Marine Open Policy Inland Transit Insurance

What is Open Policy Inland Transit Insurance and Its Benefits

Open Policy Inland Transit Insurance is like a one-stop solution for businesses that regularly move goods from one place to another. Instead of getting separate insurance for each shipment, this policy covers all your transportation needs in a specific area. It keeps your goods safe from things like theft, damage, or loss while they're on the move. This insurance gives you peace of mind and helps your business run smoothly by protecting your cargo all the time. By choosing Open Policy Inland Transit Insurance, you can make your logistics simpler and avoid financial worries related to transporting goods.

Importance of Open Policy Inland Transit Insurance

Open Policy Inland Transit Insurance offers a range of features tailored to meet the diverse needs of businesses engaged in the transportation of goods. Major ones are listed below:

Continuous Protection

Your goods stay safe during travel within a specific area without needing separate policies for each shipment, saving you time and hassle.

Flexibility:

Adjust coverage as your needs change, ensuring your goods are shielded from theft, damage, or loss.

Complete Security:

Your goods are covered during travel and handling along the entire journey, guarding against unexpected events and providing financial security.

Extra Benefits:

Get added services like risk assessment, inspections, and help with claims, making sure your goods are protected and your risks are minimized.

Affordable Rates:

Enjoy competitive prices and flexible payment options, helping you manage costs while still getting the coverage you need.

Easy Procedures:

Simplified insurance processes make things smoother for businesses in transportation, giving you peace of mind and saving time.

Personalized Solutions:

Tailored features to fit your specific needs, ensuring your goods are protected and your business runs smoothly.

Coverage of Marine Open Policy Inland Transit Insurance

Bajaj Allianz General Insurance Company (BAGIC) offers comprehensive coverage with its Open Policy Inland Transit Insurance.

● Coverage extends to goods during transit within a specified geographical area, guarding against theft, damage, or loss.

● The policy also covers and handling at various points along the transportation route, ensuring comprehensive protection throughout the process.

● BAGIC provides value-added services like risk assessment and loss prevention measures to minimize risks and losses for businesses.

Exclusions of Marine Open Policy Inland Transit Insurance

Exclusions under BAGIC's Open Policy Inland Transit Insurance encompass various scenarios to safeguard against potential risks and losses, including:

● Damages due to inadequate packing

● Inherent vice or nature of the goods

● Delay and wear and tear

● Losses during war and nuclear risks

● Frauds or dishonest acts are excluded

ELIGIBILITY

For businesses transporting goods within a designated area, our policy offers tailored coverage and protection. Major ones are listed below:

● Businesses engaged in transporting goods within a specified geographical area are eligible.

● The policy caters to various industries and businesses involved in goods movement.

● It provides comprehensive coverage and protection for goods in transit.

● Tailored to meet the specific needs of businesses transporting goods.

● Offers coverage for a wide range of risks associated with goods transportation.

MARINE OPEN POLICY INLAND TRANSIT INSURANCE CLAIM PROCESS

Follow these steps to lodge a claim under marine insurance policy:

Step 1:Notify the Insurer Immediately: Report any loss promptly to the insurer.
Step 2:The insurer provides a claim reference number and surveyor details if appointed, or/and Letter of Requirement (LOR) is issued for further claim processing.
Step 3:Submission of Documents: Submit necessary claim-related documents as per the LOR.
Step 4:Documents Verification: The surveyor/insurer examines the submitted documents and informs about any pending requirements. Upon verification, if all documents are satisfactory, the insurer/surveyor assesses the reported claim based on marine insurance policy terms and conditions.
Step 5:Claim Approval: Upon assessing the loss, the insurer seeks consent from the insured and requests NEFT details for payment processing, along with any additional documents, if required.
Step 6: Claim Settlement: Once the insurer transfers the claim payment via NEFT, it reflects in the insured's account within 3-4 working days.

DOCUMENTS REQUIRED TO FILE CLAIM

After a successful claim filing, the insurer provides URN number/claim number for document upload and status tracking. The necessary documents are as follows:

● Marine Insurance Policy Copy

● Invoice Copy

● Transit Document (Lorry Receipts/Good Receipts/Consignment Notes/Rail Receipts/ Bill of Lading / Airway bill copy)

● Packing List

● Insured’s Claim bill

● Damage Photos (in case of damage to the cargo)

● Copy of Monetary Claim lodged on carrier

CONCLUSION

In conclusion, BAGIC's Marine Open Policy Inland Transit offers comprehensive protection for goods in transit, catering to diverse industries and businesses. With coverage extending across various risks such as inadequate packing, inherent vice, and delays, we ensure peace of mind for our clients. Our flexible options and value-added services enhance the risk management strategy, providing reliable support and assistance. Trust in our expertise and experience to safeguard your goods and streamline your transportation operations. BAGIC remains committed to delivering exceptional service and tailored solutions, ensuring the utmost satisfaction and security for our valued clients.