Transit Insurance
Transit Insurance - Sea, Air, Rail, Road
Tranist Insurance
Transit Insurance - Sea, Air, Rail, Road
Why Transit Insurance is Important
Transit Insurance, also known as Goods In Transit, Marine Cargo, and Marine Insurance.
Transit insurance is essential because it protects against the significant financial loss due to damage, theft, or loss of goods during transportation. It helps maintain a company’s reputation by ensuring customer trust, provides comprehensive coverage for various risks, and offers peace of mind.
Without transit insurance, businesses face the daunting risk of bearing the full brunt of any accidents during transit.
What Does Transit Insurance Cover?
Transit Insurance can protect your customers goods for the below circumstances
Transit Insurance Claim Examples
Road Transit Claim
A company transporting furniture experienced a fire in their truck due to an electrical fault. The fire caused extensive damage to the furniture. The company lodged a claim under their transit insurance policy, which covered the cost of the damaged goods, allowing them to replace the inventory.
Sea Transit Claim
A business shipping electronics overseas experienced rough seas, causing containers to shift and some goods to be damaged. The company filed a claim under their marine transit insurance, which covered the cost of the damaged electronics, ensuring they didn’t suffer a significant financial loss
How Morgan Insurance Brokers can help secure your transit insurance
Morgan Insurance Brokers can help secure your transit insurance by offering comprehensive coverage, expert advice, competitive pricing, excellent customer support, and tailored solutions to fit your specific needs. We ensure your goods are protected throughout their journey, providing peace of mind and allowing you to focus on your core business activities. We can also assist with other insurances such as public liability insurance.
Absolutely! You can insure multiple transit trips per year with an annual transit insurance policy. These policies cover all trips made within a year, offering continuous protection without the hassle of arranging separate insurance for each trip. This is especially handy for businesses that frequently transport goods, as it streamlines the insurance process and can be more cost-effective.
Yes, you can insure your goods when exporting. It will protectyour shipments against risks such as loss, damage, or theft during transit.
Transit insurance policies written by Australian insurers typically exclude coverage for certain high-risk countries. These exclusions often include countries experiencing war, political instability, or severe sanctions. Commonly excluded countries may include:
- Afghanistan
- Iran
- Iraq
- North Korea
- Syria
- Yemen
These exclusions are due to the heightened risks associated with transporting goods to or from these regions
When insuring transit, whether to include GST in your figures depends on your specific circumstances and the policy terms. Generally, if your business is registered for GST and can claim a full Input Tax Credit (ITC), you typically do not need to include GST in the sum insured. This is because the insurer will only cover the net amount, excluding GST, and you can claim the GST portion back through your Business Activity Statement (BAS)
Common exclusions on a transit insurance policy in Australia typically include:
- Ordinary Leakage and Loss
- Delay
- War and Terrorism
- Nuclear Risks
- Inadequate Packaging
- Wear and Tear:
- Cyber Attacks
