GOODS-IN-TRANSIT

WHAT IT COVERS
It covers legal liability transporters may incur out of loss of or damage to goods being transported from one location to another. The owner of the goods may also take the policy.
CLASSES OF COVER
(a) Annual policy
(b) One carriage policy
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REQUIREMENT FOR TAKING THE POLICY The transporters or owners of the goods depending take it on who carries the risk of carriage.

BASIC POLICY CONDITIONS
(A) It is an all risk policy and may however be restricted to specific risk e.g. fire and theft
(B) It is subject to an excess

BENEFIT UNDER THE POLICY
Motor insurance cover does not cover loss or damage to goods being carried on the insured’s vehicle nor goods being carried on any other vehicle it may be involved in an accident with. This policy therefore fills the vacuum created by the above condition.
 

PROCEDURE FOR TAKING THE POLICY

(a) ANNUAL POLICY
This is usually a declaration policy. The insured therefore gives an estimated annual carriage and upon this amount a provisional premium is charged.

(b) SINGLE CARRIAGE POLICY
This is for the carriage of a specific amount of goods on a single journey only. The invoice amount is declared and the premium charged is based on this. In both cases proposal forms are completed....
RENEWAL.

(A) ANNUAL POLICY
Monthly declaration of actual goods carried is to be made by the insured at the end of the period the actual carriage is computed and from this the actual premium is charged. This may lead to the charge of an additional premium or refund of premium depending on whether the actual amount was less or more than the actual amount. A minimum premium however applies.

(B) A renewal endorsement is issued when premium is paid Single carriage policy is automatically cancelled at the end of the period
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