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Specific Transit Insurance

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Advantages of Specific Transit Insurance

Wide Risks Coverage
Our specific transit insurance protects cargo from any physical loss or damage. We arrange insurance for a wide set of risks as per internationally recognized institute cargo clauses A, B and C; while in transit via sea, rail, road or air.
Single Transit
Specific transit insurance are specifically made for business owners that send out cargo items occasionally. It provide coverage for a single voyage. The cover ceases once the cargo arrives at its destination.
Customized
A single marine policy will be designed based on the kind of goods, sending limits for each transaction, per location limits required, transport mode, location or any other specific needs.
Fast Issuance
The policy is issued fast. It can be issued online for immediate coverage. Premium can be paid through Netbanking or NEFT. Online policy can be issued for immediate coverage. The insurances soft copy is accepted as evidence of transit insurance.

Benefits of Specific Transit Insurance

Comprehensive Coverage

  • Marine specific transit policy is designed to cover all types of cargo against various risks such as fire, lightning, collision of the vessel with external objects.
  • Transit insurance will also pay for loss during air or ocean freight during international shipping.
  • War, riots, strike and civil commotion can also be introduced in policy for overseas transit.

Global Standard Coverages

  • Marine policy cover clauses recognized internationally, such as Institutional clause (A), which is an unnamed peril clause, is the widest form of cover under transit Insurance.
  • Other clauses which are applicable under marine insurance are Institute Replacement clause, SRCC clause, Debris Removal Clause, Brand & Labels Clause.
  • Most of the coverages under transit insurance India are at par with international practice recommended by International Underwriting Association in London.

Efficient Way To Insure

  • Issuance of a single marine policy happens as soon premium is paid. Premium can be paid through NEFT for immediate issuance.
  • Considering the immediate nature of the policy, the policy can be issued by providing limited amount of information.
  • Multiple options of cover, from leading insurers, are provided. Select the best insurance.

FAQs

Specific transit insurance is an goods in transit insurance which covers wide range of risk such as damage to cargo due to perils like fire, lightning, earthquake and explosion. It also covers the risk of damage due to overturning of vessel or derailment of land conveyance. Export insurance also covers goods lost due sinking of the ship

There are various add-ons available in cargo insurance, which can be added by paying additional premium. Some of the key add-ons are debris removal, custom duty, and damage or loss of cargo due to war, strike, riot, civil commotion, and terrorism.

General average is an internationally accepted principle of equity. When the vessel owner declares a general average, the vessel owner and all the cargo interests will share the expenses associated with the general average on a pro-rata basis. These expenses are covered under marine insurance.

There are three types of clauses covered under a single transit insurance: Inland Transit Clause (C), Inland Transit Clause (B), and Inland Transit Clause (A). ITC (A) is the widest form of cover under single transit insurance because of the extent of perils it covers.

In case of any damage to the goods during the transit, you should immediately intimate us with the basic details of the incident. Following that, we would inform the insurer and a surveyor would be appointed for the inspection of loss. Our team will work with you to submit all documents required by insurance company and will also take care of all the communications in order to expedite the claim process.

Yes, your policy will pay for partial loss of goods which can be classified in two types.
  • A general average loss which is caused voluntarily to avoid danger. For instance, in case of sinking of vessel due to overload, the cargo might be thrown out of ship to save the crew and ship.
  • Second type of loss is particular average loss which covers damage caused by covered marine perils.

Documents required would include copy of billing lading, survey report, original invoice and packing list together with shipping specification or weight notes, copies of correspondence exchanged with the carriers or bailees and claim bill should be submitted. In case of any other additional requirements raised by the insurer then those documents should be duly submitted for the faster claim processing.

Firstly, intimate us about the claim as soon you get to know about it so that we can inform all other stakeholders like insurers and surveyors. Timely submission of documents, notifying all the parties on timely basis in written, keeping duplicate copies of all the documents submitted and getting the documents from the transporter and all other parties involved should help in faster process of the claim.

Key factors which effects the premium calculation for a single marine insurance are nature of cargo, type of packaging, scope of cover and mode of conveyance. Other factors which comes into play are past claim experiences, amount of coverage, add-ons cover opted in the policy, etc.

There are many types of goods which get transported across the world and premium calculation for a single transit insurance depends largely on the kind of goods. Premium for perishable goods would be high compared to a nonperishable/durable goods due to it's delicate and high risk nature. It is at the discretion of an insurer to underwrite the goods based on it's nature and also on own their past experience for that specific category of good.

There is no fixed calculation for the loading of the premium charged due to past claim experience. Premiums do get impacted due to past claim experiences but it further depends on various other factors such as type of claim, insurer's claim experience for the category, claim status, final claim amount paid etc. More than premium impact it is far more important to declare all the information about the past claim experiences, if any.

In marine insurance, premium calculation depends on various factors such as type of goods and past claim experiences. Hence, it is really hard to state the specific ways to reduce the premium. Few things which we suggest our single marine clients is to consider buying an open marine policy which helps them reducing the overall premium significantly and also improves the efficiency by covering all transits for the entire year in advance.

Yes, loss due to loading or unloading of the goods from the vehicle or vessel can be covered in the single marine insurance. This is an add on cover which we recommend our clients to take so that the entire cycle of transit is covered starting from loading until the unloading of goods at the final destination.

Incoterms are the obligations between buyer and seller for national and international purchase contracts. There are total 13 incoterms which are used in the contracts, offers and other conditions of purchase and sale. Main objective is to clarify the key responsibilities of buying insurance, incurring transport cost, and responsibility of export and import clearance, between buyer and seller. Names of few incoterms are FOB, CIF, ExWorks,etc

There are two types of single marine insurance policy :
  • Inland/Domestic Transit - It provides coverage for a single transit within India.
  • Imports/Exports Transit - It covers a transit to country exporting goods and importing from other country to India.

An excess is the minimum amount which is deducted from the claim arises during the policy period. The final claim amount paid by the insurers is after deducting excess and other limits mentioned in the policy copy. Also, excess helps an insurers avoid incurring administration costs by avoiding minor claims which are below excess amount.

Insuropedia

What is Specific Voyage Policy?

As the name itself says, a specific voyage insurance policy covers a specific single transit only. It offers coverage to goods, freights and other interests against various losses or damages, like fire, collision, earthquake, lightning, etc.; when these goods are being transported by rail, road and/or air. Specific voyage insurance policy ...
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How to Decide the sum Assured in Specific Transit Insurance Policies?

The specific transit insurance policy offers coverage for cargo or goods carried through various modes of transport. This insurance policy offers protection to any consignment for one trip. This means that the protection ceases for this transit insurance policy as soon as the cargo reaches its destination ...
Read More

What is Constructive Total Loss in Marine Cargo Insurance?

A constructive total loss in marine cargo insurance means that the cost of repair of a damaged item is more than the current value of the item. The insurer settles the insured the entire amount on the basis of the fact that the repairing cost exceeds the replacement or market value. Often a loss equal to 50% or 60% of the stated value...
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