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Goods in Transit insurance is an essential cover for all businesses except those in the service industry. Businesses need to transport raw material, finished goods and capital equipment. This policy provides protection to your goods whilst in transit from one place to another by road, sea, inland waterways, or air. The policy covers loss of, destruction of or damage to the goods while in transit or while temporarily warehoused in the course of transit.
Transit Insurance, also called Marine Insurance, is a flexible and customizable insurance and offers various kinds of policies. From a single movement of material to all possible transits required produce and sell and goods can be covered.
Marine policies can be issued based on “voyage” or “time” basis. The customer can opt for a specific transit policy covering particular voyages. The more common marine insurance policy is known as open policy where the customer starts the policy with the provisional sum insured and provides monthly declarations based on which the premium is debited from the provisional premium collected. When the sum insured is on the verge of getting exhausted, it can be increased by paying additional premium.