Couriers on the lookout for cheap Goods in Transit (GiT) insurance quotes will often be met with low quality protection, which could leave them vulnerable should an unfortunate incident occur. With the assistance of a quality insurance broker, couriers have a better chance of finding adequate cover at an affordable price.
It's not just couriers that can benefit from cheap Goods in Transit insurance - hauliers, repo-persons, furniture removers and pretty much anybody who transports the goods on behalf of another party on public roads.
GiT insurance can protect the driver should goods get lost, damaged or stolen. However, the trouble some couriers find when looking for a cheap quote is that the value of the insurance is too low to cover the value of the goods they are carrying.
Different insurers have different clauses in their policy which can vary quote prices:
- Weight - Some insurers include a weight restriction clause in their policy, which could bypass certain applicants who later get surprised when making a claim. A quote to insure £5,000 worth of goods may have a weight restriction feature which limits protection to £10 per kilo. Therefore small expensive items (usually gadgets) won't weigh enough to cover their actual value.
- Dual Manning - Some policies enforce a two-person feature which states the vehicle in question should be operated by two people at all times. One person can carry items while another stays in the vehicle. Breach of this will void any claims made.
- Theft Probability - A lot of delivery people carry what are classed as 'theft attractive items'. Some policies will not allow claims for goods under this classification (which is a very broad classification). Some couriers will deliver things like magazines and POS, which are not 'theft attractive'.
- Unwitting items - Some theft attractive items may be packaged in a way that disguises their value. These goods may be covered by an 'Unwitting Items' policy. However, proving an item was completely disguised can be tricky as often couriers will carry an index of all items onboard or the boxes themselves may be labelled with content information.
There are more unique small prints that applicants need to look out for but finding the right insurance package which covers a business and its average item value exactly, can be easily done with the help of an experienced insurance broker.
The broker will negotiate on behalf of a client with a panel of reliable insurers. Any 'loopholes' the client is worried about can be discussed with the broker first, who will raise the concerns prior to sign up.
Brokers are experts in finding accurate insurance goods in transit quotes for the right price. Their relationships with insurers give them the kind of leverage a public applicant wouldn't have on their own. Utilising their services can guarantee the goods are covered completely and prevent overpaying.
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