Inland Transit Insurance

Inland Transit marine policy covers the loss or damage to the goods like raw materials, machinery etc which are in the transit.  It offers cover to the policyholder’s business goods which are being transported by land.

Further, the coverage of inland transit insurance can be categorized under following heads-

  • Basic Risk- Policy covers loss or damage to specified goods caused by fire, lightning, breakage of bridges, overturning of vehicles, collision with or by carrying vehicle, subject to specified exclusions.
  • All Risks- Policy covers all risks of loss or damage to specified goods, subject to exclusions.

Coverage:

  1. Institute Transit Clause (C)
  2. Institute Transit Clause (B)
  3. Institute Transit Clause (A)

ITC (A) offers the widest form of cover under Inland Marine insurance.

Exclusions:

  1. Ordinary Leakage, Wear & tear of cargo, Improper packaging and any delay, howsoever caused
  2. Wilful misconduct and illegal activities
  3. Damage to cargo due to war, riot, strike, and civil commotion
  4. Insolvent or default by the carrier
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