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Types of Goods in Transit Insurance

Nov 10, 2022
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The Australian Maritime Safety Authority received more than 12,000 marine incident reports between 2016 and 2019, and the country’s truck crash death toll doubled in 2021 according to a report by Big Rigs. This data shows how risky it is to run a business in the cargo and shipping industry. So whether you ship commercial goods or transport personal belongings, it’s important that your clients' goods are protected with Goods in Transit insurance, which can help you recover from financial losses resulting from goods that were lost or damaged during shipping or transport.

Three Goods in Transit Insurance Cover Options:

Not all businesses are the same, but Goods in Transit insurance generally caters to companies whose profit generators mainly involve transporting goods via land or sea. Below are the three kinds of Goods in Transit insurance policies you could consider getting:

1. Domestic Transit Insurance - This policy caters to companies that are shipping goods in and around the country. It reimburses losses from goods that were accidentally damaged or lost in transit, covering both sales and retail packaging. Shipping containers in your control or custody are also covered.

2. Cargo Import/Export Insurance - In contrast to the previous policy, this protection plan is designed for businesses that import and export goods. It covers a wide range of perils–from collisions, floods, and explosions to theft, pilferage, and fire. Moreover, it reimburses expediting expenses, including strike diversion costs and additional airfreight costs for replacement parts.

3. Fine Art & Valuable Goods Insurance - Catering to galleries, art dealers, financial institutions, museums, and cash-in-transit companies, this type of Goods in Transit cover provides financial assistance in the event that valuable items such as precious stones, fine art, jewellery, and coins are damaged or lost during transportation. This policy may also cover financial instruments and cash from mine sites.

Not only will Goods in Transit insurance protect your business from financial damages, but it will also give your clients the reassurance that no losses will be incurred in transit despite the many risks you face that are beyond your control. With the vast range of available Goods in Transit insurance policies, it is possible to have specific plans tailored to your industry and unique business operations. You even have the option to insure one-time shipments and livestock.

For more information on what Goods in Transit insurance cover can fully protect your business, reach out to an insurance broker via Advisr today.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

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