Goods In Transit Insurance In South Africa

What is Goods In Transit Insurance?

Goods in Transit insurance, sometimes referred to as GIT, covers goods against loss or damage while being moved from one place to another.

The insurance can cover both local (domestic) and cross-border (international) trips. Goods shipped by sea will be covered under a separate marine insurance policy.

Goods In Transit Insurance In South Africa?

The ONE Goods in Transit Policy is available as a stand-alone product or as an additional section of the Heavy Commercial Vehicle Policy. It is designed to cover the exposure of Commercial Transporters in respect of accidental loss of, or damage to, their customers’ goods whilst being transported on their behalf.

Cover is for road vehicles belonging to, hired by, or used by the insured transporter or their subcontractors.

Key Benefits

  • First Loss cover – no average applies
  • Shipping containers of any type included as part of load cover without inner or sub limits
  • Driver Fidelity included for theft/hijack
  • Carrying of Hi-Cube containers
  • Minor overloading tolerance included
  • Tarpaulins
  • Debris removal/spillage clean-up
  • Prevention of loss costs (even where there is no loss/damage to load)
  • Loss mitigation costs such as security at accident site, re-loading and/or alternative transport costs
  • Loading and unloading losses included where the policyholder is actively involved
  • Collision of load included on restricted covers
  • 96-hour intermediate storage

Cover Options

  • All Risks
  • All Risks including deterioration following breakdown or malfunction of refrigeration equipment
  • As above but extended to include incorrect temperature setting
  • Restricted or Specified Perils

Carrying Vehicle Options

  • Specified vehicle basis
  • Fleet basis
  • Contingency basis for Transport Brokers and/or subcontractors
  • Ground up cover for subcontractors when added to Insured Transporter’s policy

Territorial Limits

Republic of South Africa, Namibia, Botswana, Lesotho, Swaziland, Zimbabwe, Malawi, Mozambique, Angola, Zambia, Tanzania, Uganda, Rwanda, Burundi, Kenya and Democratic Republic of Congo (DRC) no further north than Kolwezi.

This form of cover comprises transit and related liabilities, and includes goods in transit, and haulier’s liability. There are numerous risks associated with goods being moved or transported, for both the owner as well as the carrier of the goods.  You therefore need to ensure you are adequately covered for this risk.

Our Goods in Transit Cover is suitable for clients who need insurance for local transit; it covers goods transported via sea, air, road and rail.  

The Haulier’s Liability component is suitable for hauliers that are responsible for moving cargo, and which might not necessarily own the goods that are being transported. It provides cover for goods in the care, custody, or control of the carrier, either under contract- or under common law.  Haulier’s Liability is set up to protect the insurer against the risks associated with loss or damage to cargo.

Why goods in transit insurance is important?

Goods in transit insurance can help protect businesses from the risk of damage or loss to a third party’s cargo while transporting their goods or equipment.

Often the cover will initiate when the insured cargo is first moved for commencement of transit, and ends once unloading is complete.

Is goods in transit insurance the same as hire and reward?

Goods in transit insurance provides cover for the products you transport from one location to another, either your own items or for hire and reward.

Legally you do not need goods in transit cover, but it is essential to protect your cargo from damage or destruction, loss, theft and delay.

Is goods in transit insurance a legal requirement?

Goods-in-transit insurance, while not a legal requirement, is recommended for anyone carrying goods on behalf of another party and covers liability resulting from loss of or damage to the goods.

That makes these two forms of insurance critical to the activities of most truck operators.