Sales Turnover Policy
A Sales Turnover Policy covers a company’s sales turnover unlike the other marine open policies which cover the value of goods offered for insurance. The company’s annual estimated turnover can be covered as a single amount and various transits involved to achieve sales in the business are automatically covered.
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
Coverage:
- Domestic Purchase of raw material, consumable & stores
- Imports
- Inter-Factory, Inter-Warehouse or Inter-Depot transfer
- To & Fro job work movements
- Domestic sales & Returns
- Export Sales
The sum insured in the policy is the expected annual sales turnover.
Benefits of Sales Turnover Policy are:
- 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
Exclusions:
- misconduct of the insured
- Willful Insufficiency or unsuitability of packing or preparation of the cargo insured
- Ordinary leakage, ordinary loss in weight or volume, ordinary wear and tear, and inherent flaws in the cargo insured
- Insolvency and financial distress of the carriers
- Un-seaworthiness of the vessel
