Marine transit insurance (inland) Open Policy
Growing businesses are always prone to the risk associated with the transport/ transit of any kinds of goods and merchandise. Marine Transit Insurance Open Policy can overcome these kinds of situations. The policy helps you in safeguarding 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 discharge port to factory/ warehouse, where the cover has been terminated at 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.
The policy provides two types of covers i.e., Inland Transit (All Risk or ITC A) and Inland Transit (Basic Cover or ITC B). The ITC A clauses cover all the risks associated during the loss/damage to the insured goods during transit via road/rail. While the ITC B clauses include the risk associated during the loss/damage due to fire, breakdown of bridges, lightening, collisions, derailment or overturning, to the insured goods during transit via rail/road. The loss or damage as a result of theft, non-delivery, or pilferage known as TNPD can be covered by taking extra premium. The tail-end transits or imported shipment from the site where risk originates falls under coverage ITC B. The inland transit policy is important for the transit of domestic goods and covers the domestic movement of goods from one place to another in India, hence named Marine Transit Insurance (inland) Open Policy.
The policy has its advantages in terms of being an open policy. It can be customized, issued fast, and provides a comprehensive cover. The marine inland transit policy is an open declaration policy which can be designed based upon the kind of goods, the sending limit, type of mode, normal losses, and transit frequency. The policy issuance is convenient as payment can be made through Netbanking or NEFT. The soft copy can be used for any documentary evidence during transit.
It is essential as an exporter/importer to have import-export insurance along with the inland transit insurance during the transportation of goods between different countries. Similar to this, container insurance is also needed to protect the containers from any damage.
The Import-Export insurance covers goods which are transported to and fro within countries. The coverage is usually regarding clauses, namely Institute Cargo Clauses. The different levels of coverage against marine risks and cargo are defined by the clauses ICC (A), ICC (B), and ICC (C).
Extensions to the 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 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 Marine transit insurance (inland) Open Policy for your business and act with a sense of urgency when things go wrong without prior notice. So, stay safe.