Goods In Transit Insurance

Goods In Transit Insurance

Insuring goods as they are transported over distances has been going on for centuries. The risks are too high, and the goods are too valuable not to have some form of financial protection for shipments that can easily disappear or arrive damaged at their destination. This tradition of insuring goods in transit has not only continued, it’s flourishing in the modern economy. That’s because technology and modes of transportation have evolved, and so have the risks and consumer demands.

If your business depends on goods being transported by land, sea, or air and you rely on a shipping company to transport those goods, you should know that a carrier’s insurance policy will only cover losses due to their negligence. This will leave your shipment uninsured in case of losses due to fires, storms, piracy, etc. – even damage or theft while in storage if the carrier can show they weren’t negligent. That coverage is usually based on the weight of the shipment, not the full value of the goods in transit.

So, what does goods in transit insurance cover? With goods in transit insurance provided by ALIGNED, you can protect your shipments from perils not covered by your carrier and cover them for the full value of the goods in transit, including profits, and many other benefits.

Goods in Transit Insurance, Who’s it for?

Basically, any company that ships their own goods or is responsible for shipping goods for others can benefit from the protection and security of their goods in transit insurance policy. This can include:

  • Charterers
  • Customs brokers
  • Distributors
  • Exporters
  • Freight forwarders
  • Importers
  • Logistics companies
  • Manufacturers
  • Transportation brokers

As alluded to above, if your business depends on shipped cargo, you simply can’t afford not to carry your own insurance on those goods.

Features of ALIGNED’s Goods in Transit Insurance Coverage 

Our goods in transit insurance policies are available for entities based in Canada and provide coverage for goods being shipped worldwide. The underwriting of our goods in transit insurance is done quickly and can cover a wide variety of goods, including:

  • Project cargo
  • Consumer electronics
  • Grains, seeds, and pulses
  • Fresh and frozen produce, fish, seafood, meat and poultry

Other highlights of our goods in transit insurance policies include:

  • Limits of up to $20M for any one conveyance, location, and occurrence.  
  • All-perils coverage for goods in transit around the world, including while they are in storage
  • Coverage options such as ocean & air transit and domestic & international transit
  • Stock throughput coverage without sub-limits for flood, sewer backup, earthquake, and named storm

How Much Is a Goods In Transit Insurance Policy?

The cost of a goods in transit insurance policy will depend on various factors, including:

  • Where the goods originate from 
  • Where they are being shipped to
  • The voyage and how they are being shipped
  • Value and type of goods being shipped
  • Goods in transit coverage limit and deductible
  • Insurance history (your record of insurance claims)
  • Number of years in business

There may be other factors taken into account to determine the rates you pay for cargo in transit insurance.

Don’t let a lost shipment sink your business, get ALIGNED with reliable goods in transit insurance by commercial insurance specialists.

Commercial insurance is all we do. When you choose ALIGNED, you get a commercial insurance specialist advocating for you. Our job is to get your goods in transit exactly the protection they need from Canada’s top insurance companies at rates you can afford. Contact an ALIGNED advocate to get a free quote on goods in transit insurance in minutes, or get started right away by using our free online tool.

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