The shipping and transport business involves a huge amount of risk. Even with all the risk control measures, unexpected events can still take place, thus putting businesses under financial stress. Being exposed to the risk of various man-made and natural disasters, marine insurance has become quite a necessity for businesses involved in the trade. Specific transit insurance policy or marine cargo insurance policy also provides financial protection to businesses against the loss or damage caused to cargo in transit by various marine perils. However, to buy the right marine or specific marine insurance policy, it is extremely crucial to reap the benefits of the policy, whenever needed.
Additional Read: Why do I need to buy Specific Marine Insurance?
How to select the right transit insurance policy?
When you buy a marine insurance policy, it is also important to go for the right type of coverage customized to your requirement. Here are a few tips to select a transit insurance policy:
Tips to buy a transit insurance policy
Look for the right category
There are various types of marine insurance coverage available such as cargo insurance, marine liability insurance, hull insurance, etc. You can customize the coverage depending on the requirement of your business. Therefore, choose the right category of coverage you need and customize it.
Shop around
There are various marine insurance providers in India. To get the best one at a cost-effective price, it is important to do comparison shopping. Shop for suitable marine insurance online on Securenow. Provide your business details and coverage required to get various marine insurance quotes. You can also compare the marine insurance policies based on the benefits and features offered by various marine insurance providers. By shopping for marine insurance online, you can make a rational decision after a cost-benefit analysis.
Cost of Transit Insurance
Along with getting comprehensive coverage to avail adequate financial protection, it is also important to consider the cost of marine insurance while buying. When you shop for marine insurance online, you can avail yourself of marine insurance quotes from various marine insurance providers. By comparing the benefits and costs of various marine policies, you can avail of the right coverage at a better price.
Consider the exclusions
Most marine insurance policies offer extensive coverage for a wide range of marine perils. However, it is important to go through the policy documents to understand the terms and conditions, major exclusions of the policy to avoid any hassle at the time of claim settlement.
Additional Read: What are the factors that decide premium of Marine Insurance Policies?
How to buy Transit insurance online?
Buying transit insurance is an easy and simple process on Securenow platform. All you have to do is log on to Securenow and submit your basic details to get transit insurance quotes from various insurance providers. Here is a simple process to follow for buying specific marine insurance:
- Choose the marine insurance cover
- Select the right insurance company
- Fill in the marine declaration form and other relevant documents
- The insurer will assess the risk and also calculate the premium
- Pay the premium
- Receive the cover note and marine policy document
Following are the documents that are needed for buying specific marine insurance:
Along with the proposal form, you need to submit the marine declaration form carrying the following details:
- Name of the policyholder
- Items to be shipped
- Value of goods and transport products
- The risk involved in the business
- Name of the vessel carrying cargo and destination, etc.
So, based on these details provided to the insurers, the risk assessment will be done. Choosing the right cover also keeps your business protected during unexpected events.
About The Author
Simran
MBA Insurance and Risk
With extensive experience in the insurance industry, Simran is a seasoned writer specializing in articles on marine insurance for SecureNow. Drawing from 5 years of expertise in the field, she possesses a comprehensive understanding of the complexities and nuances of marine insurance policies. Her articles offer valuable insights into various aspects of marine insurance, including cargo protection, hull insurance, and liability coverage for marine-related risks. Renowned for their insightful analysis and informative content, Simran is committed to providing readers with actionable information that helps them navigate the intricacies of marine insurance with confidence.
