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The specific transit insurance policy provides cover for a single trip. Cover ceases to apply as soon as the cargo arrives at its destination. The policy is ideal for business owners who send out cargo items infrequently.
It is a freely assignable policy, offering different forms of coverage that may vary from All Risk Cover with ITC-A clauses to more specific Fire Risk Only Cover using ITC-C clauses.
You can take cover for all form of contracts which are - FOB (Free on Board), C & F (Cost and Freight), CIF (Cost, Insurance and Freight). In case of FOB & C&F the buyer is responsible for the insurance, whereas in case of CIF, the seller is accountable for the insurance.
In case of export or import, specific transit, policy applies to the physical loss and damage of cargo in transit via sea, rail, road & air under internationally recognized Institute Clauses A, B & C.
Typical examples include goods damaged during unloading and loading or while in storage; damage due to labour strike; and earthquake related damage. These perils can be covered if the insurance is placed properly.
This refers to damage caused by a product’s instability rather than external factors. For example coal tends to self-combust, some oils solidify, and paper can disintegrate. Inherent Vice is generally excluded but a discussion with experts like us can give a clear sense of how to reduce Inherent Vice risks.
Claims are often rejected if packaging material was sub-standard or not customary. This can be contentious in claim settlement. A good practice is to declare packaging upfront and agree with the insurer that this is sufficient.
You must take immediate steps to minimize loss, and inform the insurer almost immediately after the loss is reported.
Add-ons cover include, strike, riot, civil commotion (SRCC) and even act of terrorism. Costs of debris removal, Sellers Interest Insurance are other examples of optional extensions.
Typical exclusions are: Willful misconduct, Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear, inadequate packing and Insolvency.
We have specialized marine underwriters and tie-ups with international experts.
We work with all insurers to get you the best options- both in terms of price and features.
Cover notes are issued within hours of request. This ensures that your goods don’t sit idle at any stage.
We manage all aspects of your claim - from survey appointment to documentation to insurer follow-up.
We will advice you on risk management best practices.
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