Transit insurance is a kind of cover plan that covers your goods in the process being transported from one place to another. Be it relocation of your house, office, or car, transit insurance takes care of all the valuables being moved to ensure that nothing goes wrong with the belongings and everything reaches safe and sound. This may include damage, theft, natural occurrences, or any other form of unexpected accident.

When Does Transit Insurance Apply?

Transit insurance applies whenever your goods are on the move, local or long distance. If something unfortunate happens to your items during transport—and it's not just bad luck, but a sudden accident, damage caused by bad weather, or theft— you can count on transit insurance to be compensated for the loss or damage.

Client's and Packing Company's Roles

Client's Role : The client must declare the correct value of the goods to be transported and ensure they have opted for insurance before the move begins. This ensures the client is properly covered in case of mishap.

Role of Packing Company : A packing company, like Starway Packers and Movers, essentially performs a great role through which the goods are being packed properly and transported to the destination in a hassle-free manner. They also help in arranging the process of insurance in that particular manner wherein everything is in place to protect your goods during the transit.

Transit Insurance Terms and Conditions for Starway Packers and Movers

Refund Policy for Nil Declarations :

In case there are no declarations, or if the declared amount is less than 80% of the sum insured, a refund will be issued after retaining 80% of the premium collected, subject to a minimum of Rs 5000 plus GST (whichever is higher). No refund will be applicable if the Gross Loss Ratio exceeds 80%.

Adequacy of Sum Insured :

The insured must ensure that the sum insured remains adequate at all times. Failure to maintain this may result in forfeiture of all policy benefits from the moment the sum insured becomes exhausted. The insurer reserves the right to inspect the insured’s records during business hours.

Declaration Deadline for Each Transit :

Every transit must be declared by the 10th day of the subsequent month.

Coverage for Special Items :

Used, second-hand, return transits, refurbished, fragile, and rejected goods are covered under Inland Transit Clause (B) + SRCC. Valuation of these items will be based on their depreciated market value.

Recovery Rights and Claim Settlement :

For inland transit claims, if recovery rights are compromised, claims will be settled at 90% of the normally admissible amount (except for theft or hijack cases).

Claims Payment Policy :

All claims will be paid in favor of the cargo owner unless a "No Objection Letter" is provided by the owner

Non-Contribution Clause :

This policy will not contribute if any other policy already covers the insured subject matter.

Excess of Deductible Clause :

This policy will not act as an excess or deductible for any other policy in place.

Documentation Requirement :

The contract between the Assured and the cargo owner, proving insurance instructions on behalf of the owner, must be submitted as part of the claim documentation.

Eligible Entities for Insurance :

This policy only covers interests held by Consignees or Consignors who are registered entities in India.

Waiver of Subrogation Rights :

The insurer waives all recovery rights against the carrier (Season Road Carrier), except in cases of willful misconduct, misappropriation, or non-delivery of the entire consignment. In such cases, any rights against subcontractors will be subrogated to the owner of the cargo.

Protection Against Water Damage :

Goods must be transported in closed wagons or trucks covered with waterproof materials like tarpaulin. Wet damage is excluded unless it’s due to covered perils under the Inland Transit Clause (B).

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