Inland Transit vs Marine Cargo insurance

Before we dig deep into the difference between these two insurance types, let us first understand what they mean.

Inland Transit Insurance

Inland transit insurance is specifically designed to provide extensive coverage to the insured’s goods or cargo while they are being transported within the country. Also, sometimes referred to as domestic transit insurance, this insurance is part of marine insurance, however, the transit should be within the borders of the country. This policy is a good available option to protect goods from damage or losses while in transit.

Marine Cargo Insurance

If your business is involved in the import and export of goods or is expanding to overseas markets, marine cargo insurance is a must. This cargo insurance policy can offer protection for your shipments as transit to different countries encompasses higher risks and a different set of laws. The conveyance can be in form of sea, land or aerial.

Inland Transit vs Marine Cargo Insurance

Since we have now put some light on the basic concepts of inland transport and marine insurance, we shall now focus on the factors that differentiate one from another.

Why Buying an Insurance Is Important?

Be it inland transit insurance or marine cargo insurance, goods in transit must be insured. We list down a few reasons why buying an insurance policy for your shipment is a must.

• Regardless of the precautions you take, accidents can sometimes be inevitable.
• Losses incurred can be huge.
• Carrier's limit of liability is fixed to a certain amount and they shall pay only to that extent.
• Settling of claims has fastened due to digitalization and cross-functioning

Conclusion

Marine insurance and inland transit insurance aren’t complicated; however, it is always a great idea to understand the differences and the need of the shipper and then navigates various insurance providers before making a buying decision.