Marine Inland Transit Insurance
Inland transit insurance policy in India is specifically designed to provide extensive cover to the insured’s personal belongings or business goods while those are being transported by land. Inland transit insurance comes under marine insurance policy. You should keep in mind that the inland transit insurance in India only covers the goods that are being transported by land transport like transportation of goods via train or trucks etc. This marine transit insurance policy doesn’t provide any cover for the transportation modes like sea or aerial.
Need for Inland Transit Insurance
Marine transit insurance policy online certainly plays a very significant role by covering the damage or loss to the policyholder’s goods like different machineries, raw materials etc. during the transit as per the contract. Inland transit insurance policy basically offers coverage for goods which are being transported domestically in general. There are a few things that must be kept in mind in terms of inland transit insurance policy online.
- Transit insurance coverage is only offered for goods that are being transported domestically.
- The premium on transit insurance in India is generally calculated since the types of goods that are being carried. The policy is mostly included in the price of cover.
- Goods in transit insurance plans are appropriate for small-scale or medium-sized businesses that do not have the necessities to import and export their goods internationally. Inland transit insurance coverage can be availed even by the farmers to protect damage to goods in their own vehicle.
- Inland transit insurance policies are categorized under marine insurance.
Different Types of Inland Transit Insurance Coverage Available in India
There are various types of covers available with inland transit insurance policies in India. Depending on the type of your business and other requirements, you can choose from the following transit insurance coverage online.
- Overnight Vehicles’ Cover: This inland transit insurance policy is specifically important for those businesses that have a need of goods to be stored somewhere at night, mostly in the vehicles. Some transit insurance provides in India offer this protection since the policy while some provide you this transit insurance plan at an extra premium.
- Goods in Transit (Carrier’s) Cover: A third party may not take the responsibility of the damages or losses to the goods when he is employed to carry the goods. In various circumstances, carriers don’t even know what they are carrying. Such liability can be covered through this inland transit insurance policy online in India.
- Comprehensive Policy for Multiple Vehicles: Some transit insurance online providers offer insurance for multiple vehicles under a single policy. It is advantageous to avail this cover particularly if you use multiple vehicles to transport your merchandise from one place to another, in a domestic location.
- Goods in Transit Cover for Own Vehicles: This transit insurance coverage is for the protection of goods from damage or theft while being transferred in any vehicle owned or operated by the insured.
You can go for one or multiple marine transit insurance plans online that you find the best as per your own requirements.
- Domestic Sales and Purchases transits are covered for loss or damage caused due to various risks including fire, lightning strike, sinking of vessel and derailment of the carrying vehicle
- Loss due to any package lost overboard or dropped whilst loading or unloading from vessel could be covered
- Non-delivery of consignment due to hijacking or mysterious disappearance of the vehicle could also be covered
- Damages caused by surrounding cargo due to leakage, heat or explosion will be covered. This may occur due to insufficient space or improper handling of the cargo.
- Losses caused due to the negligence of the transporter such as overloading, wrong allocation, and untrained driver, could be covered
- Accident of the cargo carrying vehicle due to third party leading to either partial or total loss of the consignment is covered
What’s Not Covered?
- Insurance Contract Specifically Excluded
Losses due to leakage or hook losses in case of goods packed in bags may be excluded by the insurance contract itself. Solidification of palm and coconut oil may be excluded unless heated storage is available.
- Delayed Arrival:
Loss of profit, market loss due to delayed arrival or deterioration arising due to delay is excluded.
- Ordinary and Unavoidable Trade Losses:
Shrinkage and evaporation in the bulk shipment or infestation in case of copra are excluded, unless specifically provided.
Certain perils such as wars, strikes, riot and civil wars ae excluded, unless specifically endorsed.
- Dangerous Drugs Clause:
Insurance policy stipulates losses connected with shipment of opium and other dangerous drugs are not paid unless specified conditions are met.
- Insurance Contract Specifically Excluded
The subject of Marine Insurance is very wide and encompassing, which is why there is a definite categorization of various types of marine insurance and different types of marine insurance policies. As per the needs, requirements and specifications of the transporter, an appropriate type or types of marine insurance can be narrowed down and selected to be put into operation.
Talk to us today for all your Marine Inland Transit Insurance needs at an affordable price and for reliable claims management.
For registration of claims and to learn more about our claims process please Contact our dedicated claims team for advice on an incident/claim.
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