Goods in Transit insurance is exactly what it is says. It is an insurance policy that covers Goods that are in Transit against damage or loss whilst being transported.
Goods in Transit, also known as GIT, will generally cover for:
Damage caused during transit
Damage that is caused by accidents whilst in transit
Theft or Loss whilst in transit
The premiums for Goods in Transit insurance are, as with all other types of insurances, based purely on risk. The higher the risk the higher the premiums you will pay to get cover. You may be able to reduce the amount of risk by bolstering the level of security you have on your vehicle however it is best to check this with your Goods in Transit insurance provider.
The amount of cover you will need can be specified by you but can range from £2,500 to well over £100,000. When you are considering your Goods in Transit policy it is worth bearing in mind if you need to have the highest amount of cover. If you are transporting low volume, low value goods than paying a higher premium might not be necessary.
It is also worth considering that there are certain exclusions that Goods in Transit insurance will not cover. You would be best advised to check these items with the insurance provider as the worst case would be that you wish to claim on your customers behalf only to find that you were not covered and you WILL have to compensate the customer out of your own pocket.
Goods in Transit insurance is generally dealt with separately from Van Insurance policies so you must assume if you have taken out van insurance you will not automatically have Goods in Transit policy included.
As with all insurance polices check the amount of cover you have once you receive the Goods in Transit paperwork through. It is very easy to rectify any errors in a policy before any claim is made. However if the error is notice during or after a claim is made it is virtually impossible to amend and will almost certainly result in you being out of pocket.
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