Single Transit Marine Insurance Policy
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Single Transit Marine Insurance: Buy/Renew Marine Insurance Policy Online Instantly
What is Single Transit Marine Insurance Policy?
✓A comprehensive insurance solution, known as a Single Transit Marine Insurance Policy, has been designed to protect goods or cargo during a specific voyage or transit. Coverage is provided against risks such as damage, loss, or theft while the goods are being transported by sea, air, road, or rail. This type of policy holds great importance for businesses and individuals involved in international trade or shipping as it offers financial security and peace of mind. By opting for a Single Transit Marine Insurance Policy, valuable goods can be transported confidently, with the assurance that they are shielded from unforeseen events, thereby minimizing any potential financial impact in the event of mishaps during the journey.
⛦ EXAMPLE: Consider Mr Suresh, an edible oil trader. His shipment of 40 lakh litres of oil met with a total loss in a road accident while travelling from Kandal to Kolkata. Without insurance, Mr Suresh would suffer the entire financial burden. However, having a Single Transit Marine Insurance Policy would have protected him by compensating for the loss. This policy helps businesses like Mr Suresh to mitigate risks and recover financially from unforeseen incidents, ensuring the smooth continuation of their operations.
What Does Our Single Transit Marine Insurance Policy Cover?
Damage caused by natural disasters such as storms, floods, or earthquakes.
Losses resulting from fire incidents during transit.
Coverage for general average contributions, salvage, and sue and labor expenses.
Protection against liabilities arising from collisions, contact with other vessels, or property damage.
Delay in Transit
Coverage for delays in transit leading to financial losses.
Compensation for expenses incurred due to vessel detention or quarantine.
Coverage for deterioration or spoilage of perishable goods.
Riots , War, Civil War etc
Additional Add-ons Under the Single Transit Marine Insurance Policy
Extended Warehouse Coverage
Extends coverage to include storage at warehouses or storage facilities during transit or before final delivery.
Strikes, Riots, and Civil Commotions (SRCC) Coverage
Protects against losses or damages caused by strikes, riots, or civil commotions during transit.
War and Terrorism Coverage
Provides coverage for losses or damages resulting from acts of war, terrorism, or political violence.
Temperature-controlled Cargo Coverage
Offers protection for perishable goods that require temperature-controlled transportation, covering losses caused by temperature deviations or equipment failures.
Exhibition or Trade Show Coverage
Extends coverage to goods displayed or exhibited at trade shows, exhibitions, or fairs.
Tailors the policy to meet specific needs and requirements of the insured, providing additional coverage for unique or specialized goods or circumstances.
How to Settle Single Transit Marine Insurance Claim?
Promptly inform the insurance company about the loss or damage during transit.
Submit necessary documents, including policy copy, detailed statement, shipping documents, proof of value, and relevant evidence.
Complete and submit the provided claim form with essential information.
Additional KYC Documents
Include copies of identification documents (such as Aadhaar card, PAN card) and a self-declaration letter of ownership.
The insurance company assesses the claim, conducts investigations if needed, and appoints a surveyor for assessment.
The insurance company determines the eligible amount and communicates the decision to the insured.
Additional Supporting Documents
Provide a cancelled cheque image, subrogation letter (if applicable), and discharge voucher.
Exclusions of Single Transit Marine Insurance Policy
Losses due to willful misconduct
The policy does not cover losses resulting from intentional acts or negligence on the part of the insured.
Delay in transit without any physical loss or damage is not covered by the policy.
Inherent vice or nature of goods
Losses arising from the natural characteristics or inherent vice of the insured goods are excluded.
Insufficient or improper packaging
Losses due to inadequate or improper packaging of the cargo are not covered.
Unseaworthiness of vessel
Losses caused by the unseaworthiness of the vessel or lack of proper maintenance are excluded.
Nuclear or war-related risks
Losses resulting from nuclear incidents, war, civil war, or political unrest are not covered.
