Transit and Cargo Insurance

Cargo and transit insurance, often referred to simply as cargo insurance or marine cargo insurance, is a specialized type of insurance coverage designed to protect goods and merchandise while they are being transported from one location to another, whether domestically or internationally.

Types of Policies:

Cargo and transit insurance policies can vary in scope and can be tailored to suit the specific needs of the shipper or cargo owner. Common types of policies include:

All Risk: This provides the most comprehensive coverage, protecting against a wide range of perils, with certain exceptions clearly specified in the policy.

Named Perils: These policies cover only specific risks that are explicitly listed in the policy. Common named perils might include fire, theft, collision, and certain natural disasters.

Inland Transit Insurance: Designed for goods being transported within a country, this coverage typically includes both land and waterway transportation.

Ocean Marine Insurance: Primarily focused on goods transported by sea, ocean marine insurance is crucial for international shipping.

Additional Considerations

Cargo and transit insurance is a crucial safeguard for businesses involved in the movement of goods, whether domestically or internationally. It provides protection against a wide range of risks that can occur during transit and ensures that businesses can recover financially in the event of loss or damage to their cargo.

Koru Korner

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