Goods in transit insurance is essential to protect goods while they are being transported either in your own vehicles or those of haulage contractors or couriers. Haulage contractors will also need cover to protect themselves for claims arising out of any negligent act. Insurance cover is arranged to protect the goods whilst they are being transported within the United Kingdom, the European Union or other parts of the world provided that the transport is on road vehicles.
Goods in transit policies will cover stock for loss caused by accidental damage or theft up to a specified limit. Cover is required for goods being carried by hauliers as their Terms and Conditions limit their liability. Some policies will provide overnight cover, subject to an unattended vehicle being parked in a secure area.
Policies will provide cover the transportation of items that are vital to the day-to-day operations of your business. This allows you to protect against the financial impact of losing essential tools and materials and stock whilst they are in transit to site or to your customers.
Goods in transit insurance can be arranged according to your needs and the nature of your business. There are two main options for goods in transit insurance cover.
1. Own goods insurance: aba can arrange insurance cover for those who transport goods in their own vehicle.
2. Insurance for haulage contractors: aba can arrange cover to protect your liability in accordance with applicable trading conditions. This includes the Road Haulage Association (RHA) and CMR and your insurance policy can cover a fleet of vehicles for total convenience.