What does GIT (Goods in Transit) insurance cover?
Whether you are having goods transported on your behalf by another carrier or whether you are transporting and distributing your own goods, you may be interested in Goods in Transit cover. This insurance is specifically designed to protect those goods against loss or damage whilst they are in transit from the outset until their final destination.
What does such goods in transit insurance typically cover?
- GIT insurance covers your own or someone else’s goods being transported by you whilst they are on their journey from one place to another or being stored along the way;
- the risks which are typically covered include theft, loss or damage to the goods whilst they are in transit;
- depending on the cover required some variants of this type of insurance also cover unreasonable or untoward delay in delivery of the goods;
- because the insurance is designed to protect against loss or damage to the goods in transit, it is important to establish the value of the goods in question – this is likely to determine the type of cover which may be offered and, of course, the cost of the premiums;
- settlement of any claims under such goods in transit insurance may be made on a new for old basis or one in which depreciation or normal wear and tear is taken into account (indemnity cover);
- it is not only the value of the goods which determine the cost of your premiums, but also the degree of risk calculated by your insurer;
- if your claims record is poor and a significant number of settlements have been made previously, this is likely to be reflected in the increased price of premiums
- similarly, the security surrounding the goods is also likely to be taken into account by your insurer – for some loads, such as those containing wines and spirits, for example, insurers may insist that the cargo is never left unattended;
- it may already be apparent, therefore, that goods in transit insurance is something on which you might consider it best to seek expert advice;
- here at Isis Insurance, we have just that experience and expertise to help you resolve any needs and requirements relating to cover for goods in transit;
- every business is different, of course, and its needs for insurance cover of goods in transit is similarly different – whether by the nature of the loads, their value, or the country or countries through which the loads are being transported;
- the online resource for small businesses, My Business, for example, makes the point that special forms of cover may be required for refrigerated cargoes or perishable foodstuffs;
- in common with other forms of insurance cover, policies for goods in transit may include such additional extras as cover for legal fees or expenses;
- when arranging your cover, you may be asked to submit an inventory of the contents of the load being insured and possibly identifying those items over and above a given value;
- as with any other types of insurance, you may also want to adjust the price of the premiums you pay by sharing a greater proportion of the risk with your insurer and accepting a bigger excess.
Goods in transit insurance is rarely straight forward, therefore, and it may repay you to seek out the appropriate specialist provider when arranging such cover.