Top 3 Reasons Why You Need Transit Insurance Services

Transporting cargo around the country or even outside the country is not without its share of risks. The goods in transit may get stolen or catch fire or the carrying vehicle may meet with an accident which might destroy the valuable cargo. As you can see, there are a lot of things which may go wrong and damage the valuable cargo.

Well, you might be overlooking its importance for months or years but it is always a good idea to secure your cargo by buying a Marine Insurance Policy for your goods.

What else, you need to keep in mind to go through the Marine Insurance Policy carefully before you make a purchase decision?

In this blog, I am going to discuss 3 major reasons to buy transit insurance services that you didn't know before:

1 – Damage to valuable cargo may lead to huge losses

Importers and Exporters normally transport valuable cargo on a regular basis. If you transport such valuable cargo without insuring the cargo, you would be responsible for any loss that happens due to damage to the cargo. The financial losses can be quite substantial.

A Marine Insurance Policy will be beneficial in securing the cargo as it will protect you from financial losses by making you eligible to get compensation for the loss suffered due to cargo damage.

2 – Flexibility to choose Annual Policy or Single Trip Policy

Transit Insurance Policy offers flexibility based on your requirements. You can opt for a single trip transit insurance policy also if you have a one-off trip. The Insurance would end as soon as the cargo reaches its destination.

You need not purchase an annual Marine Insurance Policy like in other insurance policies.

You can opt for Marine Insurance cover as and when it is required.

3 - Transit Insurance Premiums are reasonable

If you have bought a car or bike recently, you know how important it is to insure it, right? You need to pay less than 1% of the product cost to buy its insurance. Even in the case of cargos, depending on the type of cargo and country of export – very affordable plans are available for Marine Insurance Policy. I mean, you need to pay a very little amount to take insurance for your shipment as compared to the total cost of your freight.

I believe you would have now understood the importance of a Marine Insurance Policy. So, before you decide not to buy transit insurance for your next shipment, think again. A simple mistake can cost you thousands or even millions of dollars. Buying a Marine Insurance Policy by spending a little extra might save you from such losses.

The endnote 

I hope now you have enough reasons to insure your goods as avoiding that could result in a huge loss. So, contact a trusted insurance broking firm today and discuss the insurance cost for your next shipment. 

Source URL: https://www.storeboard.com/blogs/business/top-3-reasons-why-you-need-transit-insurance-services/4900814

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Created on Jul 4th 2021 03:26. Viewed 221 times.

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