Heavy Vehicle Transport Insurance

Goods in Transit (Carriers)

Goods in transit (carriers) insurance provides the carrier with the ability to have commercial settlements made to their customers for loss or damage to their goods or livestock from an insured event at the carrier’s request, irrespective of their liability. If the carrier chooses not to accept the customer’s claim, the policy remains in force, with agreed legal costs covered, should the carrier elect at a later time to accept the claim.

This cover is available to all carriers - there is no requirement for the carrier to issue consignment notes or operate under other contracts of carriage.

This policy offers two levels of cover:

  • comprehensive – against loss or damage to goods from accident or deliberate act of a third party or death of livestock from accident, natural causes or humane slaughter 
  • defined events – against loss or damage to goods or death of livestock from major transit perils including fire, flood, collision, overturning, impact.

Defined events cover can be optionally extended to cover: 

  • theft, pilferage, non-delivery
  • accidental loss or damage during loading or unloading
  • deterioration of refrigerated goods from breakdown or mismanagement of refrigerating machinery.

Features and benefits

  • removal and disposal of damaged goods/livestock (including clean up of accident site), salvage, on forwarding, mustering/agistment of livestock up to the set sublimit
  • goods falling from or coming unsecured from vehicle (comprehensive cover only)
  • insured’s own equipment up to the set sub-limit (defined events only)
  • irretrievable wandering off of livestock. 

Marine Terms of Trade Definitions

Latest News

D&O premium pool ‘must treble’ to return to profitability

A new report – called "Show Me The Money!" by insurer XL Catlin and law firm Wotton + Kearney – is the second in a series of three white papers on securities class actions and their impact on the Directors & Officers Liability (D&O) market. The main conclusion is that Directors’ and officers’ (D&O) insurance premiums are under-priced significantly and need to rise strongly to restore profitability. The main risk areas are those exposed to securities class actions, 

It says Directors & Officer's Side A, Side B and Side C cover has been chronically underpriced since at least 2011, while the frequency of class actions is increasing as more plaintiff lawyers and litigation funders enter the space.

The analysis suggests last year’s overall premium pool of about $210 million would need to increase by at least three times to establish a profitable market, if it is assumed all other factors stay unchanged.

“Recent market developments would indicate most D&O insurers are now endeavouring to restore some semblance of profitability to their portfolios after years of market losses,” the report says.

read more

75% of Cyclone Debbie claims settled

In the 6 months since Cyclone Debbie devastated Queensland and parts of northern New South Wales:

• more than 31,000 homes and business have been repaired or received settlements from their insurance company

• more than 20,000 families have had possessions replaced

• more than 4,500 motor vehicles have been repaired or new vehicles provided

• hundreds of local builders and trades have been working on properties to repair the damage and destruction caused by the cyclone

• over $5 million has been paid EACH DAY to assist local communities, residents and businesses.

read more