Logistics terms · Logistics terms
What does Goods-in-transit insurance mean in logistics?
Short answer
Insurance that covers goods against loss or damage while being transported, bought by the cargo owner or, for its own liability, by the carrier.
Indian shippers commonly buy an annual open or floater policy declaring dispatches, or cover each trip separately. The carrier’s liability cover is not the same as insuring the cargo, so the cargo owner should check what is actually insured. Ask our desk how this applies to your consignment.
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The numbers behind this answer
- Also called
- GIT insurance, transit insurance
- Category
- Contracts & pricing
- Related terms
- Marine and inland transit insurance, Freight claim, Declared value, Carriage by Road Act, 2007
Related questions
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- What does Marine and inland transit insurance mean in logistics?
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- What does Carriage by Road Act, 2007 mean in logistics?
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