Goods in Transit
Goods in transit refers to merchandise and other types of inventory that have left the warehouse/premises of the seller but not yet reached the agreed point of delivery of the buyer. It offers protection against loss, destruction, or damage to goods, with one having the ability to opt for an Open Cover, where an indication is made of the total number of transits anticipated during the year and this estimation will be subject to actual transits that will be declared; or another option that is Specific Cover which applies to consignments that have been declared before the actual transit. Talk to one of our experts and get a free quote today.
The policy covers loss or damage to goods caused by fire, theft, or accidental means while goods are in transit. Transit can be by road or rail. The policy also covers goods while housed temporarily during transit.
Compensation will be made in case loss or damage arising due to:
- Accidental overturning
- Water/Rain damage
- Theft, pilferage, and shortages