Goods in Transit Insurance
If you distribute your own goods in the UK or Import or Export goods on a worldwide basis, depending on the contract terms with your customers at some point the goods will be carried at your own risk. Such carriage of your own goods is known as Cargo. Insurance for these movements of goods is known as Cargo Insurance.
In most cases the freight contractors carrying your goods will seek to limit their liability for loss of or damage to your goods whist they are in transit. This is normally done on a formal contractual basis with a monetary limit per kilo or tonne being imposed by the carrier. Very often this limit is inadequate for the value of your goods and furthermore the carrier may only be contractually liable for damage to your goods if negligence on their part can be proved. They often include the cost of their own insurance in the price for the contract to convey your goods.
Therefore the most prudent way to protect your own goods in transit is to arrange your own Cargo Insurance. This will ensure that the cover is adequate and will usually save you money on insurance protection.
If you carry and/or store goods for other individuals or companies on a commercial basis you have a legal liability to keep those goods safe whilst they are in your custody. You may limit your liabilities by means of the contract or conditions of carriage but your liability for third party goods still remains.
We can arrange insurance protection for this type of Goods in Transit or Freight Liability Insurance.
Typically such insurance cover is purchased by Hauliers, Couriers, Freight Forwarders, Ship Owners, Air Carriers, Rail Carriers and Warehousekeepers.
Key phrase: Goods in transit insurance