Confiscation or detention by customs
Losses arising from confiscation or detention of goods by customs authorities are excluded.
Losses covered under separate policies
Losses that are already covered by other insurance policies are not included in this policy.
Documents Required for Claim Settlement under Single Transit Marine Insurance Policy
Copy of the insured party’s Aadhaar card for identification purposes.
GST Registration Certificate
If applicable, provide a copy of the Goods and Services Tax (GST) registration certificate.
Copy of the insured party’s Permanent Account Number (PAN) card for taxation purposes.
Submit a copy of the E-way bill, a document required for the movement of goods in compliance with GST regulations.
Include a copy of the original bill or invoice for the insured goods.
Bilti / Consignment Note
If applicable, provide a copy of the Bilit, which is a transportation document used in some regions.
Include a copy of the Lorry Receipt (LR) or any other relevant transportation document.
If the goods were being transported by a third-party transporter, a letter from the transporter confirming the loss or damage is required.
Monetary Claim Letter
Submit a letter requesting the settlement of the claim, stating the amount of the claim sought.
Contact Information for Claim Settlement: Single Transit Marine Insurance Policy
If Policy Obtained through Agent/Broker
Claims are the reason we get a car insurance in the first place! Therefore, ensure the claim process of your desired car insurance is smooth and doesn’t take too long. When you’re in trouble, the last thing you want is, to spend all your time and energy in just filing a claim!
If Policy Obtained Directly from Insurance Company
Claim Settlements are basically getting your compensations done right. Claims being such an important part of a car insurance, check for your desired insurer’s claim settlement ratio so that you’re assured that no matter what, your claims will be settled!
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
- Phone: +91-9654259715
- Email: firstname.lastname@example.org
Frequently Asked Questions: Single Transit Marine Insurance Policy
Marine insurance is a type of insurance that provides coverage for goods, cargo, or vessels during sea or inland waterway transportation against risks such as damage, loss, or theft.
You can buy marine insurance from insurance companies or insurance brokers who offer marine insurance policies. They will guide you through the process and provide you with the necessary details and options.
The best marine insurance depends on your specific needs and requirements. It is advisable to compare policies from reputable insurance companies, considering coverage, premiums, and customer reviews to determine the best option for you.
Some well-known marine insurance companies in India include New India Assurance, National Insurance Company, ICICI Lombard, HDFC Ergo, and Oriental Insurance. Research and reviews can help you select the best company for your needs.
Cargo marine insurance provides coverage specifically for goods or cargo being transported via sea or inland waterways. It safeguards against risks such as damage, loss, or theft during transit.
In-transit marine insurance covers goods or cargo during transportation from one location to another, whether it’s by sea, air, road, or rail. It protects against various risks that may occur during transit.
Key features to consider when buying marine insurance include coverage for various risks, including damage, loss, and theft; flexibility in policy options; a reliable claims settlement process; and competitive premiums.
Even for domestic shipments within India, marine insurance is recommended to protect against unforeseen risks and ensure financial security in case of any loss or damage during transit.
Yes, marine insurance can provide coverage for vessels or boats against risks such as damage, loss, or third-party liability during their operations or while being transported.
Marine insurance is not legally mandatory for international shipments, but it is highly recommended to mitigate risks and safeguard your goods against potential losses during the journey.
It depends on the terms of the agreement with the seller. It is advisable to clarify the insurance coverage with the seller before the shipment to ensure adequate protection for your goods.
Yes, insurance companies often provide the flexibility to customize marine insurance policies to suit specific cargo types, transportation methods, or additional coverage requirements.
To buy marine insurance, you may need to provide documents such as the invoice for the goods, details of the cargo, transportation documents, and identification documents as required by the insurer
Yes, many insurance companies offer the convenience of purchasing marine insurance online. You can visit their websites, provide the necessary details, and complete the buying process digitally.
