The Insurance covers the loss or damage of the cargo, whilst the goods are being transported from one destination to another by rail, road, sea, air or by post. The cargo would be covered from the time the goods leave the warehouse at the place of despatch until it reaches the warehouse at the final destination point.
The widest cover is available under the “ALL RISKS” terms and if required even a basic cover such as loss by FIRE alone is available. The Policy is assignable and is an Agreed Value Policy.
There are different types of insurance policies available depending on the voyage/transit, values. Some of these are described below:

Transits within the country (Inland Transit)

• Where only one transit is required to be covered – Specific Policy can be taken.
• For regular transportation of consignments such as for businesses and Corporates an Open Policy can be availed of by estimating the value of such consignments in transit over this period of cover and premium paid in advance. This provides assured cover for all the insured transits.
• Care should be taken to see that all the transits are declared to the insurance companies as stipulated and the SI is adequate to take care of such transits. If required the SI can be increased during the period of cover.
• A Special Declaration Policy is also available where the Total value of consignments under transit is high (above Rs 2 crores) – and attractive discount in premium could be worked out.
• Where the goods are expected to undergo multiple transits including intermediate storage and processing – a Multi Transit Policy is available.
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