Goods in Transit

Goods in Transit Insurance provides coverage for goods that are being transported by various modes of transportation, including road, rail, air, and sea. It offers protection against potential risks and uncertainties that may arise during transit, ensuring security and financial peace of mind for businesses involved in logistics and supply chain management.

Coverage for Goods in Transit Insurance

Theft: Coverage is provided for goods being stolen while in transit.

Damage: Protection against physical damage to goods caused by accidents or mishandling during transportation.

Fire and explosion: Coverage for damages resulting from fire outbreaks or explosive incidents during transportation.

Delays: Some policies may cover losses incurred due to delays in the shipment of goods.

Underwriting Information Required

Nature of goods being transported: Details of the goods being transported, their value, fragility, and any special handling requirements.

Mode of transportation: Information on the transportation method, routes, and expected transit times.

Past claims history: Any previous claims related to goods in transit insurance.

Destination and origin: Information on the starting point and destination of the goods.

Differences Between Goods in Transit and Marine Cargo Insurance

Scope: Goods in Transit insurance covers goods during inland transportation within a country or region, while Marine Cargo insurance provides coverage for goods being transported by sea.

Perils covered: Goods in Transit insurance typically covers risks associated with road, rail, and air transportation, while Marine Cargo insurance includes risks specific to sea transportation, such as piracy and seaworthiness.

Underwriting considerations: The underwriting process for Goods in Transit insurance focuses on inland transportation factors, whereas Marine Cargo insurance underwriting considers marine-specific risks and vessel details.

Coverage limits: Goods in Transit insurance may have lower coverage limits compared to Marine Cargo insurance, reflecting the differences in transportation risks.