They are two types of coverage granted by the Goods in Transit policy, namely:
Inland Transit (All Risk) Cover
Cover against loss or damage to the insured goods whilst in transit by road and/or rail caused by fire/lightning, theft, accidental or any unforeseen fortuitous circumstances unless specifically excluded in the policy, OR
Covers against loss or damage to the insured goods whilst in transit by road and/or rail caused by fire/lightning, overturning, derailment, collision and other accident to the vehicle/conveyance, such as involuntarily leaving the road, breakdown of bridges and consequent damage to the vehicle / conveyance and the goods insured.
AND it can be covered for:
Single Transit - Marine Cargo Policy
Insures transit of goods from one place to another in a single transit from the time the goods leave the consignor's premises until they reach the consignee's premises OR
Annual Cover - Goods In Transit Policy
This is annual policy which provides cover for goods conveyed by land throughout the year as per the territorial limit and/or transit journey specified in the policy.
Goods/ cargoes being conveyed entirely on land whether by lorry, train or other mode of land conveyance licensed to carrying goods.
Premium is calculated based on the type of cover, territorial limits or transit journey (within town or inter-states), and the sum insured i.e. the value of goods to be consigned.
At an additional premium, this policy can be extended to cover loading and unloading from a stationery vehicle under close supervision.