What is Goods in Transit Insurance?
Virtually every material thing that we see around us in our day to day lives has at some time been “goods in transit” whether it has been transported just a few miles or from the other side of the world. The goods may have been carried by road, rail, air or sea.
Goods in transit by whatever means of transport are at risk of being lost, stolen or damaged. Goods in Transit Insurance provides protection for individuals or companies for such loss or damage.
Why would Goods in Transit Insurance be right for me?
If you distribute your own goods around the UK or Import or Export goods on a worldwide basis, depending on the contract terms with your customers at some point the goods will be carried at your own risk. Such carriage of your own goods is known as Cargo. Insurance for these movements of goods is known as Cargo Insurance.
In most cases the freight contractors carrying your goods will seek to limit their liability for loss of or damage to your goods whist they are in transit. This is normally done on a formal contractual basis with a monetary limit per kilo or tonne being imposed by the carrier. Very often this limit is inadequate for the value of your goods and furthermore the carrier may only be contractually liable for damage to your goods if negligence on their part can be proved. They often include the cost of their own insurance in the price for the contract to convey your goods.
Therefore the most prudent way to protect your own goods in transit is to arrange your own Cargo Insurance. This will ensure that the cover is adequate and will usually save you money on insurance protection.
If you carry and/or store goods for other individuals or companies on a commercial basis you have a legal liability to keep those goods safe whilst they are in your custody. You may limit your liabilities by means of the contract or conditions of carriage but your liability for third party goods still remains.
You can buy insurance protection for such Goods in Transit by you. This is known as Freight Liability Insurance. Typically such insurance cover is purchased by Hauliers, Couriers, Freight Forwarders, Ship Owners, Air Carriers, Rail Carriers and Warehousekeepers.
What do I need to get a competitive Goods in Transit Quotation?
For Cargo (Own Goods) Insurance we need to know-
The nature of the goods in transit
The packaging of goods and transit packing
Estimated value of goods to be insured
How the goods are to be carried
The terms of the contract which detail both buyers and sellers responsibility for the goods (Internationally recognised INCOTERMS)
Any extensions to cover (Goods in storage or at exhibitions)
Details of any previous Goods in Transit Insurance claims
For Freight (Third Party Goods) Insurance we need to know-
The exact nature of your business.
The nature of the goods in transit and/or storage
Annual Turnover
Specific or major contracts
Geographical limits
Conditions of carriage or storage (RHA, CMR., BIFA, UKWA)
Details of any previous Goods in Transit Insurance claims
How do i obtain a quote for my Goods in Transit insurance?
Goods in Transit Insurance policy should be tailored to your individual needs and we at CRS understand that different companies have different requirements and so we can cater for all circumstances. With our specialist handlers you will have a dedicated person dealing with all aspects of your Insurance, whether it be obtaining a quotation or dealing with your claim. We can provide advice on all your needs.
CRS Consultants have a dedicated insurance team to deal with your Goods in Transit needs. Please contact us on 01606 48521 or email info@crs-consultants.com
Why Choose the Insurance Provider CRS Consultants?
CRS Consultants Ltd have built up an enviable reputation of offering high quality affordable products and are developing areas in which we feel we can go that extra mile for our customers. Our constant investment in our quality staff keeps us ahead of our competitors and ensuring that we are fully updated with any regulation changes for all types of trades means you will generally speak to a specialist in your area of expertise to marry up your proposal.
The time taken by our dedicated commercial team will assure you that no matter what you are looking for in terms of your business needs an affordable solution can be attained.