Goods in Transit and Marine Cargo Insurance

Here at Prizm Solutions, we are a leading specialist of Goods in Transit insurance and Marine Cargo insurance in the UK. We love insurance and we find this particular area fascinating, because it is critical to get the cover right. Quite often the correct type of insurance can save you a fortune because when a loss occurs and you need to make a claim, you do not want to discover your policy isn’t right.

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Goods in Transit Insurance Cover – What is it?


Goods in transit insurance provides cover for the goods being transported in your vehicle, safeguarding them against potential loss or damage during transit from one location to another. Whether it’s delivering products to customers or transporting tools and equipment, this specialised insurance coverage acts as a financial shield, offering protection against potential losses, damages, and theft during the transit process.

 

Protect Your Valuable Tools with Tools In Transit Insurance


The simplest type of Goods in Transit insurance is called Tools in Transit. It is designed for contractors and tradespersons carrying their own tools in the back of the van.

The theft of tools is very common in the UK and cheap insurance policies will often exclude all losses overnight unless the van is locked inside a garage. At Prizm Solutions, we can offer a number of alternatives, which although initially may be more expensive, actually provide cover 24/7 irrespective of whether you’d parked on your drive at home or in a car park. You’ll have peace of mind knowing that your valuable assets are financially safeguarded, allowing you to focus on your work without worrying about unforeseen incidents.

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Secure Your Goods on the Move with Own Goods In Transit Insurance


Own Goods In Transit policies are specifically designed for retailers and wholesalers who carry goods to and from the warehouse, to their premises and to the customers etc. The premium for this type of policy is linked to the number of vehicles that need to be insured, the type of goods being carried and where the business is based.

 

Goods in Transit Insurance for Hauliers


If you’re a haulier, you will be responsible for the goods you’re carrying on behalf of your clients. The goods will usually be carried subject to your contract conditions – the most common of which are CMR, RHA and FTA. Your policy will be structured around your terms and conditions so please ensure that your customers are aware, because any claims will be settled in accordance with whatever the limit per tonne your conditions stipulate.

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Goods in Transit Insurance Cost


Several factors influence the cost of goods in transit insurance including:

  • The type of goods being transported
  • The value of the goods that you transport
  • How much cargo you transport
  • The mode of transportation
  • The distance of the journey

We’ll help to ensure you get the right level of cover for your business and do not find yourself in a position of being underinsured. Simply contact us today on 01827 313 931 for a free quote.

 

Public Liability Insurance for Removal Companies and Couriers


In addition to goods in transit insurance, it is crucial for removals and courier businesses to consider public liability insurance. It provides financial protection against claims for injury or damage caused to third parties during the course of business operations. For removals and courier services, where interaction with customers and their belongings is frequent, public liability insurance provides essential coverage.

 

Marine Cargo Insurance


Marine Cargo insurance is a core cover for both importers and exporters as it covers goods being transported by road, rail, air or sea.

Marine Cargo insurance is the oldest form of insurance and dates back to Lloyds’ Coffee House in the 17th Century where merchants and ship-owners insured their ships and their cargos. Amazingly it is quite often one of the most traditional insurances to arrange as the premiums are usually determined by individuals rather than computer systems!

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What is covered under Marine Cargo Insurance?


Marine cargo insurance covers a wide range of risks and perils that can occur during transit, ensuring that the cargo is protected from potential loss or damage. A typical marine cargo insurance policy can cover the following:

Loss or Damage: This can include losses due to accidents, theft, fire, natural disasters, sinking, or even piracy. The insurance policy will provide compensation for the value of the goods lost or the cost of repairing any damages incurred.

Delay or Non-Delivery: This can provide compensation for any financial losses incurred from goods which are delayed beyond a specified time frame or for those that are not delivered at all.

War and Strikes: Marine cargo insurance policies often include coverage for risks associated with war, strikes, riots, or civil unrest. These risks can pose significant threats to cargo during transit, and having appropriate coverage ensures that any losses or damages caused by such events are compensated.

Marine Cargo Insurance will also cover goods which are being transported and in storage, wherever they are in the world, including within the UK. This is known as Stock Throughput insurance and is often a very cheap way of insuring goods imported into the UK.

The terms and conditions under which goods are sold and shipped play a crucial role in determining the coverage provided by marine cargo insurance. It is essential to align the insurance policy with the specific terms of the sale to ensure that the goods remain insured throughout the course of the voyage. Failure to do so may result in the goods becoming uninsured during transit.

 

A Tip About Freight Forwarder Insurance


One final observation. We often get told by prospective clients that the insurance on their goods is being arranged by the freight forwarder and/or the haulier, to which our response is always – do you really want to delegate any claim for any damage to your goods to a third party? This type of insurance is not expensive so why not have your own policy and be in control of any claim!

 

Get A Quote Online


We are an award winning local insurance broker based in Tamworth and we pride ourselves on our fantastic knowledge and customer service.

We will gather all the facts before we suggest a Goods in Transit or Marine Cargo insurance policy to make sure you are properly covered. The premium may cost more or less than your current policy but you will be confident that you are properly insured. So please get in touch and we will provide you with a quotation without delay.