Transit & Marine Insurance
Goods being transferred over long distances can give rise to a number of contingencies. The sheer distance leaves open a number of possibilities for loss or damage. Better safe than sorry; it is always a good idea to avail the proper insurance policies to decrease the risks. Unfortunately, many international shipments move uninsured as importers/exporters view insurance as an unnecessary expense involving extra administration.
It is important to understand that insurance costs way less than losing all your goods in an unfortunate circumstance and having to pay a huge lump sum amount for that.Trying to recover losses from carriers is difficult and time-consuming and is unlikely to cover the true associated cost due to carrier’s limited liability and package limitation clauses. “All Risks” insurance relieves companies of their financial exposure from physical loss or damage to their goods while in transit since carriers have limited liability. The best way to protect your financial interest is with the appropriate marine insurance.
Marine insurance policy is important for both importers and exporters who deal with the domestic and international transfer of goods. Marine insurance in India has exceptional importance and is a compulsory requirement for all ship and yacht owners, who are using their vessel for commercial or transportation purposes. Vitality Insurance with its exceptional expertise and experience can provide you with the best marine transit insurance solutions in India.
This is specifically suitable for business owners that send out cargo items occasionally like shifting offices or import of specific machinery. It provides coverage for a single transit providing cover till the cargo reaches its destination.
Transporters are always exposed to the risk of damages to goods under their custody, which is inherent to their business. Cargo can be lost, stolen, misdirected or damaged in an accident. With MTO, transporter can avoid a financial loss by having a liability cover creating a protection for his business.
This is designed to protect logistics companies (commonly referred to as freight forwarders), who store, carry or co-ordinate cargo throughout the transit lifecycle from claims made by customers and third parties for lost or damaged cargo. Its little complex and a professional help is needed for risk assessment.
Also known as floating policy as the insurer need not buy the individual policies for each consignment and each transit journey. Under the Open Marine policy, successive shipments are declared to the insurance company and they automatically get covered under it until the sum insured is completely covered.
It is a flexible and customisable Marine Cargo Insurance Policy. This policy covers all type of transits that are required to achieve a sale. From covering the purchases, imports, exports, loading, unloading, movement of goods from factory to depots or warehouses, warehouses to dealership, dealership to customers. The sum insured in the policy is the expected sales turnover.