Inland Transit Insurance
This insurance policy is essential for the seller/ financier/ buyer
of the goods as well as any person having a reasonable expectation
of interest in the items.
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What can be
Insured
This insurance policy can be used to insure any types of goods as long
as they are undergoing inland transit.
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While being
carried in railway wagon/ vehicle.
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While
being removed from the warehouse before commencement
of transit.
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While being stored incidental to transit.
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Risks covered
The insurance policy indemnifies the insurer of the goods against
- Fire, lightning or allied perils.
- Breakage of bridges.
- Collision of the carriage vehicle.
- Overturning of
the carriage vehicle.
- Derailment or any accident to the vehicle/
wagon.
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Compensation Offered
This insurance policy pays for the total/ partial loss to the property
insured caused by an insured peril. The transit insurance policy
extends commercial indemnity to the insured that is disparately
distinct from
strict indemnity under other classes of insurance.
Valid claims are paid as per the agreed value. Claims arising from
partial losses are paid on the basis of the proportionate insured
value.
Expenses, reasonably incurred to avoid or minimise the loss as well
as admissible survey fees incurred for ascertaining the claim are
also payable.
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Exclusions
The insurance policy will never pay any claim arising
from any loss or damage attributable to
- Misconduct of the insured.
- Ordinary leakage, loss
in weight or volume, wear and tear, inherent vices or nature
of subject
matter.
- Unsuitability
of packing material or unfitness of the carriage vehicle/
wagon.
- Deliberate damage/ destruction of
the insured goods by wrongful act of any person.
- Usage of any weapon
of war employing nuclear/ atomic fission or fusion.
- Strike, riot
or civil commotion.
- Terrorist activity
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The contingencies of strikes, riots and
civil commotions can be covered by payment of additional premium, also
cover against terrorists can be sought by applying for SRCC cover.
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