Insurance for Goods In Transit
Do you have goods in transit as part of your business operations? If you move goods around between locations, transport goods either domestically or internationally. Then it is worth exploring if your existing insurance for Goods In Transit is sufficient.
If you are exploring insurance for Goods In Transit, then it is important for you to know what Goods In Transit insurance is designed to cover.
When you have Goods in Transit, then you need to make sure that they are covered for any loss, theft or damage that your goods may experience whilst they are in transit.
What may Goods in Transit Insurance cover?
Goods In Transit insurance may cover your goods if one of the following events is a listed event on your Goods in transit policy.
- Theft - coverage if your goods are stolen whilst in transit.
- Damage - coverage if your goods are damaged in transit.
- Loss - coverage if your goods are lost during transit.
Tip: When goods are in transit, they may not be covered by your usual business insurance policy. If you are unsure, then checking with an insurance broker to better understand your existing insurance coverage and any gaps that you might need to resolve.
Goods In Transit insurance aims to provide coverage for any financial loss that your business might suffer when your goods are stolen, damaged or lost.
What limits might there be for Goods in Transit Insurance?
The limits of your individual Goods In Transit policy will be specific to your insurance policy. Sometimes limits for Goods in Transit Insurance may include:
Coverage limits - Aligned to the total value or replacement value of the goods that are in transit. The value of coverage may be specified in your Goods In Transit insurance policy and should be discussed with your insurance broker to ensure you are not underinsured.
The time that goods may be stored whilst in transit. Goods In Transit insurance policies may require that Goods are stored for a maximum of 30 days whilst they are in transit.
How to review Goods In Transit Insurance?
Talking with an insurance broker from Insurisk will enable you to better understand the level of Goods In Transit insurance coverage you may require.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Anush Kumar.