If you are a wholesaler, manufacturer, courier or if your business simply involves the transportation of goods whether these goods are placed in your own car or a truck or you make use of the postal system to convey your goods from one inland destination to another inland destination you would need Import and Export Marine in Transit Insurance cover as this is important for protecting the financial interest you have in the goods.
Import and Export Marine in Transit Insurance covers the loss or damage of goods while in transit which could have severe financial implications on your business’s or your own budget should you decide not to cover the goods while they are being conveyed.
The Import and Export Marine in Transit Insurance cover is an All Risks type cover, meaning that the goods are covered for loss or damage to the goods while in transit as a result of Fire or explosion, storm, theft or hijacking of the vehicle conveying the goods, the vehicle being involved in an accident, derailment and accidental damage to the goods such as the goods being dropped while loading. One thing to bear in mind though is that goods damaged due to inappropriate packaging will not be covered as well as the delay of goods arriving at the assigned destination.
Restricted cover can also be offered, this cover would only include loss or damage to goods by fire and explosion, derailment or overturning of the vehicle and the vehicle being involved in an accident and would exclude theft or hijacking of the vehicle and would also exclude damage or loss caused by storm or water damage, thus one would need to be sure that the items covered for restricted cover would not be susceptible to the latter perils mentioned.
Underwriting considerations involve factors such as the annual carry you would undertake as well as the maximum load limit. The subject matter of the goods being conveyed, bearing in mind that electronic equipment, alcohol, cigarettes and fuel are higher risks in terms of this section. The mode used to transport the goods needs to be disclosed as well as the claims history for the past 3 years.
Restricted cover may be imposed on certain risks or purchased voluntarily such as Fire Collision & Overturning (i.e. Theft/Hijack is excluded) where the cost is less for this restricted cover.