Marine and Goods in Transit Insurance

Your business may well expose you to losses following loss or damage to goods whilst in transit from your location to your customer's premises. Equally important is the risk of loss or damage to inbound goods especially those purchased on an ex works basis. Cover comes in a number of formats including the following:-

• Goods in Transit Insurance where the exposure is limited to the movement of goods within the United Kingdom and where you are deemed to be responsible for any losses during the transit process.
• Marine Insurance normally accommodates the movement of goods overseas and would include transit by vehicle, aircraft and by ship. The extent of your exposure would be dictated by the trading circumstances that you enter into with your customers.
• Stock Throughput Insurance can be a useful facility to cover stock through the whole supply chain. It can provide protection from the point of purchase from a supplier to storage at your own premises, or at third party locations, before eventual delivery to the end customer. This type of insurance provides a comprehensive one stop solution for stock and can prevent possible gaps in cover that might exist if the transit and storage risks are covered under more than one policy. It is particularly useful for companies who products go through the hands of a number of sub contractors before final production and eventual sale.

Insurers normally assess premium by looking at the estimated stock movements to any given location on an annual basis. It is normal for Insurers to provide quotes on a minimum and deposit basis with the potential for the premium to be adjusted at the end of the policy term. There are some Insurers who are prepared to offer premiums on an ‘in full’ basis which clearly means that there will be no adjustment at the end of the policy period.

Many companies take advantage of using third party hauliers to move their goods, a situation which should be treated with some caution in relation to the limited insurance coverage that may be offered by the haulage company within their terms of business.

We at S-Tech have agency facilities with a broad cross section of underwriters and are well placed to provide a variety of quotes from a large panel of specialist insurers.

If you would like your individual insurance circumstances to be reviewed we would welcome your enquiry and would be happy to provide quotations in relation to your business needs.

For more information, or a quotation, please go to the enquiries page.