Inland Transit vs Marine Cargo insurance

If your business involves the transportation of finished or unfinished goods or raw materials, you probably need a form of marine insurance. Several types of such insurance options are available depending on the need, but for someone involved in the transit of goods, cargo protection is of utmost importance. Marine insurance could be via any sort of conveyance, namely, ship, road, rail or mail. The article below shall delve into the differences between the two most common types of marine insurance- inland transit and marine cargo insurance.

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Before we dig deep into the difference between these two insurance types, let us first understand what they mean.

Inland Transit Insurance

Inland transit insurance is specifically designed to provide extensive coverage to the insured’s goods or cargo while they are being transported within the country. Also, sometimes referred to as domestic transit insurance, this insurance is part of marine insurance, however, the transit should be within the borders of the country. This policy is a good available option to protect goods from damage or losses while in transit.

Marine Cargo Insurance

If your business is involved in the import and export of goods or is expanding to overseas markets, marine cargo insurance is a must. This cargo insurance policy can offer protection for your shipments as transit to different countries encompasses higher risks and a different set of laws. The conveyance can be in form of sea, land or aerial.

Inland Transit vs Marine Cargo Insurance

Since we have now put some light on the basic concepts of inland transport and marine insurance, we shall now focus on the factors that differentiate one from another.

Differentiating Factor Inland Transit Insurance Marine Cargo Insurance
Meaning Inland transit insurance is the coverage for insured shipments or goods when being transported domestically mostly by land. Marine cargo insurance provides coverage for the import or export of goods from one nation to another, by the means of land, air or sea.
Means of transport Typically, this insurance doesn’t cover the transport of goods by sea or air. This insurance usually includes any means of transportation.
Geographical location Within the country’s borders International trade
Coverage clauses This insurance provides coverage under two types of clauses:
Inland Transit Clauses (A): Coverage for all types of damages excluding rainwater damages
Inland Transit Clauses (B): Coverage for only accidental damages		 This insurance provides coverage under:
International Cargo Clause (A): Coverage for all types of damages excluding rainwater damages
International Cargo Clause (B): Coverage for only accidental damages
Common perils covered Some common perils covered are:
Earthquakes
Fire
Explosion
Lightning
Manmade or natural calamity
Theft
Accidental damages		 Some common perils covered are:
Fire accident
Explosion
Sinking
Stranding
Collison
If cargo leaves the port of distress
Jettisons

Why Buying an Insurance Is Important?

Be it inland transit insurance or marine cargo insurance, goods in transit must be insured. We list down a few reasons why buying an insurance policy for your shipment is a must.

  • Regardless of the precautions you take, accidents can sometimes be inevitable.
  • Losses incurred can be huge.
  • Carrier's limit of liability is fixed to a certain amount and they shall pay only to that extent.
  • Settling of claims has fastened due to digitalization and cross-functioning

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  1. New machinery or equipment for industrial use
  2. Iron & steel rods, metal pipes, tubes
  3. Electronic and white goods
  4. All types of FMCG commodities
  5. All kinds of food like oils essence flavours and other various packed items
  6. Automobiles
  7. New machinery machine tools and spares in closed ISO containers
  8. Solar panel
  9. Machinery machine tools spares duly packed/lashed
  10. Stationery items
  11. Timber and wood products
  12. Edible oil in tanker
  13. Aggregators/Transporters
  14. All types of containers
  15. All types of paints duly packed
  16. Auto spare parts
  17. Ceramic products and tiles
  18. Edible vegetables or fruits and nuts or peel of citrus fruits
  19. Granite and marble
  20. Metal hand tools
  21. Metal scrap in ISO container
  22. Metals of all types excluding precious metals
  23. Non hazardous chemicals in bags
  24. Pharmaceuticals and bulk drugs
  25. Rough marble in blocks
  26. Toys, games and sports equipment
  27. Used CPM machines and equipments
  28. Used machinery machine tools and spares in closed ISO container
  29. Agri commodities (Wheat/ Grains/ Seeds/ Rice/ Spices/ Pulses)
  30. Fragile items (Glass/lens)
  31. Garments,apparel,fabrics or textiles
  32. Cables and wires
  33. Household items-new and old
  34. Leather and leather goods
  35. Metal handicrafts and brasswares
  36. Milk and ghee packaged or in tankers
  37. New CPM equipment
  38. Plastics and articles thereof
  39. Rubber and articles thereof
  40. Soap, cosmetics, toiletries
  41. Wooden Furniture/Steel/Plastic/Aluminium
  42. Dry Fruits (Almonds, Cashew, etc)
  43. Paper & packaging materials
  44. Liquid chemicals/Paints/Dyes/Intermediates
  45. Processed food/edible items
  46. Natural or raw rubber in sheets, blocks, crepe or crumb form
  47. Cotton including raw cotton
  48. Jute & Coir Products
  49. Medical/Bio-Medical equipments and other such precision equipments
  50. Carpet
  51. Spices (turmeric, pepper, cardamom, coffee, tea, etc )
  52. Fertilizer
  53. Cement in bags
  54. Batteries
  55. Cast iron products (cookware sets, bakeware, etc)

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Conclusion


Marine insurance and inland transit insurance aren’t complicated; however, it is always a great idea to understand the differences and the need of the shipper and then navigates various insurance providers before making a buying decision.

Learn more about Marine Insurance
Annual open Policy
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Sales turn over Policy
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Transit Insurance
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Marine Insurance
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Cargo Insurance
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  • Disclaimers+

    *Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport. Premium varies on the basis of Occupancy, Business Activity & Coverage Type
    By clicking on "View Plans" you agree to receive assistance and agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
    The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

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