What is transport insurance? | Your Insurance

Transport insurance is an insurance that is designed to provide protection against loss of property associated with a cargo during transportation.Transportation can be by rail, road, air or sea The transport insurance ids offered by different insurance companies having slight differences in their terms and policy

Necessity for transport insurance

While transporting your cargo there are several uncertainties that are associated. Take an example transporting by road. A truck can overturn, if the goods are highly flammable the goods can catch fire due to mechanical faults of the vehicle. The goods can also get stolen while the tract is left unguarded. To eliminate this uncertainties transport insurance comes in to ensure your possession of the goods while transporting.

Transport insurance coverage

Depending on the insurance company policies there are various differences concerning the covers of transport insurances. Basically some companies offer cover to losses associated with natural disasters, bridge collapse and accidents such as collision while others are more?comprehensive?extending to cover losses due to theft, loading and unloading, negligence of attendants and even due to terrorism.

Conditions where transport insurance does not cover

• Naturally insurance cover does not cover the following incidences unless stated and agreed upon in the terms of the company giving out the policy
• Losses arising from the merchandises defects
• Loss of cargo weight due to transportation
• A mistake by the crew leading to cargo loss
• A fire outbreak during transportation of the cargo leading to loss
• Transporting the cargo by sea using sea unworthy ship
• Mistakes associated with the loader during loading.
• Acct associated with God.
• Losses associated with lock-out or strikes.
• Losses occurring due to defects of ship that were hidden during inspection of the ship incase the cargo was transported by the sea.

Determination of travel insurance premiums

It is determined basing on the amount of goods you are transporting, the more the goods the more the premiums.?Depending on the transportation route you are using some routes are more dangerous, hence you are required to pay higher premiums. On the reputation of the transporting company being used, a company with a high rate of claims from the claim history will be considered for a higher premium rate.

Compensation determination

The compensation to be paid is directly dependent on the value of the estimated goods during transportation.
Nature of transportation which can be either domestic or international

Other considerations in travel insurance

Travel insurance can offer special consideration to valuable records, express and registered mail, goods having a necessity to be transported by an armored car transportation system. All this are available in special travel insurance offering companies.

Marine coverage insurance

Is coverage offered to cargos or vessels. Hull can be on basis of voyage or time period specified. On voyage basis the insurance covers the transportation from one port to another as stated in the policy purchased. Time basis covers only time limit in the stated policy terms.

Travel insurance is important especially if you are majorly involved in transport company involving movement of your merchandise from one place to another ,don?t risk everything consider taking a travel insurance to remain in a good possession of your property.

Source: http://fmcontracts.com.au/2013/01/what-is-transport-insurance/

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