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