The transport business involves a lot of extreme opportunities and risks. Risks like cargo theft or theft in between the shipping process are abundant, and those operating in this sector are well aware of them. Transit insurance coverage for theft plays a key role here, offering coverage for all the financial loss resulting from theft.
The transit business, being such a dynamic one, is open to several risks, such as:
Theft risks can have severe financial consequences for an organization. Here's how they can affect a business's economic stability:
Marine insurance policies can be tailored to address specific risks. It can vary depending on whether you wish to insure your cargo or the ship. It can also vary based on the geographical needs of your cover.
So, here's how transit insurance covers risk -
You may also read: How Does Transit Insurance Safeguards Delivery Businesses?
Like any other policy, theft cover can vary based on several factors. Here are some best practices to consider while opting for appropriate theft coverage:
You may also read: 10 Things to Ask Your Insurance Agent about Marine Insurance
Rahul is an Indian businessman manufacturing high-class electronics products like televisions and premium mobile phones. He received an offer to showcase some of his top innovations in Singapore and happily accepted the offer. So, he hires a reputed transport company to send the requisite items.
The transport provider accepted the offer and shipped the product via sea. Unfortunately, they lost track of the shipment and came to know that there was a pirate attack on the ship carrying Rahul's container. Pirates hijacked the ship and took most of the goods from the containers, one of which contained Rahul's electronic products.
However, Rahul had covered those goods under marine insurance, and since they were stolen, he raised a claim. After the inspection, the insurance company gave the claim the green light and provided coverage for the stolen goods according to the sum insured.
Transit Insurance Coverage for Theft protects companies against financial losses while keeping the business up and running all the time. Whether operating at a small scale or large scale, transit insurance plays a signature role in taking the coverage to the next level. Hence, selecting the appropriate insurance plan adds a crucial layer of protection, enabling seamless and hassle-free operations.
Select Commodity
Select Mode of Transport
Cover Amount Required
Insurance
Calculators
Payment Methods
Secured With
Follow us on
Expert advice made easy
