Everything You Need to Know About Goods-In-Transit Insurance

Insurance cover for domestic transportation of goods might not be a trend. However, with the volatile situation in the country that has seen trucks burnt down by hoodlums, petrol tankers submerged by floods and goods worth millions of naira lost to theft, the Goods-In-Transit Insurance remains the perfect bet for businesses to transport their goods.

Logistics firms, distribution companies, and business owners can put their minds at ease with good-in-transit insurance knowing that their goods are covered, notwithstanding the means of transportation. In this article, we will focus on the benefits of Good-In-Transit Insurance for businesses.

What is Goods-In-Transit Insurance?

Goods-In-Transit insurance is an all-risk policy that covers loss or damage to goods whilst in transit by road, rail, air, or inland waters within the geographical limit of Nigeria.

Who Needs Goods-In-Transit?

Businesses or organizations that regularly move goods, products, or assets from one location to another within the country. Importantly, it’s for companies that desire an insurance policy aimed at securing their goods against the perils of transportation.

How Does it Work?

The policyholder is covered if the insured goods get lost or damaged by fire, water, theft, collision, or accident involving the vehicle, vessel, train, or plane. All these are subject to the limits of the policy whilst in transit, in the course of loading or unloading from the point of conveyance to the stated destination, or whilst temporarily housed in ordinary course of transit.

What Does GIT Cover?

  1. General Goods
  2. Oil & Gas
  3. Agro Goods

What is Not Covered By GIT Insurance?

This policy does not cover the following goods:

  1. Fragile goods such as glass
  2. Unstable goods such as explosives. (For such goods, kindly send your request to ecare@cornerstone.com.ng)

How to Purchase

  • Visit our website at www.cornerstone.com.ng and select the Goods-In-Transit insurance product.
  • Complete the basic online form and pay conveniently with either a debit card or a bank transfer into any of our bank accounts. Then, you are to forward a schedule of goods carried per trip for each transit made.
  • Download the soft copy of the Goods-In-Transit certificate and policy document upon successful payment, which will be sent to your email.

In addition, keep in mind that the policy cannot be purchased alone. You must have an existing policy with Cornerstone Insurance, e.g. Marine Insurance, or Combined Fire & Burglary. (If no previous policy with Cornerstone, kindly send your request to ecare@cornerstone.com.ng)

To learn more about our offerings: 
Visit: cornerstone.com.ng | Call: 07086216957 | or Email: brand@cornerstone.com.ng

Read: The Importance of Marine Insurance

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