Business in today’s world, involves transporting of goods between various locations, sometimes with in the country or city or between countries and cities. This gives rise to risk of loss of goods while in transit. We will be able to identify such risks that the insured’s business may have and suggest adequate Goods in transit insurance covers. Such insurance could be on al all risk basis or on a more specific restricted basis.
Marine cargo policy protects the insured from loss of cargo during transit. Three broad types of covers are available – namely Institute Cargo Clauses ‘A’, ‘B’, and ‘C’. These cover takes care of risks associated with different modes of transportation.
Coverage could be arranged for individual shipments or for ongoing shipments done by the insured, which is termed as ‘open policy’. An open policy is a contract in general terms, covering specified goods on terms agreed and can be issued to cover goods shipped anywhere in the world on a declaration basis.
Coverage can vary, based on the nature and type, and are as follows:
*All risks by sea or air or parcel post
*All risks land transit
*Restricted cover by sea, air, parcel post or land.