The purpose of Goods in Transit Insurance is to indemnify the damage caused to goods being transported and the accompanying expenses incurred by the policy holder.
A Goods in Transit Insurance contract can be concluded on the basis of all-risk insurance or risks specified in the terms and conditions. The Terms and Conditions of Goods in Transit Insurance are the most harmonised conditions in the world and therefore all-risk insurance complies with Institute Cargo Clauses A (ICC) and the insurance of risks mentioned by name complies with ICC Clauses C. Goods in Transit Insurance also offers additional fair insurance coverage, whereby insurance is valid on the dates of transportation to and from the fair and during the exhibition period between these dates. The extent and requirements of the insurance coverage valid during the fair shall be agreed upon separately.
Based on the characteristics of goods, the insurance contract can be concluded with regard to specific goods and the journey thereof or goods that move during a certain period of time and in pre-defined areas. In the event of the latter condition, an annual Goods in Transit Insurance contract shall be concluded.