Also known as ‘Transit insurance’, this is suitable for exporters, importers, traders, manufacturers, contractors of projects, bankers and individuals. The sales terms between the buyer and the seller usually define the insurance requirement. A transit policy covers transit by road, rail, air or water. The classifications of transit policies are
Specific Voyage Policies
Covering a single transit of goods from one place to another
Open Policies
- These are annual policies covering multiple transits for domestic movement, exports and imports.
- These are annual policies covering multiple transits for domestic movement, exports and imports.
Sales Turnover Policies (STOP)
- This a comprehensive policy covering export, import and domestic movement of goods.
- It is a seamless cover based on the annual sales turnover of a company and is an emerging policy as it overcomes the limitation of Open Policies.
- It is easier to administer with less cumbersome documentation
Marine Hull Insurance
This policy covers any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing boats and sailing vessels. Marine hull insurance is done as per international clauses applicable across different countries.