- The Goods in Transit Insurance covers specific goods carrried in against Risks of Loss and or damage while in transit from Point A to point of destination withing a specified geographical areas as specified in the policy. This loss and or damage may arise from:-
- Collision
- Overturning
- Fire or Explosion
- Derailment
- Theft arising from the accident
- While loading/unloading
- Hijacking
- The Policy also protects the insured from liability during loading and unloading of the goods and temporary housing in the course of transit.
- The cover is available to individuals or companies transporting goods/in the business of transporting goods
- CAUSES OF DAMAGES/LOSS COVERED
- The Transit can be by:-
- Road
- Rail
- Any inland waterway
- SUM INSURED
- The policy is limited to the Sum Insured declared in the schedule of the policy being:-
- Any One Loss
- Series of losses arising from the same event
- EXCESS
- If an excess has been specified in the policy schedule, the insured must bear this amount first whenever there is a claim or series of claims resulting from an event insured against
- EXCLUSIONS
- Wear, tear, ordinary leakage, ordinary loss in weight or volume or inherent vice of the goods
- Delay, loss of market or consequential loss of any description
- Medical, electrical or electronic breakdown or malfunction of goods where there is no external evidence that an even insured against has occurred
- The absence, shortage or withholding of labour of any description resulting from any strike, lockout, labout disturbance, riot or civil commotion
- Any process or use, trial, testing or repair
- War, warlike activities
- Anything nuclear or radioactive
- Terrorism
- REQUIREMENTS
- A duly completed proposal form
- Insured's ID/Registration and PIN
- CLAIM PROCESS
- Report claim within 3 days or incident happening or within a reasonable time
- Document the claims by providing a duly completed claim form, police abstract, driver's licence, records of the goods and evidence of approval to transport the goods
- Take all measures to protect/reduce loss to the goods in the event of an incident