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What is Transit insurance?
A Transit Insurance policy is taken for goods that are being transported from one place to another. It secures the insured against financial loss due to damages and loss caused to goods. These goods can be transported by a person in their private vehicle, through an employee or driver, or a third-party conveyor.
Transit insurance is a safe way of covering the financial risk that arises due to loss or damage of goods and personal property.
Transit insurance is available online easily for all modes of transport and covers all the natural and man-made risks.
How to get a Transit Insurance Quote on Mediclaim.net?
- The process of getting a transit insurance quote on mediclaim.net is very easy and quick.
- You first find our web aggregator and fill out all the basic details such as the name of your company, your email id, your contact person, the city or location of the company and the mobile number.
- Then you go ahead and fill out the specific details and the kind of policy that you want. You can also select all the specific requirements you want in your policy.
- After this you will get the lowest quote and the best suited policy for yourself. You can also compare the quotes, coverages and terms of other companies to choose the best transit insurance policy for you.
Why do you need Transit Insurance?
Transit insurance is very helpful for businesses because it provides vast coverage and multiple benefits. Given below are the most significant advantages of a transit insurance policy:
- It offers financial security to a business that the business will stay financially stable even if they suffer a huge loss. When goods are damaged or lost, it can lead to considerable losses which the insurer provides support against.
- The coverage under a transit insurance policy is provided according to global standards so you can meet the coverage requirements of a different country when your goods are being transported internationally.
- Transit insurance is suitable for every type of business because the policies are flexible and can be customized to cater to the needs of different companies.
Inclusions under a Transit Insurance Policy
Transit insurance provides reimbursement against many common risks that can lead to the loss or damage of goods in transit. Some of the common perils covered under the policy are:
- Fire damage.
- Natural and man-made calamities.
- Thunder and lightning.
- Adverse wear conditions.
- Collision of the vessel.
- Overturning, toppling, or derailment of the transport vehicle.
- Sinking or strangling of the vessel.
- Problems that are faced during loading and unloading the goods.
- Troubles that are faced during packing and unpacking the goods.
- Malicious damages.
- Accidental damages.
- Theft or burglary.
- Impact damages.
- Any other add-on benefits that can be taken with the above covers.
Types of Goods in Transit Insurance Policy
Different types of policies can be taken for goods transported through different ways. The major policies are:
- Goods in Transit through Third-party insurance:
When you are transporting your goods through a third-party vessel or conveyor then the conveyor may not cover the risk of damage or loss of the goods being transported. Hence, you can buy this insurance to get financial compensation if the goods are damaged or lost while being transported through a third-party carrier.
- Goods in Transit through your own vehicle cover:
You are using your own carrier to transport your goods from one place to another, then you can take this insurance plan to cover the goods against any loss or damages.
- Cover for multiple vehicles:
If you are transporting your goods using multiple carriers then you should take this insurance policy as it will cover the goods that are transported through all the vehicles under one single policy, thus protecting you from any financial damage that might be caused by even one conveyor.
Other Types of Transit Insurance in India
You can take the following transit insurance policies based on your needs:
- Single Transit Policy:
This kind of policy is useful for business owners who send out shipments occasionally because the coverage is provided for a single transit or voyage only so as soon as the journey ends and the shipment reaches its destination, the coverage will expire.
- Customized Plan:
You can customise your transit insurance policy based on the type of goods, the transaction limitations, the location limitations, the mode of transit and any other specific requirements. This policy is great as you can modify it to suit your personal needs.
- Overnight Vehicle’s Policy:
An overnight vehicle’s insurance policy provides coverage for goods that have been stored overnight in the vehicle and exposed to many risks due to it.
- Open Policy:
A transit insurance policy of this kind provides coverage for all the transits that occur within a given period which is generally for one year. So if a business transports shipments frequently then this policy is suitable for them. They don’t have to purchase specific policies for every transit and all goods are covered under one policy within the overall sum assured that is determined by giving the value estimate of goods beforehand.
Benefits of a Transit Insurance Policy
Transit insurance has a variety of benefits that come with it. Some of the most significant ones are mentioned below:
- Transit insurance policies cover clauses that are recognized internationally. This means that they work according to global standards and provide worldwide coverage.
- As it is a very significant policy, top Insurance companies offer it at very reasonable premiums. Hence it is easily accessible.
- You can easily get quotes online and issue the policy immediately.
- You have to fill out very simple details and provide very limited information while applying for this policy.
- It provides comprehensive coverage against all types of risks of damage or loss to goods or death of livestock.
- The majority of perils can be modified and selected according to your business type, carrier type, budget, types of goods, etc.
Who needs to Buy Transit Insurance?
The below section of individuals and businesses are eligible to buy a transit insurance policy and should invest in it for the sake of their financial well-being:
- Shipping companies
- Custom House agents