Goods In Transit Insurance

Insurance Choice are brokers with decades of experience who can offer individually designed packages for all of your business insurance requirements. You can ring them on 0844 55 77 926 or click this link for a quote for your goods in transit insurance
  • Annual or single load policies available
  • High value loads covered
  • Worldwide, Europe or UK only options
  • Monthly instalments available
  • Optional public liability cover
  • Optional personal effects cover
  • Vans, lorries, cars or motorbikes covered
  • Etc, etc, etc ........

Insurance Choice are authorised and regulated by the FSA (Financial Services Authority) number 452767

The United Kingdom insurance industry is well known for being highly regulated, and the benefits of goods in transit insurance will usually help a company weave their way through all the rules and regulations that apply. Goods in transit insurance will usually cover any damage or loss of goods whilst being transported by air, sea or land. For example, with this insurance, a transit company owner will have better control over the many risks involved in this tightly controlled industry. Having this type of insurance will usually give a company an edge over competitors that do not carry goods in transit insurance, and foreign buyers will usually require this insurance because it is relatively inexpensive in the United Kingdom.

Goods in Transit Cover

Any job that involves transporting goods from one place to various places whilst in transit faces many dangers including losses. Items can go missing or break whilst in transit, and the buyer waiting on the other end can be more than annoyed should his goods be missing or damaged upon arrival. Goods in transit cover will usually offer the best protection from some instances and incidents that simply cannot be avoided. Without this cover, a transport company could face devastating expenses that could put it out of business.

Because property is often transported, moving around the United Kingdom and internationally, delivered to customers or suppliers, goods in transit insurance will usually provide cover for transit that is inland by rail or road, possibly extending to coastal and inland waters as well. Goods in transit can be provided for by the owner of the transit company or the haulier to protect against liabilities under a haulage contract.

Summary of Cover

A goods in transit policy will usually cover:
Theft in transit
Loss in transit
Damage in transit due to accident
Damage whilst in transit
In some cases, results of untoward delay

How Goods In Transit Policies Work

Insurer and client will need to value and agree on goods worth. Goods in transit insurance will not usually offer protection if goods are inferior, damaged because of poor packaging or below standard. Usually, two types of cover are available. They are old for new with items replaced at current market value, or indemnity cover, whereby the insurer will account for general depreciation. Old for new cover is more expensive to purchase, and buyers should make sure that when valuing contents they quote a replacement rather than an actual value.

Special features can be included like legal fees, other possessions in a transporting vehicle, freezer food spoilage, garage cover, etc. To keep a premium low, a purchaser should ask about the need for special features and may want to consider excluding them.

Level of risk is also a consideration that many insurers will usually examine. If a company has a history of lost goods, the premiums will become more expensive. Increasing a company's level of security is always a recommendation to take into account.

Incoterms

Standard trade codes for international contracts are incoterms, which delineate cost obligations for importer and exporter, defining what party needs to purchase cover. This insurance obligation is minimal. If more cover is necessary, negotiate with your insurer.

Export Goods In Transit

Exporters will usually set up freight and insurance and pass the fees on to a buyer. A company will charge the client for fees for goods and for freight and insurance to the airport or port of choice. Should a transport company place the responsibility of purchasing insurance on the buyer, it is usually done before good are paid for. Therefore, a transporter may not collect full fees should a problem arise and the transporter does not have insurance protection. Also, should goods be rejected at the customer's site or port of entry, there is no insurance cover; hence, the responsibility will fall back on the transporter's company.

Import In Transit Insurance

To minimise risks, a transporter should have goods in transit insurance of imported goods. That way, the transporter knows what is included and what is being paid for. The supplier you are working with may not provide full details of their insurance cover, or the information might be unreliable.

Finding a reliable and licensed goods in transit insurer is the key to ensure that a transport company has the proper cover. 

goods in transit insurance

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