Transit Insurance

Since the transport of goods is inherently a risky activity it is not usually covered by typical insurance policies. There are many potential events that present a considerable risk of loss while in transit. An item might be dropped while loading onto a truck. The transporting vehicle might be forced to make a sudden stop causing goods to be knocked about and damaged. A collision, vehicle fire or rollover could cause complete destruction of the goods. Thieves might break into the vehicle and take items, or take the entire vehicle with them. Natural disasters frequently cause loss or damage to transported items such as lightning, floods, bushfires, earthquakes and storms. Depending on the conditions of the policy a wide range of insured events could be included.

Goods in transit insurance is a policy that covers the risks of damage, theft or loss of items due to an insured event. It usually lasts during the period from loading to unloading and protects liable parties from financial loss.