STOP also known as Marine Sales Turnover Policy is an insurance policy with a different proposition. Unlike the import and export policy where the value of the cargo shipment is insured, STOP policy covers all the different transits which are required to achieve sales of the goods/Products.
Under import and export insurance policy different types of policies like open policy, specific policy, quick cover note policy etc. Under STOP policy insured has to option to customize the policy as per his or her business requirements. In import and export policy the insured has to declare the movement of consignments under the policy. In STOP policy the insured does not need to declare the movement of each and every consignment. The insured instead registers the company sales turnover from time to time mostly monthly or quarterly basis. This allows the insured to not only save time but also help in saving premium as the premium is charged on the sales turnover.
STOP policy gives you the flexibility and freedom to pay the premium in the policy on half yearly or yearly basis. This flexibility is not available in the import and export insurance policy due to its different structure and type. The decider of the premium in STOP policy is the sales turnover whereas the premium in the import and export insurance policy is decided on a variety of factors such as the type of the cargo, scope of cover, packing of goods, mode of transportation, distance of the route and past claims experience of the insured.
