The shipping business plays a crucial role in importing and exporting goods or products via different transportation modes. However, various types of risks, such as loss, theft, accidental damage, etc., come in the way of transiting goods. Due to this reason, businesses consider buying marine transit insurance.
TATA AIG offers various SME insurance plans, such as marine insurance and transit insurance, that help businesses safeguard their assets and avoid potential financial losses. Let us explore how TATA AIG transit insurance mitigates risks during transportation.
Understanding TATA AIG Transit Insurance
TATA AIG transit insurance policy protects goods and products during transportation from one point to another. It helps businesses avoid potential losses that arise during unforeseen situations. The plan is customised based on the unique business requirements.
Whether you own a business that ships goods or deals with valuable items, the TATA AIG transit insurance policy will protect you against any financial liabilities arising from any eventualities.
Coverage Under Marine Transit Insurance
Some of the essential coverage offered under the transit insurance online are listed below:
Total Loss During Loading and Unloading
Most of the time, goods and products suffer losses during the loading and unloading process. With a marine transit insurance policy, policyholders will get coverage for losses and damages of goods during the loading and unloading phases.
Accident and Collision Coverage
Another coverage offered under marine transit insurance online is accident and collision coverage. This includes vehicle overturning and even the sinking of the vessel.
Natural and Man-made Calamities
Under marine transit insurance policies, goods and products are safeguarded or protected against losses or damages resulting from natural and man-made disasters, including earthquakes, floods, explosions and more.
Packing and Unpacking Protection
When goods are not properly packaged, they can also result in losses or damages. Under marine transit insurance, risks associated with packing and unpacking goods are also accounted for.
Theft and Malicious Damage
Another crucial coverage under transit insurance is the protection of goods against theft and malicious damage. The policy covers any kind of internal misconduct or external forces that lead to damage and losses.
Accidental Damages
Unfortunately, accidents can happen anywhere without prior warning. A transit insurance policy will cover damages and losses to goods caused by accidents, helping to minimise the financial impact.
Benefits of Marine Transit Insurance Policy
Marine transit insurance is crucial in mitigating risk during transportation, below are some of the benefits of the policy.
Financial Protection
The shipping industry has a lot of risks. The damage to cargo can cause a substantial financial burden on businesses if they do not have a marine transit insurance policy. The policy will allow businesses to recover for losses or damage up to a certain extent.
Risk Mitigation
Another benefit of investing in marine insurance is risk mitigation. Unforeseen scenarios such as bad weather, theft, fire, etc., can cause damage or loss to goods during transit. With marine cargo insurance, businesses can protect goods against various perils during transit.
Legal compliance
For shipping business owners, particularly those involved in international import and export, maintaining legal compliance is mandatory. One such requirement is having a marine insurance policy. Transiting goods without adequate coverage can invite fines and penalties from the authorities.
How to Buy Marine Insurance Policy From TATA AIG
- Step 1: Visit the official website of TATA AIG.
- Step 2: Go to the “Business” tab and select the “Marine Cargo Insurance “ option.
- Step 3: Select the “Commodity Type” from the dropdown.
- Step 4: Enter the “Type of Voyage” and “Invoice Value” and enter the mobile number.
- Step 5: After entering all the information, click on the “Get Plan” button.
- Step 6: Depending on your requirement, the policy coverage will appear on the screen.
- Step 7: Review the policy details carefully and make additional changes if required.
- Step 8: Make the marine cargo insurance policy payment and save the acknowledgement receipt.
- Step 9: Upon successful payment, the policy document will be shared on your email address.
Conclusion
The transportation and shipping industries are fraught with risks that can lead to significant financial loss and tarnish a business’s reputation. To safeguard against these challenges, investing in a marine transit insurance policy is essential.
TATA AIG stands out as a trusted insurance provider, offering a range of SME insurance plans, including marine insurance.
Their commitment to protecting your assets during unforeseen circumstances gives you peace of mind, knowing that your goods are secure and your business is valued.
With a global presence in over 130 countries, TATA AIG ensures that your shipments are protected no matter where your business operates, giving you a sense of security.
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