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
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.
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.
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.
The Multimodal Transportation of Goods Act, 1993 established a legal responsibility on the multimodal transport operators (MTOs), licensed operators, liable for any loss or damage to the goods entrusted to them for transportation.
MTO Insurance is designed to protect freight forwarders and transportation operators from legal liabilities arising by virtue of their operations. All marine and cargo liabilities for the below list are covered under such a policy:
An MTO insurance policy also covers for in transit warehousing.
Multimodal transport operators liability insurance (MTO) is a type of insurance that provides coverage for damages or losses that occur during the transportation of goods by multimodal transport operators. These operators handle the transportation of goods by multiple modes of transportation, such as road, rail, air, and sea. Multimodal transport operator insurance policy is designed to protect these operators against the risks associated with transporting goods over long distances through multiple modes of transport.
MTO insurance covers a range of liabilities, including physical damage to goods, delay in delivery, loss of cargo, and damage to third-party property. It also covers liability for injuries or death caused to third parties during the transportation process. MTO insurance is typically purchased by freight forwarders, logistics companies, and other businesses involved in the transportation of goods.
The coverage provided by MTO insurance varies depending on the terms and conditions of the policy, but it typically includes a range of risks associated with the transportation of goods, including theft, accidents, natural disasters and other unforeseen events. It is important for businesses involved in multimodal transportation to carefully review the terms and conditions of MTO insurance policies to ensure they have adequate coverage for their specific needs. There are many leading insurers who offer this transport operators liability insurance online.
Buying Online Multimodal Transport Operator Insurance policy offers several benefits to policyholders. Here are some of the advantages of purchasing MTO insurance online:
In summary, buying Online Transport Operator Insurance policy is a convenient, cost-effective, and flexible option that provides policyholders with a wide range of coverage options, instant quotes, and easy claims processing.
Below are the possible benefits of an MTO Insurance Policy:
Cargo Liability Cover
Regulatory Breach Cover
Third party liability Cover
A Multimodal Transport Operator Insurance Policy could cover legal liabilities arising out of:
Note: This is an indicative list only. Your policy copy will have the details of all the coverages under the MTO insurance policy.
To obtain a Multimodal Transport Operators (MTO) insurance certificate in India, you need to follow the below steps:
Having an MTO insurance certificate is crucial for companies engaged in the transportation of goods. It protects them from legal liabilities arising from any damage or loss of cargo during transportation. It is advisable to choose a reliable insurance company that provides comprehensive coverage at a reasonable premium.
Documents required would to claim for a multimodal transport liability insurance include:
In case of any other additional requirements raised by the insurer then those documents have to be submitted as soon as possible for a faster claim processing.
The first step in the claim process for an MTO policy is intimating the insurer about the damage or loss. With us it is easy. You can just intimate us by writing on email@example.com along with the basic details of the claim. SecureNow’s claims team will reach out to you and ask for further documentation, if needed, in the process. You will have to submit the mentioned documents along with the duly signed claim form. We will share the documents with the insurer. After the claim is scrutinized and approved, it will be settled. SecureNow will coordinate in this whole claim process and will update you for any status change. You can trust us for your insurance!
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