Marine and Goods in Transit
What is Marine Transit Insurance?
Marine transit insurance is a term which encompasses a range of covers designed to protect companies against the various risks of freight transportation. In some cases the recipient of goods may hold their own insurance, however all parties need to be clear of their responsibilities for the goods and arrange appropriate cover.
There are many perils that can be insured under a Marine transit insurance – fire, theft, damage, train derailment, accidents, fire, natural disasters, containers falling overboard, collision, strikes, riots and attacks, to name a few.
Despite its name marine transit insurance can protect goods being transported by:
It can be arranged to protect you anywhere in the world, including unstable locations.
Who needs Marine Transit insurance?
Anyone whose business depends on the transportation of goods needs marine transit Insurance to protect them against physical loss, theft or damage of their goods or those for which they are responsible. If your company moves goods of any kind, your business and client relationships depend on those goods arriving at the correct place on time – anything that could affect that, be it theft of the goods, an accident or a natural disaster, can be covered to ensure there is no financial loss.
It is not uncommon to find that both parties believe the other to be responsible and so it is important to understand your terms of sale/purchase to ensure the goods are adequately covered throughout the transit including temporary storage en-route.
Typical companies that qualify for Marine Transit Insurance policies are:
- Import/Export companies
- Freight forwarders
- Shipping agents
What is the difference between marine transit insurance and Goods in transit insurance?
These are very similar policies, both of which can be adapted to the individual needs of your business. Traditionally, goods in transit insurance applied more to ‘own goods’ and was directed towards companies like manufacturers, contractors, suppliers and wholesalers. However, these days there is little difference between them.
Whether your company is sending, transporting, or receiving goods, Marine Transit Insurance can ensure that these goods are fully covered.
Why compare marine transit insurance quotes with Crowthorne Insurance Services?
There are many advantages of buying your insurance through Crowthorne Insurance services. We have access to, and extensive knowledge of, the different marine transit or goods in transit insurance policies on offer and can equip you with the knowledge to choose the right cover at a competitive price.
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