GOODS IN TRANSIT (ROAD, RAIL, AIR, COURIER & POST) INSURANCE COVER
Goods-in-transit insurance, basically on all risk insurance, covering loss of, destruction of or damage to the property insured caused by fire, theft and accidental means not specifically excluded from the policy while in or on or being loaded on or unloaded form any road vehicles, train, or temporarily house in ordinary course on transit whether on or off the conveyances to which we have referred.
- Loss or damage due to delay, loss of market, or any consequence loss;
- Loss or damage to cash, bank notes, treasury notes, securities, stamps, documents, manuscripts, business books, plans designs, patterns models, mould, furs, jewellery, watches, precious metals or stones, explosives or other dangerous ;goods, or Each of these must be specifically insured;
- loss due to willful conduct of the insured;
- Loss or damage arising from wear and tear, depreciation, gradual deterioration, moths, insects, vermin, damp, mildew, rust or any defect in the goods insured;
- Theft or pilferage in which an employee of the insured is a principal or accessory;
- Loss, destruction or damage as a result of confiscation by the government or any lawful authority;
- Loss due to inherent vice or nature of the goods/property in transit
- Loss caused by insufficiency or unsuitability of packaging or preparation of the subject matter;
- Loss caused by mechanical derangement of instruments or apparatus.
- Loss caused by war and related perils;
- Loss caused by strikers or locked out workmen;
- Loss caused by terrorist or any person acting from a political move;
- Ionizing radiation or contamination by radioactivity.
Important clause– excluding theft by servant