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The development of the transportation sector has eased and increased the movement of goods from one place to another. Although the increase in transportation activities has helped various businesses to flourish and grow, the goods are subjected to various risks while in transit.
Transit insurance is one of the most important precautionary measures that helps in eliminating these risks. Let’s understand transit insurance in a depth.
Transit insurance provides security to the goods while they are on transit from one place to another. It insures the policyholder against the damages or losses that might be caused to the goods when they are being carried by a private vehicle driven by the owner himself, his employ or any third-party carriers.
The premium for the insurance is decided based on the goods being transported and the risks involved in transporting the goods.
Here are a few types of transit insurance policies.
The insurance is provided for a single transit only i.e. the coverage will end as the goods reach the destination. This policy is best suited for business owners who send out shipments occasionally.
As opposed to single transit insurance, this policy provides coverage for multiple transits. Any number of transits made by the business owners in the policy period will be covered by insurance. This is a very beneficial policy for business owners that frequently export, import items as they don’t have to purchase different insurance for each trip.
This type of transit insurance provides coverage against damage and loss of goods when they are being transferred on third-party vessels or carriers.
This type of policy covers any kind of risks to the goods when it is being transferred through multiple vehicles to the destination.
Here are a few benefits of transit insurance:
Goods are covered against:
Transit insurance policies can be taken up by the following:
Many business owners transport their goods within India and globally. With uncertainties involved in transit, it is important to protect these goods from any natural or manmade risks.
A wide variety of insurance companies provide transit insurance with many coverage options and customizations to suit your business.
You must research and carefully choose the best policy for your business.
Frequently asked questions about health insurance premiums
No, it increases based on the age slab that the policyholder falls within.
Yes, the primary metric in calculating the premium rate is the age of the person.
Yes, porting your insurance policy is now possible.