Marine Single Transit
What is marine transit insurance?
Marine transit insurance, also known as marine cargo insurance, provides financial protection in case your goods suffer any damages – man-made or natural – during transit. Marine insurance covers goods between points of origin to the final destination across all means – roads, railways, air, and sea, etc.
Marine transit insurance covers loss during transit suffered by your cargo caused due to fire, explosions, hijacks, accidents, collisions, overturning, theft, weather events, etc. You can choose a specific coverage based on your business requirement.
How marine transit insurance works?
The working mechanism of a marine transit insurance policy is simple. When you buy marine insurance, the financial liability for potential damages is on the insurance provider. In case of losses, you inform the insurance company, which will appoint a surveyor to analyse the quantum of loss. Based on the surveyor’s assessment, the insurer will offer compensation.
Thus, marine transit insurance gives you peace of mind as you’ve a financial cushion to fall back on if your cargo suffers any damage.
Types of Marine Transit Insurance
- Inland: Provides coverage for goods within India
- Import: Provides coverage for goods transported from a foreign country to India
- Export: Provides coverage for goods transported from India to a foreign country
Why do you need marine transit insurance?
You need a marine transit insurance policy:
1. To safeguard against transit risks faced by your cargo
Your cargo in transit can be of immense value. Its damage can have grave financial consequences on your business. Despite the best preventive measures, your cargo can fall prey to various perils, such as:
- Fire, explosion, lightning, earthquake and volcanic eruptions
- Theft and hijack of goods
- Collision of vehicles
- Overturning and derailment of vehicle
- Loss during loading and unloading of goods
In the case of such unfortunate events, marine insurance offers a payout that helps you minimize the financial losses arising from cargo damage.
2. To facilitate trade
Several national and international trade agreements warrant marine transit insurance. Having proper coverage demonstrates your financial responsibility. This can unlock business opportunities and partnerships and make trade finance more affordable.
3. For business continuity
If cargo is lost or damaged, financial recovery can be slow. With marine transit insurance, your business can bounce back faster by minimizing downtime and recovering the losses.
What is Marine Open Insurance?
Marine open insurance provides comprehensive coverage for your cargo during transit throughout the year. This flexible policy, often called a “floating policy,” eliminates the need for separate insurance for each shipment, saving you time and money.
By opting for a marine open policy, you shield your business from financial losses due to various perils, including fire, theft, and natural disasters. Ideal for importers, exporters, and shipping companies, this policy offers peace of mind and financial protection against unforeseen events.
Coverage extends to multiple shipments until the policy’s end or the sum insured is exhausted. This ensures continuous protection for your valuable cargo.