Transit & Transportation Insurance

Logistic companies move goods by the ocean, air, and land, facing the risk of damaged goods, theft, and other liabilities. This policy protects from business property loss or damage when it’s in transit or stored offsite.

Who is Transit & Transportation Insurance for?

Whether by the ocean, air, or land, logistics companies move goods from one place to another every day. Other businesses depend on this industry heavily. Unsurprisingly, stored or moving products are a hot target for many thieves. Plus, goods can get damaged, too. And drivers also face injuries or even death along the way. Risk comes from all sides.

Retailers

Merchants that sells goods to consumers via various distribution channels.

Importers and exporters

People or entities buying, selling, or transporting goods from one country to another. 

Wholesalers

Distributors to retailers.

Freight forwarders

A person or entity organizing shipments of goods from a manufacturer to a customer or final point of distribution.

B2B internet sales

A person or entity focusing on “business to business” sales online.

Logistic service providers

An LSP is a (third-party) outsourced shipper that manages warehousing, distribution, and transportation of a company’s freight.

Manufacturers

An individual or entity that makes goods for sale.

Common carriers

A person or entity transporting goods for companies and is responsible for potential loss of goods during transport.

Multinational companies

A corporate organization that owns or controls manufacturing of goods in at least one country other than its home country.

Warehousemen

An individual or entity who owns a warehouse.

Why you need Transit & Transportation Insurance


Summary

Although transit & transportation insurance are two separate policies, they often work in tandem to protect against business property loss or damage when in transit or stored offsite. Companies can customize each policy to fit their needs, depending on how they store or move goods. Some businesses need more storage coverage, while others face more vulnerabilities while goods are in transit. No matter the unique need, this policy responds.


Reasons for getting Transit & Transportation Insurance
Protects against liabilities, such as driver injuries or death
Covers cargo theft loss — which costs this industry $30 billion annually
Covers the cost of damaged goods
Theft

Cargo theft costs the transport & logistics industry an astounding $30 billion a year. The average value of theft has recently increased by 36% as cargo thieves are now targeting higher-value merchandise.

Damaged goods

Nearly 11% of all unit loads have some case damage upon arriving at a distribution center. While this is a painful number to pass on to customers, the real damage is in the ripple effect — which typically comes full circle.

Liability

Since 2009, deaths in truck wrecks have increased by 52%. Lamentably, up to 74% of all fatal passenger vehicle cases involve a large truck. Industry experts predict large truck accidents to be the fifth leading cause of US deaths by 2030.

What Does Transit & Transportation Insurance Cover

Each policy is customized to fit the needs of your company, but generally, Transit & Transportation Insurance covers the following:


Stored property

 

Property stored at offsite (i.e., construction equipment); at locations owned by a third party (i.e., vending machines at customer site); in a moving vehicle (i.e., food truck); high-value property stored at your primary business location (i.e., artwork)


Moving property

Property moving by land, between business locations (i.e., rigging equipment).


Infrastructure

Property that is part of the infrastructure (i.e., communication towers).

Transit & Transportation Insurance Claim Examples

Here are some claim examples that illustrate what Transit & Transportation Insurance covers

While transporting several palletized fabric-filled boxes for a customer, a violent storm erupts, soaking through the cardboard to the goods inside. Upon arrival, the boxes appear caved-in, and the fabric has water damage. Your customer needs the products, and water-soaked boxes weren’t what you expected to deliver. Transit and Transportation Insurance would respond to cover the loss.

Transit & Transportation Insurance FAQs

Transit & Transportation Insurance is often tailored to fit the specific needs of your company. However, your premium depends on a wide range of factors, including:

  • Nature of the goods shipped
  • Value of the goods shipped
  • The route used to deliver goods
  • Scope of coverage

Transit & Transportation Insurance does not cover:

  • Stationary property at your primary business location
  • Business vehicles
  • Earthquake and flood damage

How it works

Finding insurance coverage doesn’t have to be painful. We aim to make the purchasing experience as streamlined & intuitive as possible.

1
Get a quote

Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.

1
Get a quote

Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.

2
Pair with a specialist

No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.

2
Pair with a specialist

No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.

3
Stay one step ahead

To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.

Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.

3
Stay one step ahead

To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.

Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.

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