Marine Transit Insurance Policy
Protect your inland shipments with a comprehensive Marine Insurance
Growing businesses are always prone to the risk associated with the transport/ transit of any kinds of goods and merchandise. Open Marine Insurance Policy can overcome these kinds of situations. The policy helps you safeguard the damage or loss associated with the transit of goods. The policy covers the risk due to damage/ loss/ destruction to the goods during transit by different modes like train, lorry, or any other land conveyance. The journey from the discharge port to the factory/ warehouse, where the cover has been terminated at the discharge port, is named as tail-end risk. Most of the CIF imports are insured only till the discharge port, and therefore the onward journey from the discharge port needs to be insured at certain times.
Types of Covers in Marine Insurance Policy
The policy provides two types of covers:
1) Inland Transit (All Risk or ITC A): Covers all risks associated with loss/damage to insured goods during transit via road/rail.
2) Inland Transit (Basic Cover or ITC B): Covers risks like fire, bridge breakdown, lightning, collisions, derailment, or overturning during transit via rail/road.
Additional coverage for theft, non-delivery, or pilferage (TNPD) can be included by paying an extra premium. Tail-end transits or imported shipments from the site where risk originates fall under ITC B coverage. This inland transit policy is crucial for domestic goods transportation within India, which is why it is also known as Marine Transit Insurance (Inland) Open Policy.
Advantages of Marine Inland Transit Policy
The policy offers several benefits due to its open policy nature:
-) Customizable & Comprehensive Cover – Designed based on goods type, sending limit, mode of transport, and transit frequency.
-) Fast Issuance – Quick processing and easy online payments via Netbanking or NEFT.
-) Soft Copy Access – Digital proof can be used for documentation during transit.
Extensions to the Marine Insurance policy
The extensions under the policy can be purchased through extra premium facilities. The extensions include custom duty, removal of debris, damage/loss of cargo either due to strike, riots, civil commotion, or terrorism.
Exclusions to the Marine Insurance policy
The policy excludes the loss/damage due to wear and tear of cargo, ordinary leakage, delay in shipping or improper packaging along with any willful misconduct and illegal activities.
How to get the best policy
Find a specialized industrial insurance policy provider
You must deal with specialists. Since specialized insurance companies that deal with Marine transit insurance Open Policy can give you a comprehensive solution. You need to search for one skilled insurance service provider.
Run a comparison study
You can find several sites offering you information about the various insurance providers, their policies and reviews. By running a comparison study, you can easily find an insurance company that is right for your needs and requirements.
Seek professional help
It would be advisable to find professional help to understand the policy, because, at times, it can be too technical for you to understand, and a person who is expert in the insurance business can help you in spotting the right kind of policy for your business. The insurance expert can make you understand the legal terms associated with the policies.
Read the terms and conditions carefully
You should read the terms and conditions. For instance, you need to know about the social exclusions, the add-ons of the policy, and more. Hence, take out some time and read the terms and condition carefully before buying the insurance plan.
Never let the business be vulnerable to the unpredictability of nature and happenings. You can keep everything under control by availing the Best Open Marine Insurance Policy for your business and act with a sense of urgency when things go wrong without prior notice. So, stay safe.