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Goods transit insurance covers loss or damage of goods. It applies during transportation between different locations and encompass losses from accidents, theft, fire, and natural disasters. Such events are typically beyond the insured party's control.
Goods transit insurance provides coverage for transporting goods from one location to another. Businesses and individuals often use this insurance when transporting goods as part of their operations or personal activities. Here is a closer look at goods transit insurance and its benefits.
The coverage provided by goods insurance can vary depending on the policy and the insurance provider. Most policies cover the goods' value and shipping costs during transportation, either fully or partially. Buyers need to be cautious not to undervalue their possessions. Marine transit insurance, whether for household goods or other items, does not automatically raise their perceived value.
Goods in transit insurance offers vital financial protection to businesses and individuals during transportation. It covers losses such as loss, damage, or theft, reducing the financial impact on the insured party. This ensures peace of mind during transit operations.
In addition, goods in transit insurance can help businesses and individuals maintain their reputation and customer satisfaction. Loss, damage, or theft of goods during transportation can result in delays, cancellations, and dissatisfied customers. With goods transit insurance, businesses and individuals secure their ability to meet customer obligations. This insurance assures fulfilment even during unexpected events, providing reliability and peace of mind.
Various goods transit insurance types include Inland, Air, and Marine cargo insurance, along with Multimodal transit insurance. In summary, goods transit insurance financially protects those transporting goods, reducing the financial impact of loss or damage. Given the array of coverage options, selecting a policy tailored to the insured's specific needs is essential.
A transport insurance policy provides coverage for goods transported from one location to another. Several types of transport insurance policies are available. These include road transport insurance, car transport insurance, and goods carrying vehicle insurance.
Road transport insurance covers vehicles used for road transportation. This type of policy covers risks such as accidents, theft, and damage to the vehicle. Road transport insurance premium depends on vehicle type, age, and driver experience in its calculation.
Car transport insurance is a specialized form of road transport insurance that covers multiple vehicles during transportation between locations. This type of policy covers risks such as damage, theft, and accidents during transportation. Car transport insurance cost depends on factors such as the car's value and the distance it will travel. It also considers the mode of transportation, such as open or enclosed carriers.
Goods carrying vehicle insurance covers commercial vehicles used for transporting goods. This type of policy covers risks such as theft, damage, and accidents during transportation. Factors like the type of vehicle and the transported goods determine the premium for goods carrying vehicle insurance. It also considers the distance of transportation.
Transportation insurance cost depends on factors such as goods' value, distance, and risk level. For example, car transport insurance premiums can vary from a few thousand to tens of thousands of rupees. This depends on the mentioned factors.
In addition to these types of goods transport insurance policies, specialized policies are available. They cater to specific goods like perishables or hazardous materials. These policies offer extra coverage and protection for the transported goods.
In conclusion, transportation insurance is vital in the industry. It safeguards against unforeseen events causing loss or damage to goods in transit.
Domestic transit insurance is a type of insurance policy that provides coverage for goods transported within India. Its purpose is to safeguard the goods owner from potential losses or damages during transportation. The policy covers various risks, including theft, loss, and damage from natural disasters or accidents.
In India, domestic transit insurance is available for both individuals and businesses. Tailoring the policy to the customer's needs is possible. This includes the type of goods and mode of transportation (road, rail, or air).
Domestic freight insurance is like domestic transit insurance from coverage perspective. However, the latter is an insurance for transporting goods, while the former covers the carrier transporting them.
The domestic transit insurance premium varies based on goods' value, transportation distance, and risk level. In case goods are damage, policy-holders must provide proof of the damage or loss that occurred during transit.
Note that domestic transit insurance is not mandatory in India. However, experts highly recommend it for frequent goods transporters, as transit insurance policy offers financial protection against unexpected situations. Various insurance companies and brokers across the country offer domestic transit insurance for purchase.
Various types of accidents may occur during the transportation of goods. Risks in transportation include vessel overturning, theft, collision, fire, earthquakes, and floods.
Purchase an online transit policy to safeguard your goods and commodities during transportation and unloading. We issue such policies instantly for single transits and they cover the entire journey, including source to destination. Depending on your chosen coverage, they provide extra benefits such as protection from jettison, washing overboard, fire, and explosions.
Online transit insurance offers a multitude of features. Below are a few important ones:
Specific inland transit insurance clauses A and B, along with Institute Cargo Clauses A and B, cover the following:
Coverages under ITC B
Coverages under ITC A
All the coverages mentioned above under ITC B along with below coverages:
Coverages under ICC B
Coverages under ICC A
All - Risk coverage subject to below exclusions:
Below are the major exclusions under a marine transit insurance policy:
An inland transit insurance policy is suitable for people or businesses that deal with regular transportation of goods. Below are the segments who generally buy a transit insurance policy:
Below are the types of transit insurance available:
Online transit insurance is a specialized solution designed to protect goods in transit between various destinations. It addresses damages and losses incurred to move goods carried by any vehicle(private or third - party carrier). This policy suits buyers who wish to insure goods instantly by paying a premium for a single consignment.
Complete the proposal form with transport details to easily buy this product online. Upon payment of the premium, you will instantly receive a certificate of insurance.
Purchasing a transit insurance policy online with SecureNow is easy and hassle - free.
Claiming a damage under transit insurance is also simple. SecureNow offers end to end services for transit insurance.
If your transported goods encounter damage, please promptly notify us via email at support @securenow.in. Ensure to include the following crucial information:
This prompt communication helps expedite the claims process. Share this information with the insurance company, and they will appoint a surveyor. After the surveyor's inspection, provide any requested documents, and the insurance company will process and settle the claim accordingly. The policy - holder must possess insurable interest, which is a fundamental requirement for insurance cover.
Below are the documents required to claim for a transit insurance online: