Goods in Transit (Carriers)
Goods in transit (carriers) insurance provides the carrier with the ability to have commercial settlements made to their customers for loss or damage to their goods or livestock from an insured event at the carrier’s request, irrespective of their liability. If the carrier chooses not to accept the customer’s claim, the policy remains in force, with agreed legal costs covered, should the carrier elect at a later time to accept the claim.
This cover is available to all carriers – there is no requirement for the carrier to issue consignment notes or operate under other contracts of carriage.
This policy offers two levels of cover:
- comprehensive – against loss or damage to goods from accident or deliberate act of a third party or death of livestock from accident, natural causes or humane slaughter
- defined events – against loss or damage to goods or death of livestock from major transit perils including fire, flood, collision, overturning, impact.
Defined events cover can be optionally extended to cover:
- theft, pilferage, non-delivery
- accidental loss or damage during loading or unloading
- deterioration of refrigerated goods from breakdown or mismanagement of refrigerating machinery.
Features and benefits
- removal and disposal of damaged goods/livestock (including clean up of accident site), salvage, on forwarding, mustering/agistment of livestock up to the set sublimit
- goods falling from or coming unsecured from vehicle (comprehensive cover only)
- insured’s own equipment up to the set sub-limit (defined events only)
- irretrievable wandering off of livestock.
Marine Terms of Trade Definitions