Marine Insurance
What is Marine Transit Insurance?
Marine cargo insurance is a class of property insurance that insures property while in transit against perils consequent or incidental to the navigation of the sea or air or rail/road/inland.
Who needs marine transit in insurance?
- Having this policy is essential for businesses and individuals alike. Business shipments are usually high in value and any damage can directly impact business.
- When it comes to an individual, relocation is regarded as one of the most stressful life events, be it for job change or marriage.
- Whatever your reason may be for transporting your goods, our policy protects your goods against material damages
- Open Cover – Open cover are commonly used in international trade, specifically by companies involved in high volume trade over long periods of time. Companies purchase this type of coverage because it eliminates the need to negotiate terms of a new policy each time a shipment is made. Open Covers are normally issued for one year, in the form of an agreement to cover shipments by sea/air between two specified terminals or on a worldwide basis.
- Open Policy – Big commercial firms and establishments with huge volume of trade and numerous transactions will find it administratively cumbersome to insure their transits individually. Open policies provide a handy and effective method of providing automatic protection to all consignments of such insured’s. Open policies are issued for one year in proper policy form duly stamped, for a sum insured representing aggregate of dispatches likely to take place during the policy period. Premium will be collected in advance and declarations of transits made by the Insured will be recorded and accounted, diminishing the estimated sum insured under the policy.
- Specific Voyage Policy – This policy is valid for a single voyage or transit. The policy will be issued before the voyage starts. The coverage will cease immediately on completion of the voyage. The specific voyage policy must show complete details of the risk. It should contain particulars of conveyance/Vessel name/ Bill of Lading/ Air
Way Bill / Consignment Note and date, sum insured terms and conditions of cover, voyage, cargo description etc.
All the modes of transportation namely, air, water, rail & road are covered under this policy. Goods being transported via courier services are also insured. Your goods in transit will be protected against vehicle collision, overturning, derailment, or accidents happening anywhere from the source to destination. This coverage can also be extended to loss or damage of goods due to theft, strike, riots, terrorism, and other hostile acts by human by opting for appropriate coverage as per one’s needs.