Transit Insurance Online

Goods transit insurance or Goods in transit insurance is a type of insurance that covers the loss or damage of goods while they are being transported from one location to another. This can include loss or damage caused by accidents, theft, fire, natural disasters, or other events that are beyond the control of the insured.

Goods transit insurance typically provides coverage for goods being transported from one location to another. This type of insurance is commonly used by businesses and individuals who transport 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. However, most policies will cover the full or partial value of the goods being transported, as well as any associated shipping costs. Buyers must make ensure that they don’t undervalue their possessions though, as marine transit insurance for household goods (or otherwise) won’t voluntarily increase how much they think their household item is worth.

The main benefit of having an insurance for goods in transit is that it provides financial protection to businesses and individuals who transport goods. If goods are lost, damaged, or stolen during transportation, the insurance will cover the cost of the goods, reducing the financial impact on the insured.

In addition, goods in transit insurance can help businesses and individuals maintain their reputation and customer satisfaction. If goods are lost, damaged, or stolen during transportation, it can lead to delays, cancellations, and unhappy customers. By having goods transit insurance, businesses and individuals can ensure that they can fulfil their obligations to their customers, even in the event of unforeseen circumstances.

There are several types of goods transit insurance available, including: Marine cargo insurance, Inland transit insurance, Air cargo insurance, and Multimodal transit insurance.

In summary, goods transit insurance provides financial protection to businesses and individuals who transport goods, reducing the financial impact of loss or damage. With various types of coverage available, it's important to choose a policy that meets the specific needs of the insured.

Transport insurance policy that provides coverage for goods being transported from one location to another. There are several types of transport insurance policies available, including road transport insurance, car transport insurance, and goods carrying vehicle insurance.

Road transport insurance provides coverage for vehicles that are used for transportation on roads. This type of policy covers risks such as accidents, theft, and damage to the vehicle. The premium for road transport insurance is calculated based on factors such as the type of vehicle, its age, and the driver's experience.

Car transport insurance is a specific type of road transport insurance that provides coverage for vehicles being transported from one location to another. This type of policy covers risks such as damage, theft, and accidents during transportation. Car transport insurance cost is calculated based on factors such as the value of the car, the distance it will be transported, and the mode of transportation (e.g., open or enclosed carrier).

Goods carrying vehicle insurance provides coverage for commercial vehicles that are used for transporting goods. This type of policy covers risks such as theft, damage, and accidents during transportation. The premium for goods carrying vehicle insurance is calculated based on factors such as the type of vehicle, the nature of the goods being transported, and the distance of transportation.

The cost of transportation insurance policy varies depending on several factors such as the value of the goods being transported, the distance of transportation, and the level of risk involved. The premium for car transport insurance, for example, can range from a few thousand rupees to tens of thousands of rupees depending on the factors mentioned earlier.

In addition to these types of goods transport insurance policies, there are also specialized policies available for certain types of goods such as perishable items or hazardous materials. These policies provide additional coverage and protection for the goods being transported.

In conclusion, transportation insurance is an essential component of the transportation industry, providing protection against unforeseen circumstances that may result in loss or damage to the goods being transported.

Domestic transit insurance is a type of insurance policy that provides coverage for goods transported within India. It is designed to protect the owner of the goods against any losses or damages that may occur during transit. The policy provides coverage for a variety of risks such as theft, damage, and loss due to natural disasters or accidents.

In India, domestic transit insurance is available for both individuals and businesses. The policy can be customized to meet the specific needs of the customer, including the type of goods being transported and the mode of transportation (road, rail, or air).

Domestic freight insurance is similar to domestic transit insurance from coverage perspective. However, while later provides coverage for the goods being transported, while the former provides coverage for the carrier transporting the goods.

The premium for domestic transit insurance is based on various factors such as the value of the goods being transported, the distance of transportation, and the level of risk involved. In case of a claim, the policyholder needs to provide proof of the damage or loss incurred during transit.

It is important to note that domestic transit insurance is not mandatory in India. However, it is highly recommended for anyone who frequently transports goods as it provides financial protection against unforeseen circumstances. Domestic transit insurance can be purchased from various insurance companies and brokers across the country.

There are several kinds of accidents that can occur while the goods are in transit. Various kinds of risks involved during transportation of goods/commodities are: over-turning of the vessel, theft, collision, fire and natural catastrophes such as earthquakes and floods. To protect your goods and commodities during the transit period and during unloading or off-loading, you need to buy a transit policy online. Such policy is issued instantly for a single transit and is valid for the whole transit, i.e., source to destination and has other added advantages like cover against jettison, washing overboard, fire, explosion and many others (based on the type of coverage you choose).

