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Advantages of Multimodal Transport Operators Liability Insurance

Meets Legal Requirements

Multimodal transport operator insurance helps the MTO operators and the enterprises who have converted into MTO, in getting the license by meeting the legal requirements as mandated by the law under section(3) of Multimodal Transportation of Goods Act,1993

Comprehensive Cover

A multimodal transport insurance policy covers losses from physical damage to the cargo or due to delay in delivery of consignment. It also provides coverage against consequential losses, errors & omissions, fines and duties and third party legal liability.

Safer Transactions

The number of multimodal transport operators has increased over the past few years. An MTO insurance policy facilitates safer and faster transactions between the transport providers and the trading companies who are operating on worldwide basis.

Fast Claims Settlements

Claim settlement process for an MTO insurance policy is fast and simple. Turnaround times are regulated by IRDAI. Claim process and documentation are handled by industry experts in order to ensure that claims get processed faster and efficiently.

Benefits of Multimodal Transport Operators Liability Insurance

Cargo Liability Cover

  • An MTO policy is designed to cover all the losses resulting due to physical damage or loss to the transported cargo and due to delay in delivery of shipment.
  • This policy provides coverage against consequential losses directly arising from the above mentioned condition
  • It also offers protection against losses arising from cargo's contribution to general average and salvage.

Regulatory Breach Cover

  • Multimodal transport operator insurance indemnifies the insured in respect of its legal liability to any claim arising from an unintentional breach of any regulation, legal or statutory provision
  • Policy also compensates for the penalties imposed by a duly constituted court, tribunal or government authority
  • Any breach directly related to import or export of cargo or immigration is also covered by the MTO policy.

Third party liability Cover

  • A multimodal transport insurance policy protects the insured for claims related to third party liability arising from an accident causing third party bodily injury or damage to someone's property.
  • An MTO policy covers those liabilities that an insured may incur while directly performing its insured services.
  • This policy also covers third party consequential losses directly arising from above mentioned conditions

Frequently Asked Questions

The Policy covers legal liabilities arising out of:
  • Physical loss or damage to cargo while in care, custody and control of the insured, or a party who has contracted or sub-contracted to provide transport services
  • Consequential losses
  • Unrecoverable cargo's contribution to general average
  • Errors and Omissions
  • Fines & Duties
  • Third Party Liability
  • A multimodal transport operator insurance policy offers coverage to various transport providers such as MTOs, freight forwarder, hauliers, in-transit warehousing, shipping agents, packing and consolidating agents, clearing and forwarding agents, and custom house agents.
    A multimodal transport operators insurance policy provides coverage for all modes of transport involved under one contract which could be either air, sea, road or rail movements. MTO policy will also cover if you are acting as agent for third party NVOC principles.
    Standard exclusions under a multimodal transporters liability insurance policy are financial guarantee and insolvency, criminal offenses, dishonest and fraudulent acts, unexplained loss or shortages, fines, penalties, punitive and exemplary damages. Claims arising from any known prior matters are also excluded from the policy.

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