Transit insurance can cover any imports or exports of raw materials, parts or finished goods that your business may need to send and receive. The two main policy types are Marine Cargo and Goods in Transit.
Goods being transported anywhere in the world are exposed to a wide range of risks, some of which include loss or damage due to:
Most of these risks are difficult for the owner of the goods to manage directly. This is because the shipment will be given into the care, custody and control of third parties who may limit their liability for loss or damage to those goods. This can leave a shortfall between the value of the owner’s loss and how much can be recovered from the carrier.
By purchasing marine cargo insurance the damaging consequences of any loss can be greatly mitigated by a claim on the policy.
Cover for own property whilst in transit within Great Britain, Northern Ireland, the Channel Islands, the Isle of Man or the Republic of Ireland to the limits selected by you. Typically this will be offered as an extension to your business combined insurance.