Health Insurance FAQ's

1. I am transporting goods by Truck from Indore to Mumbai. Why do I need "Marine" Insurance? 

The term "Marine" is a legacy industry term. In Indore, it effectively means "Transit Insurance." It covers financial losses if your goods are damaged due to accidents, fire, theft, or overturning while moving by Road or Rail. Without it, the transporter’s liability is very limited (usually per kg), which won't cover your actual invoice value.

2. My factory is in Pithampur. Can I cover raw materials coming in and finished goods going out? 

Yes. You can take an Annual Open Policy or a STOP (Sales Turnover) Policy. This covers all your dispatches (Inward and Outward) automatically for a full year, so you don't need to buy a separate policy for every single truck leaving your factory.

3. What is the difference between a Specific Policy and an Open Policy? 

• Specific Policy: Covers a single trip (e.g., sending one machine from Dewas to Pune).

• Open Policy: Covers all your transits for a year. Best for regular traders in Indore trading markets (Loha Mandi, Siyaganj) as it reduces paperwork and premium rates.

4. I trade in TMT Bars and Iron. Does this policy cover Rust and Oxidation? 

Standard transit policies exclude rust and oxidation. However, since you are in the steel business, we can add a specific "Rust & Oxidation" add-on for a slightly higher premium. This is crucial during MP's monsoon season.

5. Does the policy cover loading and unloading damage? 

Yes, but you must opt for "ITC-A" (All Risk) coverage. This covers risks from the moment goods are lifted at your warehouse in Indore until they are unloaded at the buyer's destination door-to-door.

6. What happens if the truck is stolen or hijacked on the highway? 

Theft, Pilferage, and Non-Delivery (TPND) are covered under "All Risk" policies. If the entire truck is hijacked on a route like the AB Road or Mumbai-Agra highway, the policy pays the full claim value, provided a police FIR is lodged immediately.

7. Are my goods covered if the truck breaks down? 

No, a mechanical breakdown of the truck itself is not a claim. However, if the breakdown leads to an accident or fire that damages your goods, that damage is covered.

8. Is damage due to rain covered? 

Yes, under an "All Risk" policy, damage caused by rainwater entering the truck/container is covered. This is vital for Soya/Wheat traders in MP or Textile merchants where water can ruin the entire consignment.

9. Can I insure the GST amount and Freight cost too? 

Absolutely. We recommend insuring for Invoice Value + 10%. This extra 10% covers incidental costs like GST, freight, and administrative expenses so you don't lose money on a claim.

10. I transport glass/tiles. Is breakage covered? 

Yes, but breakage is often subject to a specific "excess" (deductible). For fragile items, the premium is higher, and the policy might deduct a fixed percentage (e.g., 5%) for normal breakage losses.

11. What is "Per Bottom Limit" (PBL)? 

PBL is the maximum value of goods you carry in a single truck. If your PBL is ₹20 Lakhs, you should not load goods worth ₹50 Lakhs in one truck. If you do, and there is a claim, the insurer may only pay a proportionate amount.

12. Can I get insurance if I hire a market truck (Lorry) instead of my own? 

Yes. The insurance covers the goods, regardless of who owns the truck. You just need a valid LR (Lorry Receipt) or GR (Goods Receipt) from the transporter to prove the goods were handed over.

13. What is the "SRCC" clause I see in my quote? 

SRCC stands for Strikes, Riots, and Civil Commotion. We always include this add-on to ensure your goods are covered if they are damaged during a strike, protest, or riot while in transit.

14. What is a "STOP" Policy? 

Sales Turnover Policy (STOP) is ideal for large businesses in Indore. Instead of declaring every dispatch, you simply pay a premium based on your estimated annual sales turnover. It covers everything automatically without the headache of monthly declarations.

15. If a truck overturns near Gwalior, how do I survey the damage? 

You must inform Diversified Solutions immediately. For claims above ₹20,000, the insurance company will assign a licensed Surveyor nearest to the accident spot (e.g., Gwalior) to inspect the damage before the goods are moved.

16. What documents do I need for a claim? 

1. Original Invoice & Packing List.

2. LR/GR (Lorry Receipt).

3. Damage Certificate (issued by the transporter).

4. Photos of the accident/damaged goods.

5. FIR (in case of theft/accident).

17. The transporter is offering to pay for the damage. Should I still claim insurance? 

Transporters usually offer very little compensation (often just ₹5 per kg). If your goods are valuable (like electronics or machinery), their offer won't cover your loss. It is safer to claim from your insurance company, who will then recover the money from the transporter (Subrogation).

18. Are second-hand machines covered? 

Yes, but usually only for "Basic Risk" (Fire & Accident only). Getting "All Risk" cover for second-hand machinery is difficult because it's hard to distinguish between pre-existing damage and transit damage.

19. How fast is the claim settlement? 

If all documents (especially the LR and Damage Certificate) are provided quickly, transit claims are typically settled within 15-30 days after the final survey report.

20. Can Diversified Solutions help me with a claim even if I bought the policy online? 

As your local partner in Pipliyahana, Indore, we can guide you, but we can only actively represent you and fight for your claim if you hold the policy through us. We ensure the surveyor is appointed quickly and the assessment is fair.