What is Goods in Transit Insurance?
Goods in Transit insurance covers items from theft, loss or damage while they are being transported by vehicle from one place to another in the course of business. Examples include furniture removal and couriers or hauliers working for online retailers.
Goods in Transit cover is additional to commercial vehicle or courier insurance. Those policies cover the vehicle itself, whereas GIT insurance purely covers the contents – the goods carried. Some van or courier insurance policies do include an element of goods in transit cover, but only up to a certain value. As the name suggests, GIT insurance only covers goods while they are in transit, not while they are in the vehicle at the depot.
Separate Goods in Transit insurance is likely to be required by any business that runs more than a single van. Also if the typical payload per vehicle would cost more than £25,000 to replace in the event of loss or damage, or if the conditions of carriage demand a higher level of cover than courier van insurance can provide (for example, the Road Haulage Association requires standard cover of £1,300 per tonne of goods).
Is goods in transit insurance a legal requirement?
GIT insurance is not required by law, but in reality any business offering courier services, removal services or delivering purchased goods would be wise to have it. It is advisable for motor trade or vehicle recovery businesses as well. GIT insurance is also necessary when transporting business equipment between multiple business premises – perhaps while moving premises.
The simple truth is that Goods in Transit insurance is required, above all, because most major customers insist on it, so it becomes impossible to win many contracts without it. Furthermore, the cost of replacing lost or damaged goods could be fatal to the business.
What does Goods in Transit Insurance cover?
If materials, goods or cargo are lost, stolen or damaged in transit, claiming on Goods in Transit cover may make it possible to recover the cost. Transport, courier and haulage businesses are also subject to delays, usually when items are mislabelled, delivered to the wrong address or signed for by the wrong person. If a delivery cannot be made at the time specified, GIT insurance can enable them to claim for the cost to the business – when the recipient tries to recover any costs incurred for example. Goods in Transit insurance can also include items left in the vehicle overnight, as long as the vehicle is locked and parked in a secure place. Always check the policy for details.
Different policies offer different levels of cover, so it is important to tell the insurer or broker about type and frequency of the cargo being carried, and to be realistic about its value. The right policy will depend on the nature of the business or personal circumstances.
Goods in Transit insurance claims procedure
Contact the broker or insurer as soon as possible to claim on a Goods in Transit policy. Documentation likely to be required includes:
Why choose Bollington?
Many online courier insurance quotes simply do not offer goods in transit cover, even though it’s essential for your business. As one of the UK’s leading motor trade insurance brokers we scour the market to offer a range of goods in transit policies for every type and size of business from the leading providers. It’s affordable too, with premiums starting from only £3.37 a week for a standalone policy. And working with Bollington means no hassle, no delays, no jargon.
Public liability and employer’s liability insurance included
Face to face contact with the general public is an everyday part of every courier’s job. That’s why public liability insurance is essential. As an employer, you also require employers’ liability insurance. The good news is that when you take out a Bollington Insurance goods in transit policy, both public liability insurance and employers’ liability insurance can be included at no extra cost. Yet another reason to trust Bollington for all your courier insurance requirements.
Wide range of additional benefits
As well as the cover you need for lost, damaged or stolen goods, policies can include:
- Payment instalment options
- UK and EU cover
- Tailored cover to suit the specific needs of your business
How else can we help?
If you are not sure whether you need separate Goods In Transit insurance or a combined policy, talk to the dedicated and experienced Bollington team. We can cover your courier vehicle with the following benefits: Protected no claims discount, third party only, comprehensive and third party fire & theft policies available#
- Drivers aged 25 and above
- Excesses from £250 for motor insurance*
- Vehicles up to 7.5 tonnes GVW
- Free EU cover for up to 90 days*#
- Uninsured loss recovery
- £100 goods in transit excess
- Cover for up to 6 vehicles per policy#
- Option to include AA Breakdown & Accident Recovery*
- Drivers with motoring convictions, claims and accidents can be covered
* for vehicles up to 3.5GVW
# dependent on insurer
Tell us everything
It’s essential to tell the Bollington team about any of your contracted conditions of carriage. Only then can we ensure that you have the right level of Goods in Transit insurance cover. This can range from coverage for the entire value of the goods you are transporting to an allotted amount per tonne of items.
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Got a question?
Why do I need goods in transit insurance?
Because most major customers insist on it, and because the cost of replacing lost or damaged goods could easily be fatal to your business.
Is combined courier van insurance and goods in transit insurance enough?
It can be, but here are three reasons why it may not provide sufficient cover:
- You run more than a single van
- Your typical payload per vehicle would cost more than £25,000 to replace in the event of loss or damage
- Your conditions of carriage demand a higher level of cover than your courier van insurance can provide (the Road Haulage Association requires standard cover of £1,300 per tonne of goods)
Many of Bollington’s goods in transit policies also include public liability insurance and employer’s liability insurance, making it an extremely efficient and cost effective option for most courier businesses.