Transit Insurance is meant to cover
Goods whilst in transit within Australia or being imported or exported. The policies in a typical manner also include coverage whilst in storage if part of the transport process.
 

Transit Insurance typically covers
A range of policies that fall under the banner of transit insurance with the most common transit insurance policies being:

• Marine Transit Insurance:
  Marine Transit Insurance covers your goods whilst being moved by professional carriers either within Australia or worldwide.

• Home Contents Transit Insurance:
  Home Contents Transit Insurance covers household contents whilst being moved by professional carriers or yourself.
   
• Goods in Transit Insurance:
  Goods in Transit Insurance cover your goods whilst being moved within Australia by you.

• Specified Items in Transit Insurance:
  Specified items in Transit Insurance cover a specified item(s) in transit whilst being moved within Australia by you.

• Carriers Liability Insurance:
  Carriers Liability Insurance covers operators for non owned goods they are transporting that are damaged as a result of the operators’ negligence.

Most of the transit insurance policies listed above can be purchased for a single shipment, or on an annual basis to cover all shipments. Annual transit insurance policies are usually comparably cheaper than single shipment policies.

Considerations/Limitations to be aware of with Transit Insurance:

Transit Insurance is a specialized area of insurance that requires the assistance of an experienced, competent adviser to ensure the correct coverage is obtained. The main issues to be aware of with Transit Insurance are:

• Ensure the sum insured takes into account currency fluctuations and all costs associate with landing the goods at the final destination.
• Ensure on annual policies that separate shipments aren’t combined at ports or on vessels etc. increasing your sum insured beyond your insured limit.
• Ensure you have the correct items being sent listed to ensure that applicable Institute Clauses are used for the goods you are sending, such as for Frozen Foods, Meat or Livestock as each offers different coverage.
• Ensure that you inspect delivered goods immediately as most policies only have a limited time frame in which to notify insurers.
• Ensure your policy is tailored to correctly cover your terms of trade such as FOB, CIF etc.

Should you wish to discuss your individual insurance needs with a qualified risk adviser, please contact our office on 1300 815 344 or complete the attached Request a Quote form and we will respond within 24 hours.

View the most Frequently Asked Questions to learn more about the above class of insurance, or Ask a Question of our qualified risk advisers.

Those interested in the above class of insurance have also found the following of interest:

• Business Insurance
• Public & Products Liability
• Commercial Motor Vehicle Insurance
• Income Protection Insurance
   

We hope you have found this information useful, so we can create the best insurance resource material available, please provide us with Your Feedback on the information provided or with suggestions on what else you would like included.