A Transit Insurance is a kind of insurance that covers the event of accidents that results in the death or crippling during the shipment of the livestock with transit through the rails or trucks or any other means of transportation. This Transit Insurance provides coverage for all types of accidental loss incurred for those goods which they are in movement from one location to another location through any means of the transport vehicle.
This type of Transit Insurance is generally offered by the company with some premium charged upon the value declared. But the compensation will be provided only in the event of the accident. It also covers for the household belongings which are moved from the old property to the new property. But the type of coverage should be checked for before moving on to the insurance. Under the Marine Import Transit Insurance plan, the various levels of clauses under coverage involved are ICC (A), ICC (B), and ICC (C). These are referred to as Institute clauses.
They provide coverage against the risks involved in marine and cargo. There are three different types of cover under this plan. They are
i) Named Peril Basis Institute Cargo Clause (A)
ii) Named Peril Basis Institute Cargo Clause (B)
iii) Institute Cargo Clause (C). This is one of the agreed value policy in which the insurance taken is for CIF+10%.
The premium amount to be paid under this policy is valued based on various factors such as cargo, scope of cover, packing, conveyance mode, etc. but this plan would not provide any coverage when the loss or damage is caused willfully by some misconducts, normal leakage, packing not done in proper way, war etc. An important extension made to this plan deals with the following. At the time of payment of additional premium, certain extensions can be made to the cover by the insured as specified in the policy.