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Sales Turnover Policy is a flexible Marine Cargo Insurance Policy which covers the insurable Risks associated with the transit of goods by the seller.
This policy has the unparallel advantage of covering not just the entire sales turnover of the company but can be extended to cover the purchases, imports, exports, returns, loading, unloading, intermittent storage, movement of goods from factory to depots or warehouses, warehouses to dealership,dealership to customer, etc.
This is a highly customizable policy depending on customer’s business requirement.
Any entity whether it’s a manufacturer, importer, exporter, etc. involved in purchase and sales of goods with a Sales Turnover of above 10 Crore 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.
Sales Turnover Policy has many advantages for sellers/manufacturers of goods/tangible products.
Though a Sales Turnover Policy has the facility of covering Sales, purchases and returns of the goods but the Sum Insured in this policy is taken as Expected Sales Turnover of policy.
An ideal way to get fully compensated is to get the Inland or within India sales covered at Invoice Value + 10% and for the Export Sales the basis of valuation should be Invoice Value + Freight + 10%.
For example if the Expected Inland Sales Turnover for next 12 months is INR20 Crore then the Sum Insured should be INR20 Crore + 10% that’s INR22 Crore. To know more about the benefits of the policy please contact us now.
Inland transit policies can be extended to cover the following perils on payment of additional premium:
Export /Import policies can be extended to cover War and /or SRCC perils on payment of an additional premium.
The following steps should be taken in event of a loss or damage to goods insured :
Note : Policy details given are indicative, not exhaustive. Please contact your nearest Arunaya office for further details.