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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:

  1. Covers damage due to perils like (fire, lightening, earthquake and explosions)
  2. Covers risk of damage due to overturning of vessels or derailment of land conveyance
  3. Covers goods lost due to sinking of ship

Add-on Coverage:

  1. Debris Removal
  2. Custom Duty Cover
  3. 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.