The necessity of cargo protection on the way to the destination cannot be overestimated in a world of the movement of goods that go up, down, left, and right between cities, countries, and continents of the world. All the stakeholders in the supply chain including manufacturers and exporters, e-commerce companies, and logistics or delivery agents are exposed to damages, loss or even theft. Here enters the Transit Insurance and Marine Cargo Insurance.

Insuring property has never been this easy and convenient; at least now, thanks to transit insurance online services. This blog zooms into understanding what is meant by transit and marine cargo insurance, reasons as to why they are different, the advantages, and why the digital age is easing the possession of coverage by businesses all over the globe.

What is a Transit Insurance?

Transit Insurance is that insurance cover that can be offered to goods as they transport from one destination to another within a country. This may be through roads, Railway, air or waterway. It includes a variety of risks e.g.:

• Accidental damage
• Explosion or fire
• Stealing or break-in Theft or burglary
• Natural disasters such as floods or an earthquake
• Motor accidents or overturning accidents

You are either a small business that transports the finished products or a huge manufacturer that moves raw materials, in any case, transit insurance protects your assets when it travels domestically.

What is Marine Cargo Insurance?

Marine cargo policy covers products during transportation between countries (usually on the ocean of air). It is necessary to importers, exporters, freight forwarders and traders that require cross border protection. With this insurance, one can insure a subset of:

• Possibility of loading and discharge of risks
• Hijacking and piracy
• Damages caused by a war or on strike
• Losses in custom clearance
• Weather damage in the sea

Although it is called a marine insurance policy, it frequently covers not only the transport on the sea and the inland movement on either end – the warehouse-to-warehouse travel, also known as the end to end cover.

Advantages of Purchasing Insurance Online on Transit

No more were the time when we need to travel to the insurance offices or fill in reams of paper. Under the transit insurance online, everything is digitalized and simplified. This is the reason why more companies are turning to go digital:

Quotes/Policies on the Spot

Obtain quotes in a few minutes with various insurers and buy policies instantly.

Customization

Depending on how frequently you ship you can also choose single-transit or multi-transit yearly policies.

Transparency

It is easy to compare coverage information, claims process, exclusions, and premium rates.

Time-Saving

The documentation which may be long physically and the coordination with the agents is done away with in online portals.

24/7 Availability

Buy insurance any time of the day or even at odd hours of the day, or even in desperate shipping times.

Why should International traders take the Marine Cargo Insurance?

International shipping is more risky as it accompanies a greater distance to travel, change of hands in various ports as well as changeable oceanic conditions. Without insurance against marine cargo you are in danger of:

• Transshipment theft Cargo theft
• Injuries caused by wrong handling in ports
• The casualties of container ships
• General average liability (the owner of cargo shares in the losses)

Marine cargo insurance does not only insure your merchandise but also creates a comfort when campaigning through international trade routes.

Types of Cover common to Marine Cargo

All Risk Policy: This covers most of the causes of loss or damage.

Named perils policy: This provides cover only to the specifically named risks (e.g. fire, collision).

Open Cover Policy: This is an annual policy given to frequent shipper, which is characterized by continuous cover.

Voyage Policy: It covers one consignment and one shipment journey.

These policies can be tailored by the insurers depending on your business requirement and how frequently you make your shipments.

The Selection of the Proper Insurance Company

Be it the transit or marine cargo insurance, a proper selection of the provider is important. Look for:

• History of cargo insurance
• Fast claims handling
• Clear and open terms and exclusions
• Efficient customer services
• Modifiable coverage plans

To make a wise decision read online reviews, testimonials, and comparisons.

In the age of a progressively mobile and globalized environment, the question of safely transporting your goods is not a matter of choice anymore but the issue of necessity. Transit insurances cover the domestic goods and the marine cargo insurances cover the international goods till they reach safely. The issue of right coverage has now been much faster, convenient and more efficient with online platforms.

When conducting business, no matter how large or how small, there is always a need to insure with the appropriate insurance, to not only protect your cargo, but to protect your integrity, and investing in the right insurance, you are preserving your financial stability. During the uncertain times, it is your best partner when it comes to the matters of logistics and trade.