Marine & Transit Insurance
Inland Transit Insurance
Inland Transit Insurance provides coverage for loss or damage to goods while being transported within a country by road, rail, or inland waterways. It is designed for manufacturers, wholesalers, retailers, and logistics companies to protect their cargo during transit.
This insurance is crucial for businesses that regularly transport goods from one location to another, ensuring financial security in case of accidents, theft, or natural disasters.
Why Inland Transit Insurance is Essential?
- Protection Against Transit Risks
- Ensures Business Continuity
- Covers Various Modes of Transport
- Mandatory for Certain Businesses
- Customizable Coverage Options
Important Things You Should Note
- Who Can Avail the Policy?
Business owners, manufacturers, transporters, exporters, and importers moving goods within the country. - Types of Inland Transit Insurance
1. Single Transit Policy – Covers one specific shipment.
2. Annual Transit Policy – Covers multiple shipments over a year.
3. Open Policy – Continuous coverage for frequent transportation needs. - Declared Value Matters
The sum insured should reflect the true value of goods, or claims may be reduced. - Transit Route Considerations
Coverage applies only for predefined routes and approved means of transport. - Claim Process
Claims require proper documentation, including invoice, transport receipts, and survey reports.
What is Covered & What is Not Covered?
What is Covered?
- Accidental Damage – Covers loss or damage due to road/rail accidents or overturning.
- Fire & Explosion – Protects goods from fire, lightning, and accidental explosions.
- Theft & Burglary – Covers total loss of goods due to theft or hijacking.
- Natural Disasters – Includes coverage for floods, earthquakes, storms, and cyclones.
- Loading & Unloading Risks – Covers damages occurring during handling of goods.
What is Not Covered? (Exclusions)
- Improper Packaging – Damage due to poor packaging is not covered.
- Delayed Deliveries – The policy does not cover business losses due to late shipments.
- Inherent Defects – Goods damaged due to manufacturing defects are excluded.
- War & Terrorism – Losses due to war, riots, or terrorism require additional coverage.
- Voluntary Negligence – If damage occurs due to the insured’s negligence, claims may be denied.
Frequently Asked Questions (FAQs)
Who needs Inland Transit Insurance?
Businesses, manufacturers, distributors, and anyone transporting goods within the country.
How is the premium calculated?
Based on cargo type, transport mode, sum insured, and risk factors.
Can I get coverage for perishable goods?
Yes, but it requires a specialized policy for temperature-sensitive goods.
Does the policy cover damage during loading/unloading?
Yes, if explicitly included in the policy terms.
Can multiple shipments be covered under one policy?
Yes, an Annual Transit or Open Policy can cover multiple shipments.
