Marine/Transit Insurance
What is Marine/Transit Insurance?
Marine or Transit Insurance is a specialized type of insurance coverage designed to protect goods, merchandise, and cargo while they are being transported domestically or internationally via various modes of transportation, such as ships, aircraft, trucks, or trains. This insurance provides financial protection against the risks and perils associated with the transportation of goods, including damage, loss, theft, or destruction of the cargo during transit.
Marine Cargo Insurance
Just like you need insurance coverage for the various assets and property that you own, marine cargo insurance also called as Transit Insurance is designed to secure losses to the goods and cargo that is transported on ships and modes of water transport.
As with any other type of insurance, goods and products lost during a voyage can become a considerable expense for you and your business. By getting adequate insurance coverage for your marine cargo, you can ensure that your deliverables reach their destination securely and on time.
Types of Transit
- Import covers transportation of material from anywhere in the world to anywhere in India.
- Export covers transportation of material from anywhere in India to anywhere in the world.
- Inland covers transportation of material from anywhere in India to anywhere in India.
Coverges of Marine/Transit Insurance
- Transit Insurance covers loss or damages caused due to fire, explosion, sinking or stranding.
- Any kind of loss or damage caused due to natural calamities such as earthquakes and lightning.
- The Transit Insurance policy covers collision, derailment or overturning of land conveyance.
- The policy provides coverage in case cargo is discharged from a port of disturbance or distress that threaten the cargo’s safety.
- If the seawater damages or washes away the loaded material on the cargo or ship, transit insurance provides cover for that as well.
- The policy provides coverage for a total loss of packages lost overboard or dropped at the time of loading or unloading.
- Transit insurance provides coverage for the jettison that refers to intentional throwing of onboard material/commodity as well as any part of the ship in order to save the ship.
Insurance Benifits
- Large number of insurance policies
- Cover for Critical Situations
- Experience & qualified Staff
- Team of Experts Staff
Accidental damage during transit, including loading/unloading, theft/non-delivery, fire, explosion, collision, overturning, and sinking/stranding. General average charges. Specific clauses for frozen/chilled goods.
Marine protection is additionally separated into three classes of protection. These are freight insurance, ship or hull insurance, and cargo protection.
Inland transit insurance is the coverage for insured shipments or goods when being transported domestically mostly by land. Marine cargo insurance provides coverage for the import or export of goods from one nation to another, by the means of land, air or sea.
It is important for all businesses that are involved in transporting goods or equipment to ensure that they are covered with goods in transit insurance. It is important for private persons to ensure that they have cover for their items of value whether they transport them personally or through a third party.