Cargo insurance will be designed based on the kind of goods, sending limit for each transaction, per location limit required, type of mode used, typical normal losses and transit frequency.
Marine Cargo insurance can be an open declaration policy. An aggregate sum assured is specified for the full year. All transits thereafter are covered with a declaration at the end of each month.
Policy issuance is fast. Payment happens through Netbanking or NEFT. Online policy can be issued for immediate coverage. Soft copy of the policy can be used for documentary evidence of the insurance
Inland Transit Clause A could be bought for all risk coverage. Sum Assured could be enhanced by additional 10% to cover incidental expenses in case of loss. Add-ons such as 'loading risks' could be bought.
Cargo Insurance is a specially designed insurance policy to cover for your goods in transit. It offers coverage to your goods and freights against all types of losses and damages that can occur from external sources during the transportation. This insurance covers for all the mediums of transportation, i.e., via land, sea, air or rail.
The movement of goods or freight across, always has some risk associated with it. It is essential to insure the goods which otherwise could eat up from your profit as the loss associated could be huge.
Freight insurance and cargo insurance are insurance terms used interchangeably to describe a goods insurance which is designed to protect your goods and commodities during the transit, loading and unloading or offloading, i.e., for the period the goods are associated with the vessel or the carrier. Both the insurances are designed to insure the total or partial value of the goods.
The premium of a cargo insurance comes up to less than 1% of the value of the goods or commodity transported. To say, if you are transporting goods worth INR 1,00,000 then the premium charged for a cargo insurance that will insure your goods against damages will come at a price which will be much less than INR 1000. When compared, insuring goods in transit is much cheaper than bearing the loss of the damaged goods which can be huge and eat up from your profit. Cargo insurance can prove really beneficial in the following situations:
Below are the types:
Below are the coverages provided under such an insurance policy:
There are some exclusions under a goods insurance. The policy does not cover for loss or damage due to:
Wide Range of Risks Covered
Damage Due to Third Party Covered
SecureNow helps you in buying such insurance online easily. Below are the steps that you need to follow to obtain good insurance online from us:
Cargo insurance does not cover stationary risks. Cargo insurance is designed to cover for goods or commodities in transit. So, if the goods are in a warehouse or a godown, then it will not be covered under the regular goods or cargo insurance. However, there are methods to cover for your stationary goods also to protect them for unforeseen perils. Such risks need to be covered through a stock or warehouse fire insurance policy.
The first step in claiming under a cargo insurance is intimating about the damage of loss to the insurer. The Insurer will then appoint a surveyor to assess the loss. This would be followed by a list of documents required to establish cohesion and assess the actual loss. After reviewing the document, the insurer would provide a claim assessment. Typically, any marine loss entails disposal of the salvage as well. This could be retained by the client or could be sold to a third-party.
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