Goods in Transit cover

Goods in Transit cover from Lynx Transit Underwriting Managers (Pty) Ltd

By: Lynx Transit Underwriting Managers (Pty) Ltd  09-17-2010
Keywords: Underwriting Managers, transit insurance, Goods In Transit Insurance

Conventional Goods In Transit Insurance for Transport Contractors

In arranging transportation of his goods the Cargo Owner holds the Transport Contractor liable for loss or damage to his goods. In order to protect himself the prudent transport contractor purchases a Goods in Transit Insurance to insurance this liability. Alternatively the Cargo Owner insists that the transport contractor holds Goods in Transit Insurance in order to ensure payment in the event of a loss. In order for a transport contractor to operate the majority of their clients, being the Cargo Owner insist that they carry Goods In Transit Insurance.

Transport Broker Contingent Cover

By agreeing to be held responsible by their Customers and therefore pay for any loss or damage to the goods, the transport broker has created a risk for himself. This risk is that he may not be able to get his appointed subcontractor to pay over to him, the amount which he has agreed to potentially compensate his customer for any loss or damage occurring to the goods. Therefore the transport broker takes out his own transport broker contingent insurance insurance to insure this risk. Contingent insurance offered by us protects the transport broker against the financial loss should his subcontractor not pay for the loss suffered. As long as the transport broker has complied with his policy requirements, he is able to claim for any financial shortfall following a transit loss, which is not otherwise obtainable from his subcontractor.

Conventional Goods In Transit Insurance for Owner Goods

This is a conventional type of insurance for the Owner of the Cargo wishing to insure their own goods during transit. This could be transported by a third party (transport contractor) or by their own vehicles.

Once off Risks

Short period insurance can be arranged for the transportation of goods to be moved

- Basic Excess reducer
- Theft Hijack excess reducer
- Automatic Extensions
- Container Cover
- Driver Fidelity
- Debris removal
- Salvaging Costs
- Tarps, nets, straps & Chains
- Temporary Storage
- Overloading 

Above extensions insured automatically up to limits stated in the policy schedule with a nil excess

Keywords: Goods In Transit Insurance, Goods In Transit Underwriting, Goods Insurance, transit insurance, Underwriting Managers,

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