This insurance provides the businesses with indemnity and financial protection for unexpected loss of goods during transportation by sea, river and land due to natural disaster, accident, fire and loss of transport vessels/vehicles. This insurance covers for the imports and exports, the cargoes transporting on the inland waterways. This policy is a one trip policy.
Coverage and Benefits
- Fire or explosion
- Overturning or derailment of land conveyance
- Collision or contact of conveyance with any external object
This policy provides coverage for Total Loss of Goods only and the insured can obtain compensation up to the amount of sum insured for total loss of goods during transportation.
- One trip
Most common type of policy and it covers from cargo when it travels from one place to another place (within one location) and for each individual voyage.
- The vehicle must be driven by the driver who has the driving license.
- Motor vehicle must have the legal license.
- Premium must be paid including stamp fees.
- The loss will indemnify between the starting and end of the journey.
- If the loss occurs, the owner of the property must try hard to save and transport the property, for doing these the owner of the property can demand the expenses from the Insurance Company.
It is ideal for:
- Cargo Owners
- Commercial Businessmen
- Buyers and Sellers engaged in local trade or Agents
Insured Value = Cargo Cost + 10%
- Premium is calculated on insured value (C +10%) and the rating varies according to the type of cargo, voyage and the season of the trip.