Businesses are going global and they face threats of damage while the goods are being transported from one place to another. These damages will cause a loss of money for the business thus it is important to protect the goods financially by using transit insurance.

Transit insurance covers risks faced by goods when they are being transported and the policy covers goods transported by air, water, road or rail. This will cover any damage that is caused to those who are being transported. It is suitable for businesses or individuals who regularly transport goods. 

A transit insurance policy is a boon for businesses because of all the benefits it provides. The coverage is provided on globally standard terms. It provides financial support to businesses which might face losses if their goods get damaged during transit. Businesses will be able to maintain profitability even during hard times. In this article, we will introduce you to some of the important types of transit insurance policies.

Single Transit Policy

As the name suggests this policy will only cover one particular journey and is best suited for businesses that do not transport their goods frequently. And this covers the goods on that single journey only, for the next transport you will have to take the policy again. Your movers and packers will know all about the best-suited transit insurance for you.

Customised Policy

This policy is a flexible transit insurance policy. It can be customised for businesses to suit their coverage requirements. You can customise it according to your needs and this will be immensely suitable for your business.

Open Policy

The open policy covers multiple transits occurring within a given period which is usually one year. This is highly beneficial for businesses which transport their goods frequently. Such businesses can buy this policy and ensure coverage for multiple trips without buying a different policy for each transportation of goods. They renew this each year according to their need or not.

Overnight Vehicles’ Insurance Policy

In some cases, the goods need to be stored in a vehicle overnight during its shipping or transportation and they need special protection during those times as well. The overnight vehicles’ insurance policy covers the goods in such cases.

Goods in Transit (Carrier’s) Cover

If your goods are being transported using a transport vessel of a third-party carrier, the carrier will not undertake the risks of damage to your goods in case of any perils. Good in transit (Carrier’s) cover will cover the damages if any when the goods are being transported using another carrier service. So, you should have an idea about the vehicle you are going to use at the beginning itself.

Goods in Transit (Own Vehicle) Cover

Goods in transit (own vehicle) cover, having this cover would protect your goods against damage if your vehicle is used for transport.

Multiple Vehicles Cover

In cases where goods are transported via multiple vessels, this policy can cover the goods being handled by different vehicles. Multi-vehicle coverage is available under one policy.