Inland transit insurance - how

[v.r.s.nathan]

Swami - You can take Inland Transit Insurance. This Policy broadly covers the risk of physical loss or damage to the Insured’s goods (machinery, raw materials, finished goods etc.) during transit under a contract of affreightment.
There are two types of covers -
1. “Basic Risk Policy” covers loss or damage to specified goods caused by fire, lightning, breakage of bridges, overturning of vehicles, collision with or by carrying vehicle, subject to specified exclusions.
2. “All Risks Policy” covers all risks of loss or damage to specified goods, subject to exclusions.

Sum Insured - This is an agreed value policy. Normally, insurance is taken for CIF+10%
Premium - Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience. For this please check with local general insurance company.

[swamy]

Is it required to take separate policy to each supplier or can we take a single policy by covering all machinery and suppliers?

[v.r.s.nathan]

Is it required to take separate policy to each supplier or can we take a single policy by covering all machinery and suppliers?

If you know the insured value of all the goods to be imported than go ahead and take single policy. But I would suggest to take separate policy for each supplier, so that it would be easy for you to manage and realy helpful in case of any claim.