Explaining Marine Transit Insurance and Its Important Features to Consider

Explaining Marine Transit Insurance and Its Important Features to Consider

There is a huge difference between the clauses and coverages of transit insurance policies because every voyage differs from the previous one. While loading, during the journey, or while unloading the cargo, damage or loss occur at any time. Consequently, you may have to bear a substantial loss. Therefore, never compromise with the coverages of the insurance policy when it comes to securing your cargo. Why talking about the transits involving high risk, International transportation comes at the topmost position. For securing goods beyond the country’s borders, we recommend Marine transit insurance. All potential risks from the origin of dispatch to the delivery location are covered within this insurance. International shipping through marine vessels is a traditional and affordable means of transportation. This is the main reason by most of the international goods deliveries are recovered within marine insurances. We will introduce you to every single aspect of this insurance coverage. 

How does it work?

Marine insurance involves multiple parties and intermediaries because of long-distance and borders. While transporting goods from one country to another country, legal liabilities also keep on changing. It means, you also have to tackle the legal dispute issues affecting the transportation business along with loss and damage. In case of any damage or loss, the claims are issued as per consignment or package basis according to the mentioned clauses. While buying a policy, make sure that it is meeting the contractual obligations of exporters. This includes CIP, CIF, DDP expenses. Even after taking all precautions, yaar’s primary focus should be on safeguarding the cargo in all possible ways. Here we are mentioning some tips for your convenience. 

1. Pay special attention to the tracking quality. It should be robust enough to withstand extreme level wear and tear. 

2. During loading and unloading, packaging must protect the goods from any potential damage threat. In

Different types of marine insurances Policies

1. Floating policy

This type of policy is meant for large exporters and provides cover against the damage of all shipments instead of individuals. You can also call it a blanket policy that has an average duration of one year. However, the exporter may have to mention the frequencies of shipments within that time period. 

2. Voyage policy

As the name is illustrating, this marine transit insurance policy has a duration of one journey only. 

3. Time policy

Opposite to the voyage policy, this insurance remains valid for a fixed period. Its clauses change from country to country. 

4. Mixed policy

if you are looking for the benefits of both voyage and time policy, this is the perfect option to choose. 

5. Named policy

Instead of goods, this policy is issued in the name of a ship. Insurance documents can provide complete information about the ship in which your goods are being transported. 

6. Port Risk policy

If your cargo is going to remain in the pot for a long time, safeguard it from damage and theft with a port risk policy. 

7. Fleet policy

If there is a large consignment requiring multiple ships for transportation, fleet policy can serve the purpose efficiently. 

Now everything is clear about the policies of goods in transit insurance. Consult with a professional insurance agent for the best suggestion according to your cargo requirement.