
Goods held in trust or commission, business books, computer records, manuscripts, unless specifically mentioned in the policy
War & Nuclear Risk
Losses arising from international war, invasion, civil war, rebellion, revolution, insurrection, or nuclear contamination are excluded
Note
Please read policy wording for detailed exclusions
Additional Covers
What else can you get?Escalation Clause
Allows for the adjustment of coverage limits to account for inflation or cost increases during the policy period
Omission to Insure
Covers unintentional omissions to insure new additions, alterations, or extensions to the property
Many More
Choose from 100+ add-on covers to further enhance your coverage
Benefits You Deserve
Simplified Policy Management
Consolidates multiple coverages into one policy
All Risk Cover
Opt for all risk coverage for its broad and comprehensive protection
Business Continuity
Covers interruption losses, ensuring minimal downtime and quick recovery
Marine Insurance Calculator | Get Accurate Estimates
Global trade moves fast, and the risks move even quicker. Whether you are shipping electronics to Europe or raw materials across Asia, the ocean is unpredictable. While you cannot control the waves, you can control your financial risk.
That is where insurance comes in. However, getting a quick, accurate quote often feels like a bottleneck in your logistics chain. A marine insurance calculator solves this by giving you instant visibility into your costs, ensuring your cargo is covered without the wait.
What is Marine Insurance Calculator?
A marine insurance calculator is a tool that estimates the premium you will pay to insure cargo, hulls or freight for a specific transit. It requests details like the shipment value, freight cost, route, and type of policy.
Then the calculator applies the insurer’s premium rate and any loading or add-ons to produce an estimated premium. Companies offer simple online calculators for instant quotes, and underwriters use more detailed underwriting models to produce firm quotes.
Why Bajaj General?
Why Use a Marine Insurance Premium Calculator?
When you use a marine insurance rate calculator, you get 3 benefits. They are:
1. Fast Budgeting: These calculators provide you with an estimate of how much premium you have to pay. This helps you pre-plan your budget instead of being confused.
2. Better Decisions: A marine insurance calculator lets you customise your plan beforehand, without committing to anything. That way, you can see how your cover level, war/strike extensions, or route changes affect cost.
3. Avoid Surprises: When you use a marine insurance calculator, you can see all the components that drive the premium. Therefore, it helps you avoid any surprises so that you don’t under-insure or overpay.
Bajaj General Insurance offers marine Insurance products that cover cargo in transit (sea, air, road, rail, and inland waterways), project/engineering cargo, and related commercial marine covers.
What are the Types of Marine Insurance that Bajaj General Insurance Provides?
We offer 4 types of products in our marine insurance segment. These comprehensive plans cover all the needs of a businessman.
Single Transit Marine Insurance
Are you a dealer who sends shipments once a year? Then a single transit policy is the right decision for you. You don’t need to buy a policy for the whole year to secure your cargo. The policy provides one-time protection across all modes of transport.
Marine Open Policy Inland Transit Insurance
If you regularly conduct business within a specific area, then buying a marine open policy inland transit insurance would be a smart decision. With this policy, you don’t need to buy different policies for each shipment. Get continuous coverage with Bajaj General Insurance.
Marine Open Cover Insurance
If your business involves import and export, then a marine open cover would be the feasible choice. All you need to do is issue certificates for your shipments, and we will cover the rest. It helps your business run smoothly within an economical coverage.
Marine Sales Turnover Policy
Handling a vast business means that you cannot keep track of every truck that loads and unloads. Thus, the sales turnover policy (STOP) covers all shipment that drives your sales. It shields you from potential loss or damage that may happen during transit.
Trusted Risk Advisor
Mobile Self Risk Assessment
PRIME Inspection app helps to evaluate quality of your property (Shop, Office, Plant or Others) having SI upto INR 50 crs. It is simple to navigate having multiple Q & A designed for client
Instant Generation of Risk Report
It helps Provide Risk Recommendations, Risk Quality Rating (RQR), Peer Comparison & GAP Analysis for the client
Frequently Bought Together
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Download Policy Document
Get instant access to your policy details with a single click.
Step-by-Step Guide
To help you navigate your insurance journey
How to Buy
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1
Visit the Bajaj General Insurance website
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Fill in the lead generation form with accurate details
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3
Get quote, make payment and receive the policy documents
How to Renew
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Contact the Policy Issuing Office
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Review expiring policy and share necessary details
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Receive renewal quote
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Make renewal payment
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Receive the renewed policy documents via email
How to Claim
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Contact us through our customer service touchpoints
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Submit the claim form along with the necessary documents
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Provide details of the incident and any supporting evidence
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Cooperate with the claims investigation process
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Receive the claim settlement as per the policy terms
Know More
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For any further queries, please reach out to us
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Toll Free : For Sales :1800-209-0144
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Email ID: careforyou@bajajgeneral.com
How Insurers Calculate Marine Insurance Premiums?
