A Marine insurance policy is available for the damage or loss of raw materials and other finished goods that are transported over the sea. A commercial vehicle policy is also offered which can be bought by one who owns a vehicle that transports goods over the sea. There is an option of including personal accident along with these policies to avoid large medical expenses in case of an accident. The marine insurance policy has several options you can choose from like a cargo insurance policy. This policy is important when your goods travel for thousands of miles and if lost or damaged you will have to bear the loss. It also covers goods transported by road, rail or air. It provides compensation for the lost goods and also provides safety for goods that are being transported.
Marine insurance policy provides protection to different types of companies like those involved in export, import and inland transition, companies which need transport programs across multiple nations, companies involved in logistics and infrastructure projects and those companies which are require complex transport programs. Additional coverage is provided by the marine insurance policy for debris removal, concealed damage, contingency risks of the seller, risks involved with loading and unloading of goods and demurrage of containers. The clauses of the policy stand void if there is willful misconduct resulting in an accident, leakage due to regular wear and tear resulting in loss of volume, improper packing, delays, inherent defects, nuclear accidents, war and war related situations causing damage, financial misconduct by the owner, manager or any other official dealing with the goods and defects in the vehicle.
The marine insurance policy evaluates and analyses the risks, provide expert guidance to avoid cargo accidents, designs a customized insurance program to suit your needs, smooth claim settlement process, deals with market information and employs risk control operations. Other types of marine insurance policy includes cover machineries like turbines, generators and boilers which will be required for a new project and damage of these machines may delay the starting of the project. There is an added facility to get cover for your goods when they are stocked after the transportation in case there is an accident like a fire or a flood. Thus there are several alternatives that you can avail to avoid major financial losses during transit of your goods over sea.
Goods in Transit Insurance
Most people are well informed on the need to insure commercial vehicles. However, if you stop to think about the value of the contents of the van or lorry that you are driving, you will appreciate goods in transit insurance.
The cover
Goods in transit cover relate to the replacement value of the contents of the vehicle. So make sure that you are realistic with the value of the items you carry. There is no point underestimating the value to get a cheaper deal, only to find that you are left short when the insurer pays out only that amount.
If your business is being a courier rather than transporting goods as a one-off, you will also need to consider other aspects to goods in transit insurance. Most businesses with employees need employers’ liability insurance, which your insurer could offer as part of the goods in transit package. Likewise, although not compulsory, public liability insurance could be a wise move to protect yourself from claims for compensation made by third parties for damage caused in the course of your business.
If you have a sophisticated system of tracking the goods you carry using handheld scanners, these are expensive to replace in the event of theft or damage, so ask your provider if they can be included in the cover.
