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The Complex World of Goods in Transit Liability Cover by Laura Jeeves





The Complex World of Goods in Transit Liability Cover by
Article Posted: 01/27/2016
Article Views: 164
Articles Written: 3906
Word Count: 481
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The Complex World of Goods in Transit Liability Cover


 
Business
When your job depends on safely delivering parcels and orders, you want to make sure you’re insured against all eventualities. Before agreeing to any delivery contract, make sure you have goods in transit insurance to cover your cargo.

What is Goods in Transit Insurance?

Goods in transit (GIT insurance), covers goods against loss, theft, or damage while being transported by you or by a third party carrier. This type of insurance protects both the courier and the recipient from financial loss should the goods be compromised while under delivery contract.

Why Have GIT Insurance?

As soon as you agree to a delivery contract, you are liable for the goods you carry. If you don’t have insurance for those goods, you transport them at your own financial risk.

In the courier industry, that risk is significant. The courier is personally responsible for goods that are damaged, lost, or stolen while being transported, even if the goods are damaged in a non-fault vehicle collision. The more valuable the transported good are the more severe the financial repercussions can be.

Types of Insurance

When you purchase GIT insurance, you can choose the policy that works best for you. The value of the insurance may be a set amount for each parcel or vehicle, or for one consignment.

You and your insurance provider will have to agree on the value of the goods. For new market goods, this isn’t a problem – simply look at the price tag! Once agreed you might then choose between two types of cover: old-for-new coverage, under which items are replaced at current market value; or indemnity cover, under which any depreciation in the goods’ value are taken into account.

Keep in mind that insurance premiums will fluctuate based on the value of your cargo and whether you are making domestic or international deliveries.

An international delivery contract is likely to be governed by ‘incoterms’ (International Commercial Terms). Incoterms are standard trade codes for international contracts, and lay out the responsibilities and cost obligations for both importers and exporters.

Obtaining Goods in Transit Insurance

A number of firms offer goods in transit insurance, so it pays to do your research and shop around to find the best package for your needs. Many GIT insurance policies offer optional add-ons such as fleet insurance, courier insurance, or haulage insurance.

Goods in transit is used by various sectors all over the world to keep goods safe. For everyone from couriers to furniture removers, hauliers to marine cargo shippers, GIT insurance is an absolute necessity.

Norman Dulwich is a correspondent for Courier Exchange, the world's largest neutral trading hub for same day courier jobs in the express freight exchange industry. If you're looking for a delivery contract, Courier Exchange has over 4,000 transport exchange businesses networked together through their website, trading courier jobs and capacity in a safe 'wholesale' environment.

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