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:

  • Tradespeople
  • Importers
  • Truckers
  • Charterers
  • Customs Brokers
  • Exporters
  • Forwarders
  • Manufacturers
  • Logistics Companies
  • Distributors

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:

  • Explosions
  • Fires
  • Man-made calamities
  • Natural calamities
  • Accidental and malicious damages
  • Overturn
  • Collision
  • Derailment
  • Sinking
  • Damages during loading and unloading
  • Theft and vandalism
  • Non-delivery
  • Bad weather
  • Earthquakes
  • Damages during packing and unpacking

Contact your Excalibur commercial insurance broker to discuss the finer details of what perils your policy includes. Exact details will vary by policy.

How much does Goods-in-Transit Insurance Cost?

Transit Insurance costs significantly less than the financial loss you may experience due to lost or damaged cargo. The overall cost may depend on your business, what it sells, where it ships cargo to, the overall value of what it ships, and many more factors that can include;

  • Origin of the goods
  • Years in business
  • Coverage limit and deductible
  • Type of goods being shipped
  • Value of good being shipped
  • Method of shipping
  • Insurance history

Ask an Excalibur Insurance commercial broker if you have any questions regarding coverage, have concerns, or are not sure if Transit Insurance is right for your business. You can apply for a quote to see an estimate of what you may be paying.

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.

Business Insurance – 2 Minute Insights

Common Commercial Insurance Categories

Real Estate Developer

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Professional Services

Medical Services

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Fleet & Commercial Auto

Wholesaler / Distributor

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Contractors Equipment

Cargo-in-Transit & Goods-in-Transit


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Surety Bonds