Bringing Protections to goods : Transit Insurance Policy
Transit insurance (Transportation insurance policy) is a plan that includes a safe and secure way of covering all the risks occurring due to loss or damage caused to goods or personal belongings while in transit. Also, it covers losses and damages to items that are transported by an individual using a private vehicle, the air, water, land, or train as well as through an employee, a driver, or other third parties carriers.
The premium cost is determined based on the goods in transit insurance and the risk the policyholder is handling during that policy term.This policy offer global standard coverage and the policy are beneficial for the following types of parties –
- Manufacturers of goods
- Importers and exporters of goods
- Custom house agents
- Traders
- Transporters or aggregators
Coverage Options & Non-Coverage Options in Transit insurance
Coverage Options
Earthquakes
Non-Coverage Options
Wear and tear, depreciation, deterioration, inherent vice or defect, damp vermin, insects, fungi, rust, oxidation and/or discoloration, except as a direct result of fire, theft oraccident to the conveyance.
Lightning
Loss of any liquid gas or goods from containers by leakage, spillage, evaporation or loss in weight or volume
Any type of natural or man-made calamity
War, invasion, act of foreign enemy, hostilities or warlike operations (whether war be declared or not) and civil war.
Overturning of the transport vessel
Atmospheric or climatic conditions or contamination except as a direct result of fire,
theft or accident to the conveyance. Defective or inadequate packaging or insulation.
The collision of the vessel which damages the goods contained therein
Wilful misconduct of the Insured, theft or dishonesty on the part of the Insured’s employees, disappearance of or unexplained inventory shortage.
The derailment of the vessel
Pressure waves caused by aircraft and other aerial devices traveling at sonic and supersonic speeds
The sinking of the vessel
Deeds, bonds, bills of exchange, promissory notes, money or other negotiable currency, securities or stamps
Risks faced while loading and unloading the goods
Travelers’ samples, tools, equipment, machinery, plant or any property entrusted to the Insured as a carrier under a contract for transport or storage of such property
Risks faced in packing and unpacking of goods
Glass and other articles of a brittle nature except as a direct result of fire, theft or accident to the conveying vehicle
Accidental damages, Malicious damages or Impact damage
Electrical or electronic equipment, cameras and photographic equipment
Theft etc.
The conveyance and/or storage of explosives acids chemicals and gases and goods of hazardous nature
Documents need for Transit insurance claim
If you need to file a claim under your transit insurance policy, you must provide the following documentation :
- Invoice of the goods in original
- Survey report
- Bill of Lading
- The claim form, filled and signed
- Shipping details
- Correspondence is done with carriers and its copies
Why Goods In Transit Insurance With JK Bima?
We provide rates depending on your unique scenario as an experienced insurance broker with years of expertise. We have a great working connection with top insurance underwriters. Also we offer goods in transit insurance for independent contractors.
Regardless of your chosen profession, we can offer you the appropriate protection if you move items from one location to another, including to and from warehouses or delivering to customers.