Commercial: Cargo-in-Transit & Goods-in-Transit Insurance
On Point.
Transit Insurance (Cargo-in-Transit & Goods-in-Transit) protects your businesses goods & cargo in transit.
Commercial: Cargo-in-Transit & Goods-in-Transit Insurance
The Blindspot
Businesses that sell a specific product or transition equipment from worksite to worksite understand that any move comes with risk. They may not realize you stand to lose a significant amount in the event that a shipment of goods is destroyed or lost, and your Contents Insurance for the business did not protect Goods-in-Transit.
Commercial: Cargo-in-Transit & Goods-in-Transit Insurance
The Solution
Transit Insurance (Cargo-in-Transit or Goods-in-Transit) is an insurance policy that covers a businesses risk when faced with the threat of damages or total loss of cargo or goods in transit. General policies may include coverage for air, road, water or rail – but it can vary from provider to provider and policy to policy so iron out the details with your Excalibur Commercial specialist.
Do I need Transit Insurance for my business, organization, or trade?
Transit policies are critical for businesses and professionals who are involved in the regular transportation, packing, loading, etc., of goods and materials. The following parties and organizations may benefit from purchasing a Transit Insurance policy:
Transit Insurance may be unnecessary if the carrier is legally liable, but there is a good chance that their limit is less than the overall value of what is being shipped and/or moved from location to location. You could still lose a lot of money if something happened and you did not carry Transit Insurance. Transit insurance can significantly speed up the process of recovering your losses and lost income.
What does a Transit Insurance Policy Cover?
Transit Insurance or Goods-in-Transit Insurance covers common perils that could cause damages to goods in transit. These perils may include:
Contact your Excalibur commercial insurance broker to discuss the finer details of what perils your policy includes. Exact details will vary by policy.
Why should I purchase Transit Insurance for my business?
Cost is one thing to consider when purchasing Transit Insurance (Cargo-in-Transit or Goods-in-Transit), but that isn’t the end-all and be-all. Know that Transit Insurance offers numerous benefits, such as:
- Simplifies reporting any losses, damages, or destruction
- Cash flow is protected from unexpected issues
- Profits are still being generated so long as coverage includes loss of revenue
It is advised that you purchase Transit Insurance, even if it isn’t mandatory, as it can protect your business from mishaps and unexpected issues. Your freight – land, water, or air – is exposed to issues as it moves from place to place and is met with unexpected weather and/or traffic conditions.
What doesn’t Transit Insurance cover?
Transit insurance may not cover problems or risks where the shipper or carrier has control. You may wish to keep this in mind and select your carriers carefully so that you lessen your odds of having cargo or goods damaged/lost or even stolen. If you have any questions about what your Cargo Insurance covers, contact an Excalibur Insurance broker for more information!
Excalibur Insurance can help you find Commercial insurance solutions if you are not sure what you need, or which plan would suit your business better schedule a consultation with us today.
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