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Transit Insurance order in Lagos
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Transit Insurance

Transit Insurance

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Nigeria, Lagos
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Description

Introduction

It is frequently thought that goods can be covered under a commercial vehicle Motor policy, this is wrong. Goods carried upon a vehicle can only be covered under the goods in transit policy, but some marine policies may be extended to provide this cover.

Events Insured Against

These events must be typed on the face of the policy and on the reverse of the policy schedule. The wordings will be shown in the endorsement section as G.I.T 8, G.I.T 10 but a summary of the 3 alternatives is given below:

Underwriting Considerations

(a) As previously mentioned goods may be carried by the owner or by a carrier who may have special arrangements with the owner to carry his goods or a professional carrier may require to cover his own liability. Whilst these risks may differ in degree of hazard, many underwriting consideration supply to G.I.T business.

(b) A properly completed proposal must be obtained and all questions must be fully answered. The standard of care, which the proposer exercises in his choice of drivers and other staff and the standard of maintenance of the vehicle, is crucial for G.I.T.

(c) G.I.T risks should not be accepted from docks/airport unless there has been a prior inspection of the goods by the owner or the agent first. If no such inspection had taken place, damage could have occurred during sea/ air transit, which should be covered under a marine insurance. In the absence of such an inspection the GIT insurers would be asked to deal with claims. It would be extremely difficult to prove any damage due to marine transit.

(d) If the insurance is to be on a declaration basis, make absolutely sure that the proposer keeps proper books and records so that he is able to provide a full and accurate declaration at the end of each year. Consider the estimated value of the annual carryings, in relation to the indemnity limit and the frequency of the transit.

(e) If for example, the indemnity limit was N20, 000 and there were 4 carryings each week the annual carryings would be in the order of N4,160,000 i.e 20,000 x 16 x 12. The moral hazard is very important here. What is the area of the operations, local delivery, medium distance or long distance.

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