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    Goods in Transit

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    srinivas
    The document provides information on goods in transit insurance, which provides coverage for goods while being transported by road, rail, or temporarily housed during transit. It outlines the covered risks of fire, theft, and accidents, as well as exclusions such as leakage, weather damage, and war. Claim procedures and requirements are also summarized, such as notifying the insurer, mitigating further losses, and submitting claims with supporting documentation.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Goods in Transit

    Uploaded by

    srinivas
    54 views3 pages
    The document provides information on goods in transit insurance, which provides coverage for goods while being transported by road, rail, or temporarily housed during transit. It outlines the covered risks of fire, theft, and accidents, as well as exclusions such as leakage, weather damage, and war. Claim procedures and requirements are also summarized, such as notifying the insurer, mitigating further losses, and submitting claims with supporting documentation.

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    Goods in Transit

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    The document provides information on goods in transit insurance, which provides coverage for goods while being transported by road, rail, or temporarily housed during transit. It outlines the covered risks of fire, theft, and accidents, as well as exclusions such as leakage, weather damage, and war. Claim procedures and requirements are also summarized, such as notifying the insurer, mitigating further losses, and submitting claims with supporting documentation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    54 views3 pages

    Goods in Transit

    Uploaded by

    srinivas
    The document provides information on goods in transit insurance, which provides coverage for goods while being transported by road, rail, or temporarily housed during transit. It outlines the covered risks of fire, theft, and accidents, as well as exclusions such as leakage, weather damage, and war. Claim procedures and requirements are also summarized, such as notifying the insurer, mitigating further losses, and submitting claims with supporting documentation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Fact Sheet

    Goods In Transit Insurance


    This policy provides you with coverage for your goods whilst in or on or being loaded on or unloaded from
    any road vehicle or goods train or whilst housed in the ordinary course of transit whether on or off the said
    conveyance against loss of or damage by Fire, Theft or Accidental Means.

    The Coverage
    a. Fire, Theft or Accidental Means
    This coverage is against loss of or damage to the goods by Fire, Theft or Accidental Means (except as
    provided in the exclusions) whilst:
     in or on or being loaded on or unloaded from any road vehicle or goods train
     or whilst temporarily housed in the ordinary course of transit whethe r on or off the said
    conveyance within the Territorial Limit

    b. Lorry Clause
    This coverage is a more restrictive cover losses or damage to the goods resulting from fire, collision and
    overturning of the conveyance.

    Extensions
    Riots & Strikes as provided in the Strikes, Riot & Civil Commotion Clause is an extension cover in conjunction with the
    same conveyance.

    Main Exclusions
    This policy does not cover certain losses such as:
     Loss of any liquid gas or goods from containers by leakage or spilling unless caused by (a) fire (b) an accident to
    the conveyance or (c) an object falling onto the conveyance
     Loss destruction or damage caused by weather atmospheric conditions wear and tear moth vermin insects damp
    mildew rust defective packing hooks or slings delay loss of market depreciation or deterioration contamination
    fermentation or spontaneous combustion of consequential loss of any kind.
     Theft or pilferage in which any employee of the insured is concerned as principal or accessory
     Loss destruction or damage occasioned by happening through volcanic eruption subterranean fire earthquake or
    other convulsion of nature war invasion act of foreign enemy hostilities (whether war be declared or not), civil
    war rebellion revolution insurrection military or usurped power riot strike or civil commotion.

    Duration of Cover
    Cover commences when the goods leave the warehouse or premise at the place named in the policy for the
    commencement of transit and continues until the goods are delivered to their final destination named in the policy.

    Extensions
    Riots & Strikes as provided in the Strikes, Riot & Civil Commotion Clause is an extension cover in conjunction with the
    same conveyance.

    Excess
    This policy may be subject to an excess. An excess is the amount which you will have to pay when you make a claim
    under your policy. Any excess which may apply to your policy will be deducted from any payments we make on your
    claim. Please check your policy schedule for full details of the excess.

    PLEASE CHECK FOR THE DETAILS OF THE COVERAGE EXCLUSIONS WARRANTIES AND EXTENSION IN THE POLICY OR
    WITH OUR INTERMEDIARY OR WITH US.

    Coinsurance
    If at the time of any claim arising under this Policy there shall be any other insurance covering the same risk or any part
    thereof the Company shall not be liable for more than its rateable proportion thereof.

    Insured Value / Sum Insured


    You should insure your goods based on the prime cost of the goods or merchandise plus the expenses of and incidental
    to shipping, the freight for which are liable and the charges of insurance. Provided always that the liability of the
    Company shall not exceed the sum insured stipulated in the policy.
    If the goods are used, you must ensure that the insured value is based on the current market value or written book
    value of the goods. The term market value shall mean the value of the goods insured under the policy at the time of
    damage or loss less due allowance for wear and tear and/or depreciation. In the event of loss to the goods insured
    under the policy, the limit of indemnity of the Company shall be the insured value or the market value of the insured
    goods, whichever is the lower, subject to the deduction of any excess and amounts which the Insured is required to
    bear under the policy.

    Premium Adjustment
    The first premium and all renewal premiums that may be accepted are to be regulated by the total values of all the
    property dispatched during each period of insurance. The Insured shall keep an accurate record of all such values and
    shall at all reasonable times allow the Company to verify such record and within one month of the expiry of each period
    of insurance shall furnish the Company with a correct account of the amount so recorded and if such amount shall
    differ from that on which the premium has been paid the difference in premium shall be met by a further proportionate
    payment or by a refund as the case may be, subject to a minimum premium on which the deposit premium was based
    (if any) being retained by us.

    Payment of Premium
     Premium must be made to our intermediary or direct to us within 60 days from the inception of this Policy.
     Payment can be made by cash, credit card or cheques (cheques should be made in favor of Tokio Marine Insurans
    (Malaysia) Berhad)
     Insist on a receipt for the premium paid.
     Contact us if you have not received your insurance policy after one month of purchase.

    Policy Cancellation
    You may cancel your policy by giving written notice to us. Upon cancellation, you are entitled to a refund of the
    premium less premium based on our short period rates for the period of the policy which has been in force, subject to
    the minimum premium to be retained by us. No refund of premium is allowed if there is a claim under the policy.

    WHAT YOU SHOULD DO In The Event Of Loss/Damage


    Notification of Claim
     You must notify us in writing with full details of the incident/accident as soon as possible. Early notification is
    required to avoid any prejudice to your claim. If theft and/or injury to third party, make a police report
    immediately.

    Duty of the Insured in Mitigating Loss


     You must take the necessary reasonable measures to mitigate further loss/ worsening of the situation. If
    temporary repairs are required to stop further damage, you should ensure that these are carried out
    immediately and the bills for the works done should be kept as part of your claim. If the repairs required are of a
    permanent nature, you should obtain estimates of the repairs required and send them to us or our
    surveyors/adjusters for verification/ approval.

    Submission of Claim
     You must submit your claim with all supporting information and documents as requested to us and give full
    cooperation to the surveyors / adjusters appointed by us in assessing your claim.
    HOW TO LODGE A Complaint And Redress Avenues Available

    For more information about Tokio Marine and our products and services, please log on to our website
    www.tokiomarine.com.

    Tokio Marine Insurans (Malaysia) Berhad is licensed under the Financial Services Act 2013 and regulated by Bank
    Negara Malaysia.

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