Commerical Crime
Marine/ Transit Insurance provides risk coverage against any loss during any domestic or international transit by rail, road, sea, air or courier of any cargo or any movable properties like all stocks, plants and machineries. This insurance policy is filled with multiple clauses and warranties and coverage associated with the risks needs to be checked minutely. Normally this policy covers accidental risk, fire and Act of God risk, theft and pilferage & hijacking. An industry operates with multi movement of stocks like transit for purchase of stocks form seller’s premise to purchaser’s premise, sales of finished goods from sellers’ premise to buyers’ premise, inter unit movement of stocks where the industry has various production units and storage units, import & exports of goods. All these movements involve various modes of transport like Sea, Air, Rail, Road & couriers. All these movements can be covered under a single policy called Sales Turnover policy.