Goods in Transit Insurance
Also known as Marine Cargo Insurance, provides protection against physical damage or loss of goods during transportation, whether by sea, air, or land. While the name suggests a maritime focus, modern marine cargo policies offer broad coverage, encompassing transportation methods across diverse terrains and international borders. This insurance covers goods from the point of origin to the final destination, ensuring they are protected against risks such as theft, mishandling, collisions, natural disasters, piracy, or other unforeseen events that might jeopardise the cargo.
How does it apply to you?
For startups and scaleup companies involved in the import, export, manufacturing, or distribution of physical products, marine cargo insurance becomes an essential facet of their risk management strategy. As global commerce continues to expand, businesses increasingly rely on intricate logistics networks, spanning oceans, continents, and a myriad of carriers. Each leg of this journey carries its own set of risks. A container might get damaged at a port, goods could be stolen during overland transit, or a shipment might be stranded due to severe weather conditions.
Beyond just financial protection, marine cargo insurance also provides businesses with the confidence to explore and expand into new markets. Knowing that their products are protected, companies can focus on building relationships, optimising their supply chains, and delivering value to their customers. In the dynamic and often unpredictable realm of international trade, marine cargo insurance stands as a pillar of stability, enabling businesses to navigate the complexities of global logistics with assurance and foresight.
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How much cover
do you need?
Goods in Transit is one of the more straightforward classes of insurance to work out cover limits. Cover can either be provided for a one-off shipment, in which case you will need to insure the total value at risk during that transport. The second option is to quote for the total annual sendings that you make throughout the policy period. In which case you will need to calculate what your total annual sendings are likely to be during that policy period.
Insurers may ask you to break down the shipments by territory, so calculations will need to be provided for shipments in those regions if you are moving items internationally.
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