Specific Transit Insurance
Specific Transit Insurance- Single/ Specific transit insurance policy provides coverage for the goods for a single voyage/ transit. The cover ceases as soon as the goods reached to the buyer’s warehouse from the seller’s possession.
Coverage:
- Covers damage due to perils like (fire, lightening, earthquake and explosions)
- Covers risk of damage due to overturning of vessels or derailment of land conveyance
- Covers goods lost due to sinking of ship
Add-on Coverage:
- Debris Removal
- Custom Duty Cover
- Damage or loss of cargo due to war, strike, riot, civil commotion and terrorism
Exclusions:
- Willful misconduct of the insured
- Insufficiency or unsuitability of packing or preparation of the cargo insured
- Ordinary leakage, ordinary loss in weight or volume, ordinary wear and tear, and inherent flaws in the cargo insured
- Insolvency and financial distress of the carriers
- Un-seaworthiness of the vessel
Who can take the policy?
Exporters, Importers, Buyers, Sellers, Buying Agents and Contractors; anyone who is indulged in the business of moving goods.
