Transit Insurance, also commonly referred to as transport insurance, refers to the cover of your personal or business goods whilst in transit.
Types of Transit Insurance can include:
International
- Import Transit Insurance
- Export Transit Insurance
- Removal Transit Insurance
Domestic
- Inland Transit Insurance
Transit Insurance is available via:
- Air
- Sea (Marine Cargo Insurance)
- Land
International Transit Insurance
International Transit Insurance refers to the coverage of goods (business or personal) overseas.
Whether you’re a business looking to import or export goods, moving house, or precious personal possessions, you want to ensure your cargo is covered in the event of:
- Loss
- Damage
- Delay
Import Transit Insurance
If you’re a business importing consumer goods from overseas you can’t rely on the exporter to cover you in the event of damage, loss or delay.
Truck Insurance HQ has been insuring all types of freight, transport and transport operators for over a decade and if there is one piece of advice we can offer you, it’s to insure your cargo from warehouse-to-warehouse. Do not just cover your goods from wharf-to-wharf or airport-to-airport.
If you have an agreement with your exporter that they will cover any damages incurred during transport, conduct your due diligence and ask for a copy of their policy. In many instances, exporters have very limited cover in place or nothing at all when it comes to particular circumstances of loss, damage & delay.
Export Transit Insurance
If you are an exporter of goods and your client’s cargo arrives to them damaged, you can be found liable despite any terms or credit agreements arranged prior.
Generally speaking, most exporters arrange the insurance for goods in transit as it’s usually easier and preferred by clients. If you’re in a particularly crowded market, offering and organising the insurance of goods helps your buyers to purchase from you with confidence & can help you stick out amongst other suppliers.
Here are a few exmples of policies you might consider:
- Single Cargo Insurance – Imports/Exports Insurance
- Annual Cargo Insurance – Imports/Exports Insurance
- High-Risk Insurance / Dangerous Goods Insurance
- Car Hauler Insurance
- Motor Fleet Insurance
- Business Package Insurance
- Industrial Special Risks Insurance
- Broadform Liability Insurance
- Computer and Electrical Equipment Insurance
- Management Liability
- Business Interruption Insurance
- Corporate Travel Insurance
- Combined Cartage Insurance for Transport Operators Insurance
Domestic Transit Insurance
Domestic Transit Insurance refers to the transporting of goods within a particular country, in our case Australia!
You may be moving business goods or personal, either way there a magnitude of policies available to you.
Here are just a few examples:
- Single Transit Insurance – Inland Insurance
- Annual Cargo Insurance – Inland Insurance
- Mobile Machinery Plant and Equipment Insurance
- Machinery Insurance
- High-Risk Insurance / Dangerous Goods Insurance
- Commercial Motor Insurance (Tips to reduce your commercial vehicle insurance costs)
- Fleet Motor Insurance
- Business Package Insurance
- Industrial Special Risks Insurance (Tips to reduce your commercial vehicle insurance costs)
- Broadform Liability Insurance
- Computer and Electrical Equipment Insurance
- Management Liability
- Business Interruption Insurance
- Removals Insurance
- Car Transport Insurance
Types of transit insurance policies are something we could really write about for weeks.
However, we hope this short article has given you an insight into some of the main types of transit insurance and which policy/policies will be the ones to best suit you and your needs.
If you have any questions at all please do not hesitate to give one of the friendly award-winning brokers at Truck Insurance HQ a call on 1300 815 344 or chat with us online. Alternatively, if you know exactly what you’re looking for go online to request a quote, we are industry specialists with over 10 years of award-winning experience, so come find out why we’re the best in the business today!
Sources:
https://www.amainsurance.com.au/personal-insurance/transit-insurance