Transport insurance provides financial protection for your cargo against damage, loss or theft while it's in transit.
Transport insurance covers cargo being moved by road, sea, air or rail against risks such as damage, loss or theft during transit, within the limits of the policy.
Import/export companies, logistics firms and any business that regularly ships cargo need transport insurance to minimise the financial risk of goods in transit.
Transport insurance can be arranged for road, sea, air and rail transport, individually or combined.
Yes, a policy can be arranged for a one-off shipment, while businesses that ship regularly can opt for an annual open cover policy.
Compensation is calculated based on the cargo value declared when the policy was arranged and the terms of the cover.
Inadequate packing, deterioration inherent in the goods themselves, commercial losses caused by delay, deliberate acts and unlawful shipments fall outside the cover.
Cover begins when the goods are loaded onto the vehicle at the departure warehouse and ends when they are unloaded at the destination address. Any intermediate storage must be stated separately on the policy.
The nature and value of the goods, the mode of transport (road, sea, air), the route, the packing method and the type of cover selected determine the premium.
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