Types of cover
This covers loss of or damage to the insured goods arising from theft, fire, impact or overturning of the conveying vehicle whilst in transit or in the course of loading or unloading or whilst temporarily housed in course of transit.

The policy may be arranged on per consignment basis or on an annual basis. (Single/ Annual Basis). Under the annual form of arrangement the insured needs to specify the limit carrying (limit of compensation per accident) and also make a good estimate of the total annual carryings. As a guide the limit per carriage must not be more than 10% of the Estimated Annual Carriage.

The insured is also expected to keep record of all carryings within the policy period and to declare it at the end of period of insurance for the adjustment of the provisional premium. A minimum premium retention of 75% of the provisional premium must be retained by the company would be included in such policy.
Goods in transit policy can be taken up by the owner of the goods, or by the transporter. Though the standard cover is All Risks” the cover may be restricted at the request of the insured in order to save premium or by the company, where the goods in transit is susceptible to loss.

Rate Guide for Underwriter
i. Types of goods to be carried
ii. Mode of conveyance, whether own or hire vehicle
iii. Limit per carrying
iv. Estimated annual carriage
v. Method of packing
vi. Distance involved
vii. Security of the vehicles
viii. Level Service Agreement with owner of hired vehicle