Marine insurance is designed to cover the loss or damage of ships, cargo, terminals and any transport between an origin and the destination. Marine Insurance was started 400 years ago in Lloyds Coffee house in the City of London, a gathering place for sailors, merchants and ship owners, where people came seeking such protection. The cover for shipping and transit risks evolved over the centuries to become one of the most precisely defined and documented risk cover. The Institute classification clauses, widely used worldwide, specify the details of risk covers for various type of transits through sea, air, road, rail, courier etc. Clauses “A” have the best covers with insurance becoming limited in “B” and “C” Clause covers. While classifications are detailed, the cover needs to consider various aspects of the transits for insuring the risk well. Insuring Marine risks requires specialists to work for protection of your cargo.
When there is an occasional transportation need, like shifting business premises or of specific assets from one office to other or shifting home goods or import of specific machinery, one can buy a Single transit policy. Such policies are limited in coverage and relatively expensive.
Insuring business transit requires cover for movement of raw materials and finished goods to and from warehouses and customers. Open policy risks are identified and defined. The insurer keeps estimated premium as a deposit, deducting premium for transits declared monthly.
Sales Turnover Policy
A business may have several transit needs including imports and exports, domestic movements, demo and exhibitions, or job work requirements. For multiple transit needs, insurers can aggregate all movements into one policy where premium is charged in line with your Sales Turnover.
Transport Operator’s Liability
Transporters are always exposed to the risk of damages to goods under their custody, which is inherent to their business. Cargo can be lost, stolen, misdirected or damaged in accident. A transporter can avoid a financial loss by having a liability cover creating a protection for his business.
Freight Forwarders Liability
A freight forwarder is a master planner for transit needs. Responsibilities can encompass documentation, transporter selection and warehousing. You can insure your professional liabilities, defend suits alleging negligence and even liability to port and transport authorities.