Transit insurance online has a lot of features. Below are a few important ones:

• It offers coverage for transportation via road, rail, sea and air.
• Covers for damage to cargo, onshore or offshore for a single voyage.
• The Policy pays for loss during air or ocean freight during international shipping.
• The sum insured is linked to the invoice value, so this is designed to protect your consignment’s value. Additionally, there is a provision to increase the sum assured by 10% for incidental expenses.
• An inland transit insurance offers all-risk protection cover, thus, protecting your cargo from most named and unnamed perils.
• The issuance of an inland transit insurance with us is quick and hassle-free. You can buy it directly online after comparing the coverages.

Coverages under a specific transit insurance based on Inland Transit Clause A and B, and Institute Cargo Clause A and B, are as follows:

Coverages under ITC B

• Fire
• Lightning
• Breakage of bridges
• Collision -carrying vehicle
• Overturning of the carrying vehicle
• Derailment to the carrying vehicle

Coverages under ITC A

All the coverages mentioned above under ITC B along with below coverages:

• River or lake water entering cargo
• Loading & Unloading
• Handling losses
• Theft & Malicious damage
• Hijack of goods
• Non delivery/Shortage
• Any other risk not specifically excluded

Coverages under ICC B

• Fire or explosion
• Vessel or craft being stranded grounded sunk or capsized
• Overturning or derailment of land conveyance
• Collision or contact of vessel craft or conveyance with any external object other than water
• Discharge of cargo at a port of distress
• Earthquake volcanic eruption or lightning
• loss of or damage to the subject-matter Insured caused by
• General average sacrifice
• Jettison or washing overboard
• Entry of sea lake or river water into vessel craft hold conveyance container liftvan or place of storage,
• Total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft

Coverages under ICC A

All Risk coverage subject to below exclusions:

• Wilful Misconduct
• Ordinary Leakage, Loss in Weight-Volume
• Insufficient Packing
• Delay
• Inherent Vice
• Loss or damage or expense arising from insolvency or financial default of the owners managers charterers or operators of the vessel

Below are the major exclusions under an marine transit insurance policy:

• Wilful Misconduct
• Ordinary Leakage, Loss in Weight-Volume
• Insufficient Packing
• Delay
• Inherent Vice
• Unfitness of Aircraft-Container - Van
• Nuclear Perils
• War Risks and Strikes, Riot & Civil Commotion(in case of inland transit insurance policy)
• Insolvency or financial default of owners managers charterers or operators of the vessel

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:

• Traders, both importers and/or exporters
• Manufacturers
• Transporters
• Aggregators
• Anyone who wants to insure their goods for a transit from source to destination

Below are the types of such insurance available:

• Single transit policy: suitable for a single voyage or transit and for businesses that do not transport their goods frequently.
• Open policy: this policy covers multiple transits occurring within a given period of time, usually one year.
• Sales turnover policy: this policy covers all legs of transactions including sales, purchases and internal transfers.

Transit insurance Online is specifically designed for protection of the goods transported between various destinations. It caters to damages and loss caused to goods that are carried by any vehicle (private or third-party carrier). Such a policy is curated to cater to the buyers who want to opt to insure their goods immediately by paying a premium for a single consignment. This is a product that can be bought online easily by filling the proposal form with details of the goods to be transported, and on payment of the premium a certificate of insurance is issued instantly.

Purchasing a transit insurance policy online with SecureNow is easy and hassle-free.

• First fill in your contact details and basic information.
• Proceed to fill the transit details such as: category of goods to be transported and value of the commodities. Based on these details the sum assured is calculated.
• You’ll then land on the quotes page wherein you can choose the premium you want to pay based on the coverages.
• Now, a proposal form appears that has to be filled with details which the insurance provider needs to provide with an inland transit policy online.
• Once the proposal form is filled, you’ll get an option to make the payment. Make the payment and a certificate of insurance is offered instantly.

Claiming a damage under transit insurance is also simple. SecureNow offers end to end services for transit insurance. So, in case your goods transported encounter with a situation that leads to damage, you’ll first have to intimate the same to us over an email at support@securenow.in, along with these details: photographs taken immediately after the event, policy copy, value of goods transported and the approximate value of the damaged goods. This will be shared with the insurance company, who will then appoint a surveyor. Based on the inspection done by the surveyor, you may have to share additional documents (if asked for), and then the claim is settled.

Below are the documents required to claim for a transit insurance online:

• Duly filled and signed claim form
• Copy of policy document
• Invoice of the goods transported
• Details of the carrier
• Photographs of the incident and damage occurred
• Other mandatory documents as specified by the insurance company