In this digital era, with technology moving at a fast pace everything including your important documents for Cargo Insurance are easily available online. The concept of e insurance is gaining momentum and is now becoming very popular in the transportation industry. So, it is important to understand what e-Insurance is all about and how it can benefit.
The concept of e-Insurance implies that you can now store your insurance policies in a digital format. The account can be easily accessed through a user ID and password. These login credentials are issued as you open the account. The documents required to open an e-Insurance Account include;
- Address proof
- Date of birth proof
- Identity proof
- Aadhaar card
- PAN card
Importance of e insurance
What would happen to your trucking company if the truck or other vehicle carrying goods gets in an accident with your very important freight? Your company is responsible for a share of the losses. How would that affect your bottom line? Accidents do happen, and therefore, professional and experienced Cargo Insurance transporters need to request e cargo insurance to protect their business when mishaps and errors occur. E-insurance policies are stored digitally. Thus, it removes the need for physical copies and this proves to be hassle-free and eco-friendly too.
E insurance benefits transporters
Generally, goods are insured both while being stored and while in transit until they reach the final destination. Shipping Insurance Transporters need to get e insurance to protect their goods from loss or, damage, or theft while in transit. E -insurance provides coverage for various types of land transportations covering trucks and other small utility vehicles. The coverage aspects include theft, collision damages, and other related risks. This type of domestic insurance operates within the states and boundaries of the country
Different type of insurance policies
There are different kinds of e-insurance policies, going by names such as “all risks,” “broad form,” “legal liability,” and “motor truck freight.” but, none of these policies provide complete protection. It is crucial for transporters to document their cargo’s value in case of damage or loss.
Get All Risk Coverage to avoid the loss
All risk coverage e marine insurance policies provide extensive protection against damage or loss due to external factors. Although it is called all-risk coverage still, it is important to beware of all the aspects that are included and excluded in the policy. All risk coverage shipping insurance includes aspects such as:
- Damages due to inappropriate and faulty packing
- In case of Goods abandonment
- Employee’s dishonesty
Get open cover e insurance policies
Having the right kind and appropriate e -insurance plan is central to sound financial planning for any leading transport company such as trukkyinsurance.com. Open cargo insurance policies are segmented into two categories namely renewable policy and permanent policy. The renewable policy is required for a particular value requiring renewal after policy expiration. Most of the single trips fall under this category. A permanent policy can be drawn up for a fixed period permitting countless trips in that period.