Marine and Inland Transit Insurance
For import-export businesses or domestic trade, Marine & Inland Transit Insurance is essential. Accidents during transit (sinking ships, overturned trucks, or lost cargo) can cause your capital to vanish along with your goods. To give you a clearer picture, I have categorized them by transport type as follows:1. Marine Cargo Insurance
Mainly used for international trade, this follows international standard conditions called Institute Cargo Clauses (ICC). You should choose based on the level of risk:- ICC (C): Minimum coverage (Budget-friendly). Focuses on major perils such as vessel grounding, sinking, fire, or the transport vehicle overturning.
- ICC (B): Covers everything in (C) plus natural disasters like earthquakes, volcanic eruptions, cargo being washed overboard, or water entering the container.
- ICC (A): Maximum coverage (All Risks). Covers everything not specifically listed in the exclusions, such as breakage, partial loss, or theft.
2. Inland Transit Insurance
Focuses on domestic transportation (pickups, trucks, trains). The main coverage options are:- Accidental Coverage: Overturning, collisions, and fire.
- Theft Coverage: Theft during transit (usually requires an add-on or a specific comprehensive plan).
- Loading/Unloading Coverage: Damage occurring while moving goods onto or off the vehicle.