Transit insurance is important to secure goods in transit from one place to another. It caters to damages and loss caused to goods that are being carried by an individual on his/her private vehicle, or through an employee or driver or third-party carriers.
Transit insurance or transportation insurance policy is a safe and secure way of covering the risk arising due to loss or damage caused to goods or personal belongings while in transit. The cost of the premium is decided based on the goods in transit insurance and the risk the policyholder is bearing during that policy term.
Transit Insurance in India also recompenses damages resulting due to derailment or overturning of the vessel. Transportation insurance also covers loss of goods due to the sinking of the vessel. Nowadays, you can easily buy marine insurance online.
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A transit insurance plan proves to be most useful for businesses as it offers many advantages. Here are some of the advantages of a transit insurance policy that makes them must buy:
Transit insurance provides a policy that includes compensation against common perils that might cause damage to the items that are being transported. The common perils against which a transport or transit insurance provides protection are:
The various types of transit insurance policies that you can buy are listed below:
1. Single Transit - Such policies are designed for business owners who send out shipments occasionally. And the coverage is provided for a single voyage only. As soon as the shipment reaches its destination the coverage will cease.
2. Customized Plan - A transit policy can be customized on the bases of the goods type, transaction limitations, location limitations, mode of transportation, and any other specific requirements.
3. Overnight Vehicles’ Insurance Policy: If the goods have to be stored overnight in the vehicle, then this policy is recommended as it provides coverage for such goods.
4. Open Policy: This transportation insurance policy provides coverage for multiple transits that may occur within a given period, which is generally for one year. So, if a business transports its goods very frequently, then they can purchase this policy and can assure that they will get coverage for more than one trip without purchasing a different transit insurance policy for each trip.
5. Goods in Transit through Third-Party Carrier Cover: If your goods are being transported through a third-party vessel or carrier, then that carrier may not take risk of damage to the goods in it. You can, therefore, purchase this insurance plan to provide cover against the damage when the goods are transported through a third-party carrier.
6. Goods in transit Through Own Carrier Cover: If you are using your vehicle for transporting your goods, then this insurance will cover the goods against damages.
7. Cover for Multiple Vehicles: If you are using multiple vessels for transporting your goods, then you should take an insurance plan of this kind as it will cover the goods that are transported through more than one vehicle. Multiple vehicles are covered under a single plan in this policy.
Following are the benefits of buying a transit insurance policy-
Transit/transportation policies can be issued to the following parties-
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