What is Specific Transit Insurance?
The specific transit insurance policy is specifically designed to offer coverage for cargo or goods carried through diverse modes of transport. Specific transit insurance policy generally offers protection to any consignment for a single trip. Now this certainly means that the protection ceased for transit insurance policy once the cargo reaches its destination. The chief advantage of specific transit insurance policy is that it can be a customized as per the policy type. The Sum Insured for specific transit insurance plan is not any pre-specified or fixed amount but instead, it is dependent on the agreed price between the insured and the insurance company. The Sum Insured for this particular policy is based on the maximum value at risk, which means that the Sum Insured is the highest value of the goods or property carried on or in a vehicle. There are a number of specific transit insurance companies in India to buy this policy from. You can get instant quotes on specific transit insurance online at just a click of your mouse.
Specific Transit Insurance Policy Coverage
Specific transit insurance policy is basically an goods in transit insurance plan which covers wide-ranging risks such as damage to cargo due to perils like lightning, fire, explosion and earthquake. Specific transit insurance policy in India also covers the risk of damage due to derailment of land conveyance or overturning of vessel. Export insurance policies also cover goods lost due to sinking of the ship.
Benefits of Specific Transit Insurance
There are a number of useful benefits that come with specific transit insurance plans in India. Find out some of the best benefits you can enjoy specific transit insurance online.
• Comprehensive Coverage
Marine specific transit policies are mainly designed to cover all types of cargo against a number of risks such as lightning, fire, collision of the vessel with outside objects. Specific transit insurance policy will also compensate for loss during ocean or air freight during international shipping. The policy can also be used to cover riots, strike, war, civil commotion etc for overseas transit.
Specific transit insurance policies are particularly developed for business owners that send out cargo items occasionally. The policy provides coverage for a single voyage. Specific transit insurance policy coverage ceases once the cargo arrives at its destination.
Global Standard Coverage
Specific transit insurance policy also covers clauses that are recognized internationally. For example, Institutional clause (A), which is an unidentified peril clause, is the broadest form of cover under transit Insurance policy in India. Other clauses which are applicable under marine transit insurance plans are Brand & Labels Clause, Institute Replacement clause, Debris Removal Clause, SRCC clause. The majority of specific transit insurance coverage in India is at par with international practice recommended by International Underwriting Association in London.
Buy Insurance Instantly
Specific transit insurance policy is issued instantly. The policy can be issued online for immediate coverage. Premium for specific transit insurance can be paid through NEFT or Netbanking. Online policy can be issued to start instant overage and the insurances soft copy is accepted as the proof of transit insurance online. The policy happens as soon as you pay your premium, you can procure specific transit insurance online by proving limited amount of insurance.
Specific Transit Insurance Exclusions
Specific transit insurance, like any other insurance policies comes with a number of exclusions. Exclusion means that the policy will not cover some specified loss or damages under any circumstance. Find out what are not covered under specific transit insurance policy in India below.
• Willful misconduct
• Inherent vice
• War
• Strike, Riot and Civil Commotion
• Wear and tear
• Improper packaging
• Delay in delivery
• Insolvency/ Bankruptcy of buyer
• Ordinary leakage
How Can GIBL Help You with Specific Transit Insurance?
At GIBL, we provide the right type of policy that suits both your requirements and budget. We make sure that each of our customers gets the best benefit they can have out of policy they buy from us with their hard earned money. We value your security more than anything else and this is the reason we only bring the best on the table. GIBL is registered with some of the best insurance providers in India that provide marine specific transit insurance policies. We you buy specific travel insurance plan from GIBL, you can be totally assured about the coverage and needed support in case of any complication. Secure your business and cargo with the best specific transit insurance plan from GIBL and enjoy a comprehensive protection.
