Marine Sales Turnover Policy

The Marine insurance provides protection against loss or damage of cargo or property while it is in transit, acquired, or held at any point between origin to the final destination. This policy provides coverage while transit takes place by any mode of transit like Sea, Rail, Road Air & Waterways.

Marine Sales Turnover Policy
Who can take this Policy?
Add on Covers
Basis of Sum lnsured

Marine Sales Turnover Insurance Policy popularly called STOP is a distinguished product. It is an Open Policy in the real sense of the term. STOP covers transit of raw material, semi-finished & finished products pertains to insured's a trade which encompasses Export, Import, Inter Depot movement from originating point to a destination on a seamless basis.

Advantage of STOP

  • Sizeable saving in premium which is charged only on your sales turnover
  • Seamless cover with all movement of goods automatically covered
  • No hassles of submitting a periodical declaration of movements to the insurer. Only monthly sales figures need to be submitted
  • Intermediate storage cover is a built-in cover under the policy
  • The policy is adjusted on expiry on basis of audited sales turnover the figure of the insured and refund of premium is allowed if any

Any manufacturer/producer, distributor, exporter, Importer can buy the policy.

  • Imports + Customs Duty (Actual or Deemed/Contingent)
  • Domestic purchase of raw materials, consumables & stores
  • Any number of Inter-Factory/Inter-Depot/To & From job work movements
  • Exports
  • Domestic sales of finished goods
  • Temporary storage at intermediate locations like job work/C & F premises etc.
Add-ons under Marine Sales Turnover Policy are as follows :
  • Seal Intact Clause
  • FOB Clause
  • Repacking Clause
  • Conceal Damage Clause
Although each incoming & outgoing consignment is covered under STOP the salient feature of the policy is that expected annual Sales Turnover of the insured is taken as sum insured of the policy and premium is charged only on this figure. The insured should opt for the sum insured based on fair projection of sales figures as short fall in premium will result in lapsing of policy.
Exclusion under Marine Sales Turnover Policy are as follows: 
  • Loss or damage due to Inherent Vice
  • Loss or damage due to Delay
  • Loss or damage due to Insufficiency of packing
  • Loss or damage due to insolvency, financial default of ship owners etc.


Ensure that actual turnover should not exceed the insurance turnover

  • Client has to ensure that actual turnover should not exceed the turnover mentioned in policy at any point of time during the policy period. If such circumstance arises then it should be communicated to the insurance company on priority.

Sum Insured should not be exhausted

  • There should be properly monitoring that available balance sum insured should not be less than the consignment at any point of time during the whole policy period.

Per Sending and Per Location limits should be on higher side

  • Keep these limits on higher side as per the requirement of you consignment sending pattern.

Key Documents at The Time Of Claims

General Claim
Intimation Format
Immediate Action Client
Should Take
Indicative General Documents
for Settlement of Claims

Why Choose Us?

Professional & Experienced Team
Professional & Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment ONTIME EVERYTIME
Service Commitment ONTIME EVERYTIME
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution


Proposal Form  
Policy Wordings  
Claim Form  


  • What transit insurance coverage is available with a STOP?
    The Marine Sales Turnover Policy (STOP) provides you Transit insurance coverage on the following:
    Domestic Purchase and SalesA Marine Sales Turnover Policy covers all kinds of domestic purchases including raw materials and consumables. This also includes returns, loading, unloading, intermittent storage, movement of goods from factory to depots or warehouses and domestic sales of finished goods and products.
    Imports and ExportsA Marine Sales Turnover Policy covers all imports, custom duty and all exports. (FOB/CIF).
    Theft and PiracyThe Marine Sales Turnover Policy will protect your shipment from losses occurring due to theft, piracy attacks, damages in transit, loading or unloading.
  • What coverage a Sales Turnover Policy provides?

    Imports + Customs Duty (Actual or Deemed/Contingent)

    Domestic purchase of raw materials, consumables & stores

    Any number of inter- factory/inter-depot/to & fro job worker movements

    Exports (FOB/CIF)

    Domestic sales of finished goods

    Temporary storage cover at intermediate locations like Job workers / C & F premises etc.

