Things To Know About Transit Insurance

Transit insurance is like Captain America’s shield to transportation businesses. The risk of goods to get damage while transporting is very high. This means you need to have a financial back up so that your business can handle that unexpected loss. Transit insurance is the safest way to cover that risk or damage caused to the transported goods and your business's assets(vehicles used to carry goods). But do you need transit insurance or not? Let’s find out:

Who Needs To Buy Transit Insurance?

Before engaging in any financial transactions related to transit insurance, you should first think - do you need it? The following types of parties should buy transit insurance:

• Aggregators or Transporters

• Custom house agents

• Importers and exporters of goods

• Traders

• Manufacturers of goods

If your business is related to the activities we have mentioned above, then there’s no chance that you don’t need transit insurance. Now let’s find out all those things that are covered under this insurance.

Transit Insurance Coverages

Whenever purchasing any insurance policy, the first question most people ask is about the coverages. Similarly, when we are talking about transit insurance, you must know about all those covered by this policy. Below we have given the list of all those things that are covered under transit insurance:

• Earthquakes

• Explosion 

• Fire

• Lightning 

• Theft

• Risks of damage while packing and unpacking of the goods

• The derailment

• Damage of goods due to the accident of the vehicle in which the goods are being transported

• Damage caused while loading and unloading the goods

• Accidental damages

• Malicious damages

• Impact damage

Benefits Of Purchasing Transit Insurance

There are lots of benefits of purchasing transit insurance. But here in this article, we focus on telling you essential things only. That’s why below, we have given some significant benefits of buying this insurance: 

• Transit insurance offers global standard coverage. Which means those goods are also covered that are being transported internationally.

• You can issue or purchase this insurance policy immediately online.

• You don't need to waste your time submitting additional documents to buy it. You can get it by providing limited information.

• If you buy transit insurance from a reputed provider, you may receive some extra coverage options. 

Final Words

These were some essential points about transit insurance. For every transport business, this policy is like a lifeguard. It’s not an expense but an excellent investment that will help you in the long run.

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jamesseo Joined: April 24th, 2020