Goods In Transit

Whatever goods or products you need to insure, it's crucial that you get the best cover to suit your budget and your requirements.

A goods-in-transit policy will protect you from:

• Theft (while in transit)
• Loss (while in transit)
• Damage caused by accidents during transit
• Damage caused during transit
• The consequences of any untoward delay (in some cases)

As with other forms of insurance, you and your provider will need to agree on how much the goods are valued at. If the goods are new then this shouldn't be too much of a problem. Remember, this type of insurance does not protect you if you find the goods you have ordered or dispatched are inferior, below standard, or damaged through inappropriate packaging - this is not quality control.

If you are shipping your goods by sea then you would take out marine insurance. This also includes the transit of cargo over land at each end of the voyage. There are two types of cover:

• New for Old - items are replaced at their current market value
• Indemnity cover - the insurance company will take into account general depreciation.

If you do purchase a New for Old policy, make sure to value your contents at their replacement value, not at their actual value.