Whether by road, rail or air, transporting goods within the confines of a country comes with various risks. Ask individuals and businesses who have lost goods in transit and they’ll tell you it’s true. The story of Mrs. Ifeanyi an online retailer and Mike the owner of ‘LILY Logistics’ paints a clear picture of what e-commerce and logistics firms go through in conveying goods to customers.
Mrs. Ifeanyi, the founder of ABBIK Ventures, an e-commerce shop based in Lagos had recorded great success selling her products online. Since acquiring more customers, she was now looking to expand her business to reach the northern and eastern states. The logistics company she contacted, LILY Logistics, was also noted for their quick dispatch and service delivery. But there was one problem with LILY logistics: they never subscribe to Insurance in protecting their shipments. Why was this so?
Mike the CEO of the logistics firm believed that mishaps were only for unlucky people. As one who enjoyed plenty of luck in life, Mike never believed that terrible things could happen to him or his business. Until one Easter evening when one of his trucks conveying goods to the east was burnt down by Unknown Gunmen enforcing a sit-at-home order.
Unfortunately, Mrs. Ifeanyi’s goods were among those burnt by the arsonist. On hearing the news of his ill-fated truck, Mike became devastated. He called Mrs. Ifeanyi on phone the following morning to announce the terrible incident.
“Madam, we are so sorry”, Mike said with a shaky demeanor. Our truck was burnt by some thugs in Onitsha and your goods were among the items destroyed”.
“Chineke meh” Mrs. Ifeanyi screamed in anguish. “Do you know how much they cost? Your company will have to pay me ooo. What do you want me to tell my customers? Ah!”.
Mike knew he was in deep trouble. Mrs. Ifeanyi was not the only client who had lost her goods. There were other troublesome and angry clients yet to be called. Mike had never encountered such a tragic event since he started the logistics business. Where was he going to get the money to pay his clients? His company’s reputation was already falling apart as most customers thronged social media to soil his name. Perhaps, if he had bought Goods-in-Transit Insurance, events might have been favorable to him. Now, he has to start making plans to pay for the burnt goods which will surely cost him far more than he ever thought.
Benefits of Goods in Transit Insurance
This tragic story doesn’t need to be about you before you get Goods in Transit Insurance. Below are some benefits of buying the policy.
- Reimbursement for the damaged goods if lost or damaged by fire, theft, collision or overturning of the conveying vehicle whilst in transit.
- Compensation for damages while loading or unloading the vehicle.
- Peace of mind for both the logistics company and their clients.
How to Purchase the Policy
- 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.
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