Is transit insurance necessary?

Transit insurance is important to secure goods in transit from one place to another. It caters to damages and loss. Transit insurance or transportation insurance policy is a safe and secured way of covering the risk arising due to loss or damage caused to goods or personal belongings while in transit.

Why do I need transit insurance?

With goods in transit insurance you will rest safe in the knowledge that should your goods be lost, stolen or damaged in any way whilst in transit you won’t have to foot the bill (subject to the terms and conditions of the policy wording).

What is goods in transit insurance?

Goods in transit insurance (also known as GIT insurance) protects you if your property or goods are lost, damaged or stolen while they are in transit from one place to another. For example, when they’re being transported from a factory or workshop to a retail outlet, business premises or private property.

How does transit insurance work?

Transit insurance policy or inland transit insurance is a simple and convenient mode of covering the risk of business goods or personal belongings of the insured’s while in transit on land. Its premium is based on the value of goods in transit; and the amount of risk the insured is bearing during that period.

Does home insurance cover goods in transit?

Some home insurance policies cover ‘goods in transit’ – it will either be included as standard, or an optional extra. It should cover your possessions for damage and loss while they’re being moved by a professional company.

Do I need public liability?

Do I need public liability insurance? You’re not legally required to have public liability insurance, but if you’re a business owner the chances are you’ll need it. Public liability insurance covers your costs if someone else sues your business – and without cover, unexpected legal costs could bankrupt your business.

Can I cancel home insurance if I move?

You’re moving to a new house

Again, there may be an admin fee to pay. But if you’re buying another property and still need cover, you don’t have to cancel – you can simply move your policy to your new home.

What happens to contents insurance if you move?

As Whiteford explains, ‘Contents that you’re moving to your new home are often covered by your home insurance – but only if you use a professional moving company. Some insurers will not cover contents while they are in transit at all, so you may need to take out additional cover. ‘