Regarding the Customer and Vendor insurance

[Former Member]

Hi Gurus,

My client is dealing with food materials,the requirement of the client is he will take an insurance policy say for 1cr and is valid accross India.The moment any sale or purchase takes place and which is transported in a truck,the invoiced amount should be automatically deducted from the policy and the system should warn them if the amount or validity date is near lapse so that they can renew the policy.

If any customer is picking the goods then the amount should not be deducted from the policy.Can anyone please help me in this issue.

Thanks in advance,

Ramesh.

Edited by: malladirb on Jul 28, 2011 7:18 AM

Edited by: malladirb on Jul 29, 2011 11:37 AM

[sreenivas_bhamidipati]

Hello,

Please explain more in detail to address this. Do you mean loss in transit is insured? or some thing else? Why the purchased goods or Finished goods cost should be deducted from Insured amount, say 1 crore.

Sreenivas

[Former Member]

Dear Sreenivas,

My client deals with food materials.He buys the raw materials from farms and transports from different locations to the main plant where the material is processed.Similar is the scenario with the sales.The customers of the Client r in different locations in the country.The requirement here is,if the client sells or procures any material which involves transportation by a truck (in case of any accident taking place) he can claim the insurance for the amount.

What ever the amount which is invoiced in the above explained scenarios should be deducted from the insurance policy which is an Inland Transit Insurance policy and similar is the case with the expots also.

I hope my explanation is clear to u.

Thanks & Regards,

Ramesh.

[Former Member]

Hi All,

Can anyone throw some light on this issue?

Thanks & Regards,

Ramesh Babu.