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Marine transit insurance refers to insurance that covers damage or loss caused to a transport vessel by which goods are obtained, transferred from one location to another. It provides cover for goods transported by air, land, or sea. The best marine transit insuranceis applicable to goods in transit – locally and internationally.
What are Types of Marine Transit Insurance policies
Single Transit
It includes Inland Transit, which covers single commercial inland transits within Australia, and Imports/Exports Transit, which provides cover to single cargo transit imported to Australia or exported from the country.
Annual Transit
Inland Transit in Annual Transit provides cover for cargo moved inland within Australia. On the other hand, Imports/Exports Transit covers cargo transit imported to Australia or exported from the country.
Single and Annual Transits are available within Australia and for international transits.
Combined Cartage Insurance
The insurance policy type covers a transport service provider’s responsibility for transits.
Commercial Hull
It covers vessels that have been used in Australian waters for commercial purposes. Also, it provides cover for the cargo liability insurance cost associated with a builder’s risks.
Who Needs Marine Transit Insurance
There is a wide range of marine transit insurance policies, and the best policy for goods in transit insurance online depends on the needs of a customer. Individuals transporting personal goods can get single marine transit insurance. On the other hand, businesses that supply products on a regular basis can opt for annual marine transit insurance.
In addition, a policy can be selected by considering how one wants to transfer the goods. Some insurance policies provide cover for goods moved by air, road, or sea.
Businesses from different industries where the movement of goods is an integral part of the business need a transit insurance policy. They can be suppliers of raw materials, manufacturers of finished products, or businesses that import goods.