Heavy Vehicle Transport Insurance

Goods in Transit

Goods in transit is either an annual cover where premium is based on the value of goods in transit, at the insured’s risk, during the policy period. Or it can be a single transit cover. It is the simplest and most convenient way to cover the insured’s inland transit risks.

Features and benefits

  • choice of cover between all risks of loss/damage to goods or death of livestock and major nominated transit perils
  • wide transit cover – from when goods are first moved for transit until last moved at destination
  • debris removal up to the designated sub-limit
  • delayed unpacking – discovery of transit damage up to 90 days after delivery
  • no disposal or sale of branded goods without insured’s consent
  • cover for goods to and from packers’ premises and for up to one month while goods are held there
  • companies acquired included under policy.

Conventional and Specialised Cargo

For our clients moving cargo in and out of Australia, worldwide to worldwide, or domestically we can obtain cover for:

  • combined cargo (import/export and within Australia)
  • annual import/export, and 
  • single transit covers.

Some insurers provide specific wordings for a particular type of risk or commodity. Specialised cargo can include:

  • fruit and vegetables
  • bulk commodities
  • livestock, and 
  • cargo loss of profits. 

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.

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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.

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