At the simplest level, marine insurance premium calculation follows the same logic across insurers:
1. Calculate the Insured Value (IV): Insurers usually add the value of goods, freight and any additional costs.
2. Apply the Premium Rate: Then they add the premium rate (expressed as a percentage), which reflects the route, cargo type, packaging, transit mode, and other risk factors.
3. Add Taxes and Fees: GST and any policy administration charges are added to produce the final premium.
So the basic formula you can use as a starting point is:
Premium = Insured Value × Premium Rate (%) + Taxes & fees.
What Affects the Marine Insurance Premium Rate?
The marine insurance calculator concept is simple, but the actual rate you see depends on many variables:
1. Cargo type and susceptibility (perishable, fragile, high-value, hazardous)
2. Packaging and stowage quality
3. Transit route and geopolitical risks (piracy zones, war exclusions, poor port handling)
4. Mode of transport (sea versus air versus multi-modal)
5. Policy type (single-voyage, open policy, project cargo, hull)
6. Declared sum insured and deductible
7. Claims history and the insurer’s underwriting appetite
Underwriters translate those factors into a premium percentage; a calculator lets you test different permutations quickly.
How to Use a Marine Insurance Calculator Online?
Your first step is to open the marine insurance calculator. Bajaj General Insurance provides dedicated marine policy information that you can use to start an estimate.
1. Enter the Shipment Details: This includes country or route, cargo value, freight, mode of transport, and any add-ons you want (war, strikes, etc.).
2. Review the Estimated Premium: Once the calculator provides you with the assumptions, check whether they suit your needs. Tweak some parameters to get to a feasible estimate.
3. Get Personalised Quote: If the estimate looks right, request a formal quote or speak to Bajaj General Insurance for binding terms.
Tip: Use the online calculator to compare different scenarios. For example, see how reducing the deductible or excluding war risk changes the premium.
When to Call Bajaj General Insurance?
A calculator gives you a good estimate, but it is not enough. You need to get a personalised quote and then decide on a policy.
You can find all the brochures and policy wordings on our website. Simply compare different marine insurance plans, or give us a call to understand which plan will suit your business the best.
Download the Bajaj General app today!
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What Our Customers Say
Smooth Buying Process
The online policy purchase was quick and seamless. I could easily compare multiple options and choose the best one for my needs. The entire process was hassle-free, and I received my policy instantly.
Laksh Gupta
New Delhi
15th Jan 2025
Exceptional Customer Support
The customer support team was extremely helpful and guided me through every step. They promptly answered my queries and ensured a smooth experience. I am happy with the service.
Jaya Dhawan
Maharashtra
8th Feb 2025
Instant Policy Issuance
I was amazed at how fast I got my policy. The process was very user-friendly, and within minutes of completing the payment, I received my documents. Highly recommended!
Manish Garg
Uttar Pradesh
22nd Dec 2024
Hassle-Free Claims Process
The claim process was smooth and efficient. The team handled everything professionally, making sure I didn’t face any difficulties. It was truly a hassle-free experience.
Meera Rishi
West Bengal
3rd Feb 2025
Best Value for Money
The policy offers great coverage at an affordable premium. The features are well-designed, and I feel secure knowing I made the right choice. Great service overall.
Sujal Sharma
New Delhi
10th Jan 2025
FAQ
How accurate is an online marine insurance calculator?
A marine insurance calculator provides a highly accurate estimate based on current market rates. However, the final premium can vary slightly depending on the specific underwriter’s assessment of your past claims history and the precise nature of the goods. It is best used for budgeting and initial quotes.
What information do I need to use a marine insurance premium calculator?
To get a result, you generally need the type of cargo (commodity), the mode of transport (sea, air, road), the origin and destination, and the total insured value (Invoice value + Freight + 10%). Having the vessel age helps refine the quote further.
Can I use the calculator for a single shipment?
Yes, most tools are designed as a Single Transit marine insurance premium calculator. This is perfect for businesses that do not ship often enough to warrant an annual Open Policy. You can calculate and buy insurance for just one specific voyage.
How to calculate the marine insurance premium if I have an Open Policy?
If you have an Open Policy, you likely have a pre-agreed rate for all your shipments. In this case, you don't need a public marine insurance rate calculator. You apply your agreed percentage rate to the value of each declaration you make to the insurer.
