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TRANSIT (CARGO)

 TRANSIT INSURANCE Transit Insurance covers goods you own or for which you are responsible in connection with your business for loss or damage whilst in transit on land, water or sometimes air. Cover is determined by the nature of the goods being transported, the mode of transport and distances involved. For overseas transit, there is a special Marine Insurance, which covers transport by sea, as well as the following journey over land to deliver the goods. Unlike many other insurance lines, transit or cargo insurance is a highly specialised area as each cargo tends to differ greatly in terms of size, diversity, value and itinerary. GOODS IN TRANSIT Wither by Air sea or Land This covers goods and property in transit from one set place to another. It usually covers transport in a company vehicle, or with a third party delivery/transport service. The method of transport is sometimes specified on the policy. If the goods are lost, stolen, damaged, or late, then you are able to claim for damages or replacement. MARINE TRANSIT Losses during transport occur daily. Containers shift and fall overboard, vessels collide and capsize, cranes puncture containers, weather damages goods and maritime piracy continues throughout the seas. All of these situations compromise the safety of goods travelling both domestically and internationally. Marine Cargo Insurance covers the loss, damage or theft of goods while in transit. MACHINERY MOVEMENT Not all contracts are for the construction of plant or machinery, but simply involve movement of machinery from one location to another. The Machinery Movement policy covers dismantling at one location, transit to a new situation, and assembly

Wallace Insurance Brokers

Whitehall Chambers, 43 New Row, Coleraine. BT52 1AE.

Telephone: 028 703 25999     Email: coverbiz@wallace-group.co.uk