Inland Transit Insurance
Inland Transit Insurance policy provides cover to the insured’s business goods or personal belongings while being transported by land.
Marine Inland Cargo Transit Insurance Policy
As your business grows, you are increasingly exposed to risks that are associated with the transit of goods and merchandise.
RKinsure can help you to successfully overcome these situations and put you in control. With Inland Marine Cargo Transit Insurance solution, you can safeguard yourself from risks associated with the transit of goods. This policy covers loss, destruction or damage to the goods whilst in transit by a lorry, train or any other land conveyance or whilst temporarily housed in the ordinary course of transit within the territorial limit or inland caused by named perils or accidental means.
Onward journey from the discharge port to the warehouse or factory, where the cover has terminated at the discharge port is called tail-end risk. Majority of CIF import in India are insured till the discharge port (CIF discharge port) hence onward journey from discharge port needs to be insured.
What are the covers / benefits provided?
There are 2 types of cover afforded under this class of insurance: –
a) Inland Transit (All Risk or ITC A) Clause Covering against all risks of loss or damage to the insured goods whilst in transit by road/rail.
b) Inland Transit Clause (Basic Cover or ITC B) Covering against loss or damage to the insured goods whilst in transit by road/rail caused by fire, lightning, breakdown of bridges, collision, overturning or derailment. Loss as a result of theft, pilferage or non-delivery known as TPND in insurance parlance can be covered by paying extra premium.
All tail end road transits (imported shipments) where the risk originates from any Indian Port, the coverage is normally ITC B, which broadly covers damage due to road accident. All risk cover is given with satisfactory pre-dispatch survey. Inland transit cargo insurance is very popular for the movement of domestic goods within the country. An open policy covering all the domestic movement of goods from anywhere in India to anywhere in India is most convenient insurance policy giving peace of mind.
As an importer/exporter, it is important to ensure that you have import-export insurance along with your inland transit insurance when your goods are being transferred between different countries. It is risky if your containers are not insured when in transit. By taking container insurance policy you can secure your containers from any damage in transit. Rkinsure provides with all your marine insurance needs.