Transit Insurance

Your Risk Adviser is an Australian based insurance brokerage, specialising in the provision of complete insurance solutions to businesses across both the general insurance and life insurance sectors.

To assist individuals and business' to understand what insurance policies are available and the industry traps to be aware of we have complied relevant information on a number of the most common insurance classes available.

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 have any further questions in relation to this class of insurance, or wish to learn more about the various other insurance policies available, please visit our website at www.yourriskadviser.com.au or alternatively call to speak to one of our qualified insurance advisers on 1300 815 344.

Your Risk adviser is an Authorized Representative of NAS Insurance Brokers AFS License No. 233750