What is goods in transit insurance?
Goods in transit insurance, also called GIT insurance, protects against loss or damage to goods whilst they’re being moved from one location to another. These goods may be being carried by an individual in their own vehicle, by self-employed drivers, third party carriers or by contractors. The insurance can cover both UK and international trips, although items shipped by sea will be covered by a separate marine insurance policy.
Who might need it?
A huge range of professions benefit every day from goods in transit insurance including tradesmen, couriers, delivery drivers and logistics companies to name just a few.
What levels of cover are there?
The amount (and cost) of your cover depends on what you will be transporting. For instance, fine art, some historic artefacts and jewellery are sometimes excluded from policies so you will need to check your policy carefully if you need to move these higher value goods.
What does it cover?
When you contact Real Insurance Brokers we will create a bespoke policy to match the needs of both you and your business. This means that although no two policies are ever the same, generally you can expect your cover to include:
Theft, loss and damage to goods while in transit
A cover levels of between around £10,000 to £50,000 depending on what you choose
It is worth knowing that some policies have a maximum cost per kilo for the goods being transported should they become damaged. However many policies will not have such limits so this is something to consider.
If you need to make an insurance claim, there are two main ways of settlement:
Old for new – Where items are replaced at the current market value when a claim is made
Indemnity cover – Where the depreciation in value of the goods will be taken into account by your insurer