Specific transit insurance is specifically made for business owners that send out cargo items occasionally. It provides coverage for a single voyage. The cover ceases once the cargo arrives at its destination.

Need for Specific Transit Insurance

A single marine policy will be designed based on the kind of goods, sending limits for each transaction, per location limits required, transport mode, location, or any other specific needs.

Specific transit insurance is specifically made for business owners that send out cargo items occasionally. It provides coverage for a single voyage. The cover ceases once the cargo arrives at its destination.

There are two types of single marine insurance policy:

• Inland/Domestic Transit – It provides coverage for a single transit within India.
• Imports/Exports Transit – It covers a transit to country exporting goods and importing from other country to India.

What’s Covered?

• Marine specific transit policy is designed to cover all types of cargo against various risks such as fire, lightning, collision of the vessel with external objects.
• Transit insurance will also pay for loss during air or ocean freight during international shipping.
• War, riots, strike, and civil commotion can also be introduced in policy for overseas transit.
• Marine policy cover clauses recognized internationally, such as Institutional clause (A), which is an unnamed peril clause, is the widest form of cover under transit Insurance.
• Other clauses which are applicable under marine insurance are Institute Replacement clause, SRCC clause, Debris Removal Clause, Brand & Labels Clause.
• Most of the coverages under transit insurance India are at par with international practice recommended by International Underwriting Association in London.

What’s not covered?

• Loss or damage due to wilful misconduct
• Ordinary leakage,
• Improper packing, delay,
• Inherent vice,
• War,
• Strike, riot, and civil commotion.

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 Specific 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.