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
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Coverage
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Domestic Purchase of raw material, consumable & stores
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Imports
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Inter-Factory, Inter-Warehouse or Inter-Depot transfer
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To & Fro job work movements
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Domestic sales & Returns
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Export Sales
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Benefits
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Sizeable saving in premium
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Seamless cover with all movement of goods covered
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No hassles of submitting periodical declaration of movements
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Intermediate storage cover can be built into the policy
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Facility for quarterly or half yearly premium payment
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Exclusions
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Misconduct of the insured
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Willful Insufficiency or unsuitability of packing or preparation of the cargo insured
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Ordinary leakage, ordinary loss in weight or volume, ordinary wear and tear, and inherent flaws in the cargo insured
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Insolvency and financial distress of the carriers
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​Un-seaworthiness of the vessel
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