  • What Add on covers are available with a STOP?
    Inland transit policies can be extended to cover the following perils on payment of additional premium:    1. SRCC – Strike, riot and civil commotion (including terrorist act)    2. FOB – Where the inland transit is required to be extended to cover the goods till they are loaded on board the vessel , this extension can be taken.Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.
  • How an insured can claim the losses under STOP Policy?

    The following steps should be taken in event of a loss or damage to goods insured:

    Take immediate steps to minimize loss.

    1. Inform nearest office of the insurance company or claim settling agent mentioned on the policy.

    2. In case of damage to goods whilst on ship or port , arrange for joint ship survey or port survey.

    3. Lodge monetary claim with carrier within stipulated time period.

    4. Submit duly assigned insurance policy/certificate along with the original invoice and other documents required to substantiate the claim such as:

    Bill of Lading / AWB/GR

    Packing list

    Copies of correspondence exchanged with carriers.

    Copy of notice served on carriers along with acknowledgment/receipt.

    Shortage/Damage Certificate issued by carriers.

    A survey fee is to be paid to the surveyor appointed by the insurance company. This fee will be reimbursed along with the claim if the claim is otherwise admissible.

  • How would you ensure a claim under STOP is not denied?
    1. Ensure transparency in all sales records: Since premium for a marine sales turnover policy is based on the annual sales turnover of the enterprise, any fudging of data or records may lead to a claim denial. Ensure transparency in records to increase the ambit of STOP cover.
    2.Submit monthly sales figure without fail: Unlike individual marine cargo insurance plans, STOP does not warrant submission of each movement or declaration of movements of goods every time. However ensure you are submitting monthly sales figure to the insurer without fail to ensure continues protection under STOP.
  • Can a claim under Sales return be covered in a Marine STOP Policy?
    If Sales return Sum Insured is communicated to the insurer at the time of taking policy then it is covered with ITC-B/ICC-B.
  • Can a claim under inter factory/depot movement be covered in a Marine STOP Policy?
    Claim under Inter Depot Movement can be covered in a Marine STOP Policy provide its description in mentioned in Sum Insured Bifurcation.
  • What is marine sales turnover policy?
    Sales Turnover Policy is a highly flexible and customizable marine insurance cover. Instead of covering a particular type of transit, this policy can cover all the transits that are required to achieve sales. Hence the policy can cover: Domestic Purchase of raw material, consumable & stores.
  • Who should buy Sales Turnover Policy?
    Any entity whether it’s a manufacturer, importer, exporter, etc. involved in purchase and sales of goods with a Sales Turnover of above 10Crore must have Sales Turnover Policy. By buying Sales Turnover Policy the entity will not have to buy specific marine insurance cover for the movement of its goods. The premium of Sales Turnover Policy is also very competitive when compared to Marine Specific Insurance cover. Entity need not declare each and every leg of goods movement but instead needs to file a Sales Declaration on monthly/quarterly basis for the same.
  • What are the advantages of Sales Turnover Policy?
    Sales Turnover Policy has many advantages for sellers/manufacturers of goods/tangible products.
    1. This policy covers Sales, Purchases & returns in a single policy.2. Premium in Sales Turnover Policy is very competitive.3. Premium can be paid quarterly/ half-yearly/ yearly.4. There is no need to declare each and every shipment. Monthly/Quarterly declarations are acceptable in this.5. Loading, Unloading, Intermittent storage of goods can be covered in this.6. Import and Export of goods are also covered in this.7. Policy covers value of goods, freight etc.

Claim Case Study - 1


A client trading in high quality paper had a consignment of raw material badly damaged by heavy rain.


It was found on discussing with the surveyors that the proper covering on the truck was not maintained. It would have adversely effected the claim.


We convinced the insurance company that this was one solitary instance and otherwise the tarpaulin covering was always adequately done. The claim was paid accordingly.


It was made very clear to the client that the right kind of transporters should be used so that such occurrences do not recur.

Claim Case Study - 2


Client deals in solar module. The module efficiency decreases if it falls due to micro cracks not apparent from external appearance.


Since testing had to be done on large number of sample modules, the cost of which was high. The cost of disposal latter was also extremely high. It was opined by the surveyor that both this costs will have to be borne by the insured.


We were able to Negotiate strongly with the surveyor that this cost testing and salvage was necessary for both the sites. It was eventually agreed that 50% of these costs will be paid to the insured.


Claim Preparation and Salvage Disposal add-on was advised to be taken in the policy.



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