5 Things you must know about Goods In Transit Insurance



1.  Who needs Goods in Transit Insurance?

All goods in transit being transported should be insured. Whether travelling via air, sea or over land, the merchandise is under threat of the transportation device being involved in an accident or being stolen & the freight being lost as a result. If you arrange your freight through a freight forwarder, it is still worthwhile to compare the rates they charge you for insurance versus the rates you would be charged directly. Most often, taking your own insurance will save you on the costs of importing & exporting.


2.  Why should you take out Goods in Transit Insurance?

We live in a world rife with crime, changing weather conditions & less robust equipment. Add to this the human tendancy for accidents, maintenance faults, lack of care when handling etc, and the need for insurance when transporting your freight becomes obvious. Insurance costs a fraction of the price of replacing your freight if it is damaged or stolen. Taking out Goods in Transit Insurance is a prudent way to ensure that you will not have to pay double for freight when it does not arrive safetly.


3.  How much does Goods in Transit Insurance cost?

We deal with many Goods in Transit Insurance, so we will be able to find the most beneficial policy with the cheapest premiums for your freight.


4.  Typical claims incurred on Goods in Transit Insurance Policies:

The most common claims on Goods in Transit Insurance Policies involve freight being damaged by mishandling, water seeping into boxes, entire cartons disappearing during transit or the truck carrying the freight being involved in an accident and the freight inadvertently being destroyed. The most expensive claims tend to be caused by the entire vessel being sunk, the airplane crashing or the vehicle being hi-jacked.


5.  What other insurance should be considered along with Goods in Transit Insurance?

Lots of Goods in Transit Insurance Policies do not automatically include cover for loading and offloading. It would be disasterous for you to have properly insured your freight all the way to the final destination, just to have it dropped whilst being offloaded and not covered for the same. For companies that have many separate trips for their freight, a stock throughput policy covering the entire trip is highly advisable.