In this article, we will discuss Marine Insurance (Description Part-3). So, let’s get started.
Inland Transit Clause
There are three sets of pure Inland Transit Clauses which are (i) Inland Transit (Rail or Road) Clause A (All Risks) (ii) Inland Transit (Rail or Road) Clause B Basic cover) (iii) Inland Transit (Rail or Road) Clause – C.
The cover is also available for transportation of cargo during inland waterways under Inland Transit (Inland Vessels) Clause (Basic Cover).
The Inland Transit Clause-A covers all risks but Inland transit ( Rail or Road) Clause-B (Basic cover)covers named perils i.e. Fire, lightning breakage of bridges, collision with or by the carrying vehicle, overturning of the carrying vehicle and derailment or accidents of like nature to the carrying railway wagon/vehicle
Inland Transit Clause (C ) covers Fire and Lightning only
Inland Transit (Inland Vessel) Clause covers named perils i.e. fire or explosion, vessel or craft
being stranded grounded sunk or capasized
Duration of Cover
Under Inland Transit Rail or Road Clause A and B, the risk will commence from the time the goods leave the warehouse and/or store at the place named in the policy for the purpose of commencement of journey and shall terminate on expiry of 7 days after arrival of the land conveyance at the final destination railway station and/or destination town.
Under Inland Transit (Inland vessels) Clause, the risk will commence from the time the goods are handed over to the inland carriers against receipt and shall terminate on expiry of 7 days from the date of arrival of vessel at destination named in the policy.
Under Inland Transit Rail or Road Clause -C, the risk will commence with the loading of each package into wagon/truck and shall terminate on unloading at destination railway station/destination point.