It is critical for all cargo companies to speak to qualified and specialist insurance brokers to ensure they have the correct Goods in transit insurance (GIT) policy and cover in place for their specific business needs and to ensure they are aware of any specialist conditions.
While all manner of property may be damaged or destroyed by any number of causes, including natural disaster, theft, vandalism, fire, etc., cargo in transit face increased risks, both from traditional causes of loss and from exposures distinctive to transit. Goods in transit refers to merchandise and other types of inventory that have left the shipping dock of the seller, but not yet reached the receiving dock of the buyer.
Not all risks associated with transporting goods can or should be mitigated solely through insurance. Careful practices such as protective packaging and mindful selection of carriers, drivers, packers, and others who will be handling the goods in transit and at destination locations can help reduce the likelihood or magnitude of loss or damage. It is in the best interest of those planning to transport or ship high-value items to carefully plan an itinerary that will reduce the number of unnecessary stops between departure and arrival destinations and keep packing and unpacking to a minimum.
The major risks with goods in transit insurance tend to be catastrophes such as fire, collision, hijackings and overturning of vehicles. It is vital for any transportation company to be aware of all the risks involved. For example, the insurance policy must also provide cover for the entire portfolio including the loading and off-loading of cargo as well as its transportation.
We cover all loads
“Goods in transit insurance (GIT) covers the goods of a business against loss or damage while they are in transit from one place to another or are being stored during a journey. Our Transit insurance policy or inland transit insurance is a simple and convenient mode of covering the risk of business goods or personal belongings of the insured’s while in transit on land. Its premium is based on the value of goods in transit; and the amount of risk the insured is bearing during that period.”
Status Insurance Brokers insures cargo throughout Southern Africa and aims to be the preferred Insurance broker for goods in transit insurance. We believe in establishing a long term relationships with our clients and provides added service by customizing our policy to cover a range of risks.
At Status Insurance Brokers we will assess your individual requirements and provide you with a tailor-made comprehensive solution.