Highlights
• This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.
• Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.
• This policy is freely assignable and is basically an agreed value policy.
Scope
Transportation of goods can be broadly classified into three categories:
1. Inland Transport
2. Import
3. Export
The types of policies issued to cover these transits are: For Inland Transit 1. Specific Policy -
For covering a specific single transit
2. Open Policy -
For covering transit of regular consignments over the same route .The policy can be taken for an amount equivalent to three months despatches and premium paid in advance.As each consignment is despatched, a declaration giving details of the despatch including GR/RR No. is to be sent to the insurer and the sum insured gets reduced by the amount of the declared despatch.The sum insured can be increased any number of times during the policy period of one year;but care should be taken to ensure that adequate sum insured is available to cover the consignment to be despatched.
3. Special Declaration Policy -
For covering inland transit of goods wherein the value of goods transported during one year exceeds Rs.2 crores.Although the premium for the estimated annual turnover [i.e.the estimated value of goods likely to be transported during the year] has to be paid in advance,attractive discounts in premium are available.
4. Multi-transit Policy -
For covering multiple transits of the same consignment including intermediate storage and processing.For e.g.covering goods from raw material supplier's warehouse to final distibuter's godown of final product.
