Why do you need Transit Insurance?
A business should consider transit insurance to protect their goods or cargo while they are being transported. This type of insurance can provide coverage for damage, theft, or loss of goods during transit, whether they are being transported locally or internationally.
Transit insurance can be important for businesses that regularly transport goods, such as manufacturers, importers, exporters, and distributors.
Who need it?
- Retail businesses that ship products or transport inventory between locations
- Manufacturing companies that transport raw materials, equipment, or finished goods
- Wholesale businesses that transport large quantities of products or materials
- Freight forwarding companies that arrange transportation of goods on behalf of other businesses
- Transport companies that specialize in moving goods or cargo from one location to another
- Any business that transports or ships goods from one location to another
Who need it?
- Accidental damage
Covers damage to goods in transit caused by accidents such as collisions, overturning of the vehicle, or other incidents that are beyond the control of the transporter.
Transit insurance may cover theft of the entire vehicle or theft of goods from a parked or unattended vehicle during transit.
- Fire and other perils
Transit insurance may also cover loss or damage caused by fire, explosion, flood, earthquake, or other natural disasters that occur during transit.
- Loading and unloading
Transit insurance may also cover damage to goods caused during the loading and unloading process.
Some policies may also include coverage for loss of income or expenses incurred due to delays in transit.
- It is important to note that transit insurance coverage can vary, and some policies may have exclusions or limitations on coverage. It is recommended that you carefully review the policy details and speak with an insurance broker.