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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.

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...

    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...

      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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