Why do you need Goods In Transit Insurance?
Goods in Transit insurance (sometimes referred to as GIT Insurance) covers you in the event that goods you are carrying, whether your own or on behalf of a third party, are lost, damaged or stolen while in your vehicle. The unexpected loss of your goods could cause substantial disruption and financial hardship for your business as well as onward issues for suppliers and customers.
What cover does a GIT policy provide?
A Goods-in-transit policy will protect you from:
- Theft (while in transit)
- Loss (while in transit)
- Accidental damage during transit
- Damage caused during transit
- The consequences of any untoward delay (in some cases)
There are two types of Goods in Transit cover available:
- New-for-old where items are replaced at their current market value
- Indemnity cover where the insurance company will take into account general wear and tear and depreciation
You should check which type of cover you are being offered. There may, for example, be a limit to the amount you can insure for each vehicle or any one consignment so you should check the details of the policy.