As we all know, whether it’s life or business everything is covered by Insurance, just to save guard our life and business.
The insurance company mitigates our losses.
Every business must have a Transit Insurance, fire and theft insurance just to cover the uncertainties of nature and accidents.
As the whole country is under lockdown due to attack of COVID-19, resulting in heightened chances of theft – just to save guard our interest and minimizing losses just by paying a little premium to the insurance company which will take care of our goods and shops if any miscreant attacks our office or shop.
The transit insurance is much cheaper as compared to losses which we would make without any insurance.
For e.g. Cover of around Rs.50 Lacs we just need to pay the premium of Rs.2950/- which is cheaper than the loss we would make without insurance.
So it is advisable to buy insurance to save ourselves from unavoidable and unforeseen situations.
TRANSIT INSURANCE POLICY
The transit insurance policy is an Open Marine Policy which is customized as per the needs and demand of the industry:
We need to mention the article type which we are dealing with, what would be the packing of the product and what would be the mode of dispatch such as by Air, Rail, Road, Sea, Cargo or Courier services, what would be the single carry per invoice limit, is the return of the shipment is also included or not.
All the points mentioned below have to be taken care of before finalizing the transit insurance:
1. the most important point to be noted while taking the policy is which articles/ products we are dealing with.
2. Delivery from which location ‘x’ to which location ’y’, for e.g. from anywhere in India to anywhere in India.
3. Return Delivery from Warehouse ‘a’ to Warehouse ‘b’
4. What would be the mode of transport – sea, air, rail, road, courier or cargo services?
5. What would be the type of packaging?
6. What would be the single carry limit of each invoice?
7. What is the Excess Limit, which varies from one insurance company to another? Excess Clause is the limit which insurance company deducts while making the claim settlement. – For e.g. Invoice Value is Rs. 8000 & Excess Clause value is Rs. 2000 so the net settlement will be Rs.6000/-
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