Goods in Transit Insurance

Goods In Transit Insurance protects against the loss, damage or theft of items while they are being transported from one location to another by your business or subcontractor appointed by you.

Regardless of what you’re transporting, protecting what you carry is vital. Failing to do so can lead to expensive claims against you and a tarnished reputation. 

However, with the right policy in place, both you and your clients will have peace of mind.

• Cover for the value of goods lost, damaged or stolen
• Suitable for all kinds of haulage businesses
• Independent broker with access to the whole of the market
• Manage claims via our online claims facility
• Proactive analysis of claims data to identify potential issues and reduce future risks

What is Goods In Transit Insurance?

It is an insurance policy that provides cover for your contractual liability to the goods while they are being transported by your business. Its purpose is to protect your organisation against the damage, loss or theft of these goods while they’re in your company’s possession or that of a subcontractor that you have appointed.

What does Goods In Transit Insurance cover?

It provides protection against:

• Damage to goods caused by incidents involving the vehicle.
• Loss or theft of goods during transit.
• Damage caused by fire.
• Damage caused by acts of vandalism or malicious intent.

Your policy can also be extended to cover higher-risk goods, such as high-value technology or chemicals.

What’s not included?

Goods In Transit Insurance is only active while items are in your business’ possession (or your subcontractor’s, if they have ‘back-to-back’ cover). This can include the warehousing of items ‘in the course of transit’, before delivery. 

Other common exclusions or limitations can include dangerous goods (unless cover is specifically added) and conditions may apply to items stored in an unattended vehicle overnight. If you need cover for these scenarios, we can help to arrange suitable protection.

It’s important to note that, where contractual conditions exist, you will be able to defend yourself against client claims where you are not at fault. For instance, under the Road Haulage Association’s Conditions of Contract, you can defend yourself against claims of loss or damage if a load is improperly packed or loaded by the client or one of their contractors. As a result, your insurer will encourage you to defend that claim under the contract rather than making an insurance claim. 

Do I need Goods In Transit Insurance?

Goods In Transit Insurance is not a legal requirement. However, it will nearly always be a requirement of client contracts. 

While your customers’ property, equipment and goods are in your possession, you are responsible for them. This means that unless you have a contractual defence, you will have to pay for any losses or damage, which could prove to be very expensive.

In addition, if you’re transporting goods overseas, international statutes can apply relating to insurance. Again, it’s important to check with your insurer or broker. 

How much is Goods in Transit Insurance?

The cost varies based on several factors, including:

• • What you are transporting
  • How much the goods are worth
  • How you transport them (by sea or road, for example)
  • The distance to be travelled
  • The level of cover needed
  • The claims history of your business
  • The security measures your business has in place

To get a tailored quote, speak with one of our experienced insurance brokers. They will be able to assess your specific needs and provide you with the right solution.

Why choose One Broker?

At One Broker, we take the time to get to know you and your business. This means you can trust that your dedicated account executive will help you to find the right cover at the right level. They will also be able to give you recommendations to reduce your business’ risk.

And if the worst does happen and you need to make a claim, our in-house Claims team will guide you through the process, making it as painless as possible.

Talk to us about Goods In Transit Insurance

To find out more about Goods in Transit Insurance, get in touch today. Our team will assess your needs and find you the right cover, so that you have complete confidence in your protection.

You can also download our Incorporation of Terms Guide to learn more about common issues when agreeing contracts and insurance.