Being involved in the transportation industry brings with it several responsibilities. While delivering goods from one place to the other, it becomes your responsibility to keep them safe. Marine inland transit insurance works as a protection for cargo while it is on its journey from one place to another. Inland transit insurance comes under a marine insurance policy.
Marine inland transit insurance policies in India cover goods transported overland via train, truck or other inland transport vehicles. They do not provide coverage for other transportation modes unless included in the policy terms.
The risks inherent with cargo transportation typically include theft of the goods, damage of goods on-board or collision of the container.
Why Should You Buy a Marine Inland Insurance Policy?
Marine inland transit insurance policy plays a very significant role in a business that deals specifically with the transportation of goods. It covers the damage or loss to the insured goods, like different types of machinery and raw materials during transits, to avoid possible financial setbacks.
A policy generally offers coverage for goods that you transport domestically. While buying a marine inland insurance policy, here are a few things that you must know:
- The premium on transit insurance in India depends on the types of goods that you deal with for transportation.
- Marine transit insurance plans are appropriate for small-scale or medium-sized businesses as they do not need to import and export their goods internationally.
- You can even avail inland transit insurance coverage if you are a farmer and want to protect damage to goods (say your saleable crops) being sent by your vehicle till they reach the destination.
Benefits of a Marine Inland Insurance Policy
The inland transit coverage in marine insurance becomes effective from the time the goods leave the place of storage or warehouse and ends as soon as they get delivered. Here are the benefits it offers:
- Marine inland transit insurance policy can cover the non-delivery of consignment in case of hijacking or even any mysterious disappearance of the transporting vehicle.
- Losses resulting from packages lost overboard or dropped while loading/unloading from the vessel are covered under this policy.
- Damage caused by surrounding cargo due to inadequate space or improper handling of the load can lead to heating, leakage or explosion. A marine inland insurance policy also covers these losses.
- Transit insurance covers various losses or damages caused due to the carelessness of transporters such as wrong allocation and overloading.
Marine inland transit insurance policies can cover transits from and to any locations in India, even if covering multiple locations. Also, it is essential to note that inland transit coverage includes only those goods which are being transported overland. In some cases, you need inland transit insurance cover along with a marine insurance policy if the goods are to be transported to a distant location away from the ports.
Marine inland transit insurance policies can be issued to any individual or business organization online from a good insurer or insurance broker.
At SecureNow, we offer various insurance options for you to compare and find the most suitable policy. We provide customizable marine inland insurance policies based on the mode of transport, type of goods and location. Also, policy issuance is quick with the option of online payment.
You can also enhance your cover with various add-ons available under this policy by paying an extra premium. Some of these riders include the removal of debris, customs duty, and damage or loss of cargo due to strike, riot, civil commotion, and terrorism.