Goods in Transit Insurance

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Goods in Transit Insurance

Goods in transit insurance covers property against loss or damage while it is in transit from one place to another or being stored during a journey. You can take this insurance out for goods being distributed in your own vehicle or by a third-party carrier, both domestically and abroad. Policies often specify the means of transport to be used, which may include the postal service.

If you are shipping your goods by sea then you would take out marine insurance. This also includes the transit of cargo over land at each end of the voyage.

Cover:

  • Theft (while in transit)

  • Loss (while in transit)

  • Damage caused by accidents during transit

  • Damage caused during transit

  • The consequences of any untoward delay (in some cases)

Marine and Goods in Transit Insurance

Covers against the loss and damage to insured goods while in transit other than those specifically excluded by the policy by road/rail/sea on imports from abroad. In case of import or export policy, the insurance is to be taken on individual shipment basis or open cover basis. In case of many transits in a month, it is advisable to take declaration policy under open cover.