Marine insurance typically covers losses caused by natural disasters, accidents, theft, or other covered perils. However, it’s essential to review the policy terms and conditions to understand the specific coverage.
Some marine insurance policies may offer optional extensions or add-ons to provide additional coverage for specific needs. You can discuss this with the insurance provider while buying the policy.
Without marine insurance, you may have to bear the financial burden of the loss or damage to your goods. Having marine insurance provides financial protection and peace of mind in such situations.
Yes, you can cancel your marine insurance policy; however, terms and conditions for cancellation may vary depending on the insurance company. It’s advisable to check the policy details or consult with the insurer.
The time taken to settle a marine insurance claim can vary depending on the complexity of the claim and the cooperation between the insured and the insurance company. It is best to discuss the expected timeline with the insurer.
Premiums for marine insurance can be influenced by factors such as the type of goods being transported, the mode of transportation, the distance covered, the insured value of the cargo, past claims history, and any additional coverage options.
Yes, most marine insurance policies can be renewed upon expiration. It is advisable to contact your insurance provider to discuss the renewal process and any updated terms or conditions.
The decision to purchase marine insurance directly from the insurance company or through a broker depends on your preference and comfort level. Direct purchase allows direct communication, while brokers can offer guidance and access to multiple insurance options.
Here is a list of 50 popular commodities in India where Single Transit Marine Insurance is commonly used:
- Crude oil – Single Transit Marine Insurance
- Petroleum products – Single Transit Marine Insurance
- Natural gas – Single Transit Marine Insurance
- Coal Single Transit Marine Insurance
- Iron ore – Single Transit Marine Insurance
- Steel – Single Transit Marine Insurance
- Aluminum – Single Transit Marine Insurance
- Copper Single Transit Marine Insurance
- Zinc Single Transit Marine Insurance
- Lead – Single Transit Marine Insurance
- Nickel – Single Transit Marine Insurance
- Gold Single Transit Marine Insurance
- Silver Single Transit Marine Insurance
- Platinum – Single Transit Marine Insurance
- Diamonds – Single Transit Marine Insurance
- Cement Single Transit Marine Insurance
- Fertilizers – Single Transit Marine Insurance
- Chemicals – Single Transit Marine Insurance
- Pharmaceuticals – Single Transit Marine Insurance
- Textiles – Single Transit Marine Insurance
- Garments – Single Transit Marine Insurance
- Leather goods – Single Transit Marine Insurance
- Footwear – Single Transit Marine Insurance
- Electronics – Single Transit Marine Insurance
- Automobiles – Single Transit Marine Insurance
- Auto components Single Transit Marine Insurance
- Machinery – Single Transit Marine Insurance
- . Electrical equipment – Single Transit Marine Insurance
- Plastic products – Single Transit Marine Insurance
- Rubber Single Transit Marine Insurance
- Paper products – Single Transit Marine Insurance
- Agricultural products (wheat, rice, sugar, soybeans) – Single Transit Marine Insurance
- Tea – Single Transit Marine Insurance
- Coffee Single Transit Marine Insurance
- Spices (pepper, cardamom, turmeric, cinnamon) – Single Transit Marine Insurance
- Cocoa Single Transit Marine Insurance
- Cashew nuts – Single Transit Marine Insurance
- Fruits (mangoes, apples, bananas) – Single Transit Marine Insurance
- Vegetables – Single Transit Marine Insurance
- Dairy products – Single Transit Marine Insurance
- Fish and seafood – Single Transit Marine Insurance
- Poultry – Single Transit Marine Insurance
- Meat products – Single Transit Marine Insurance
- Timber – Single Transit Marine Insurance
- Furniture – Single Transit Marine Insurance
- Handicrafts – Single Transit Marine Insurance
- Precious Stones – Single Transit Marine Insurance
- Wool and yarn – Single Transit Marine Insurance
- Glassware – Single Transit Marine Insurance
- Ceramics- Single Transit Marine Insurance