Why is the 'Sum Insured' higher than my invoice value?
When learning how to calculate marine insurance, you'll see that the Sum Insured is usually Invoice + Freight + 10%. This extra 10% covers contingencies and the administrative cost of handling the loss. It ensures that if you lose the cargo, you are compensated not just for the item, but for the effort and lost potential profit.
Is it covered if our machinery is accidentally damaged while being relocated to our on-site facility for overhauling?
Yes, if machinery is accidentally damaged during internal relocation for maintenance or overhauling, it can be covered under the Industrial All Risk policy. This coverage helps ensure that such operational necessities do not expose you to financial risks.
Is the MLOP (Machinery Loss of Profit) coverage required in an IAR policy?
While not mandatory, Machinery Loss of Profit (MLOP) coverage is highly recommended as it compensates for the financial impact of downtime caused by machinery breakdowns covered under the policy.
Is FLOP (Fire Loss of Profit) coverage required?
Fire Loss of Profit (FLOP) coverage is advisable for businesses that would face significant operational disruption from fire damage. This coverage helps mitigate the financial strain of decreased production and sales.
What is the duration of the indemnity period, and what does it entail?
The indemnity period in an Industrial All Risk policy is the specific timeframe during which the policy compensates for business interruption losses following a covered incident. Typically, this period extends up to 12 months from the date of the incident, providing financial support during the recovery and rebuilding phases.
Are my workers' acts of fraud or dishonesty covered by the IAR policy?
Acts of fraud or dishonesty by employees are generally excluded from Industrial All Risk policies. Protection against such risks usually requires specific fidelity insurance coverage, which safeguards against financial losses caused by fraudulent acts committed by employees.
Is collision-related damage to motor vehicles covered?
Collision-related damages to motor vehicles are not covered under the standard Industrial All Risk insurance. These require separate motor insurance policies, which are specifically designed to address the liabilities and damages associated with vehicle use and operations.
Does this policy cover machinery breakdown?
Yes, machinery breakdown is covered under industrial all-risk insurance. If insured equipment or machinery suffers accidental damage, repair or replacement costs are covered, minimising operational disruptions and financial loss. Preventive maintenance and regular inspections can further reduce the risk of breakdowns.
Can loss of profit due to business interruption be covered?
Yes, business interruption due to insured perils is covered. If a covered event halts operations, the policy compensates for lost profits and fixed expenses, helping businesses maintain financial stability until normal operations resume. This coverage ensures continued cash flow, reducing the financial burden on the business.
What is the claim process for property insurance?
In case of a loss, notify the insurer immediately and provide details of the damage. Submit supporting documents like incident reports and any other required document. A surveyor will assess the loss, and once approved, the claim will be settled as per policy terms.
How long does it take to settle a property insurance claim?
The time to settle a claim can vary depending on the complexity of the claim and the documentation provided. Generally, it can take anywhere from a few weeks to several months.
What should I do if my claim is denied?
If your claim is denied, review the denial letter to understand the reasons. You can appeal the decision by providing additional evidence or documentation to support your claim.
Can I claim for temporary accommodation costs?
Yes, many property insurance policies include coverage for additional living expenses if the insured property becomes uninhabitable due to a covered peril, This can cover temporary accommodation costs.
What is a deductible in property insurance claims?
A deductible is the amount you are responsible for paying out of pocket before the insurance coverage kicks in. It is usually specified in the policy and can affect the premium amount.
If I only insure our company's assets for 90% of their value, will there be a claim under the IAR policy?
Insuring assets for less than their full value can lead to reduced claims payouts due to the 'Average Clause' applied in insurance policies. This clause proportionately reduces the claim amount by the
How often should I renew my property insurance policy?
Property insurance policies are typically renewed annually. It's important to review your coverage and make any necessary adjustments at each renewal.
Can I switch insurers at the time of renewal?
You can’t switch insurers at the time of renewal, but you can opt for a different insurance policy with a new insurer if you feel it’s necessary.
What happens if I miss the renewal date?
If you miss the renewal date, your coverage may lapse, leaving your property uninsured. Some insurers offer a grace period, but it's best to renew on time to avoid any gaps in coverage.
Can I make changes to my policy at renewal?
Yes, you can make changes to your policy at renewal. This includes adjusting coverage limits, adding or removing coverage, and updating any information about the insured property.
Will my premium change at renewal?
Premiums can change at renewal based on various factors, including changes in coverage, claims history, and any updates to the insured property. It's important to review the renewal terms carefully.
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