What Is
Single Transit Policy in Marine Insurance?
Marine insurance policies protect goods throughout their journey from their starting point to their final destination. These policies cater to various modes of transportation, encompassing road, air, rail, sea, courier, and postal services, offering protection against potential loss or damage. A single transit policy is a subset of marine insurance that provides coverage for a specific journey between two points. It is crafted to shield cargo during transportation, whether by truck, railway, ship, or airplane, from its place of origin to its intended destination. This policy ensures protection throughout the entire movement, regardless of the transportation method chosen. Its primary aim is to cover a distinct shipment or transit event, distinguishing it from policies that offer continuous coverage for numerous shipments.
The most common causes of cargo loss or damage during transit include events such as explosions, fires, hijackings, collisions, accidents, and vehicle overturns. This policy also extends its coverage against a range of risks that cargo may encounter during transportation, including strikes, theft, and riots. Moreover, a single transit marine insurance policy can encompass meticulously crafted plans that cover malicious damage, theft, damages encountered during loading and unloading processes, non-delivery of items, and mishandling of cargo specific to the transit. The coverage offered can be meticulously tailored to align with your unique requirements. It is available for an extensive array of goods or cargo, irrespective of whether they are manufactured or traded by you.