ZippySure Single Transit Insurance: Protect Your Goods During Shipping

There is always some risk involved in shipping your goods. There is the risk of breakdowns, getting your cartons wet and the risk of losing your consignment between the warehouse and the buyer. Single Transit Insurance from ZippySure provides cover for one consignment on one journey, so is a good option if you don’t want to take out a policy for the whole year.

Below we have outlined how Single Transit Insurance works, what it covers and how easy it is to set up with ZippySure.

What Single Transit Insurance Covers?

As the name suggests Single Transit Insurance provides cover for one load on one journey. With a Single Transit Insurance Policy you can insure a declared consignment on a specific journey. The cover is from the moment your goods leave the origin to when they arrive at the delivery point. Once the journey is complete the policy will end.

Most policies offer either All Risks or Named Perils cover. All Risks means that you will be covered for any physical loss or damage (excluding any specific exclusions). Named Perils means you will only be covered for the incidents listed in the policy. These could include fire, vehicle accidents and overturning. Which option you choose depends on your cargo and journey.

Also Check: Hull and Machinery Insurance

Covered Incidents

Road accidents, vehicle overturning, fire, water damage from rain or flooding, theft (if included) and rough handling during loading/transhipment.

What is not Covered

No Transit Insurance Policy will cover you for everything. Below are some common exclusions.

Typically, there will be exclusions for unsuitable packing, fair wear and tear, delays and intentional misconduct. War, strikes and nuclear are also commonly excluded. Some policies will also exclude theft unless it is a buy back. These exclusions are commonly seen in Marine Transit Insurance and other Transit Insurance policies.

It is important to declare the correct value of your goods, ensure they are properly packed and look at the exclusions. As this is a policy it is important to understand what is covered within the wording.

Who is Single Transit Insurance suitable for?

Goods Transportation Insurance can be used for many situations. However, if you have particular requirements Single Transit Insurance would be more suitable for you.

Single Transit Insurance is best suited for businesses that don’t ship regularly. If you only ship a few times per month then you won’t need to pay for transit cover throughout the year. You can insure just the consignments you have.

Single Transit Insurance is also useful for traders and SMEs who have high value orders that make up a large percentage of their monthly turnover. If this consignment is lost it can cause cash flow issues and put the relationship with the buyer at risk. With Single Transit Insurance you can insure this particular risk for a premium based on this shipment.

Single Transit Insurance is also useful for one off shipments. If you are shipping machinery to a project site, garments to a new retailer or samples for a trading deal then you can insure that one journey.

A realistic shipping scenario

Let’s say a wholesaler is shipping garments from Ludhiana to a retailer in Jaipur. Before the goods are loaded onto the truck they will note down the invoice value, take pictures of the packed cartons and note down the vehicle registration. If there is an accident with the vehicle and some of the consignment is damaged then the policy will cover them. However, they will need to manage the relationship with the buyer and organise a replacement. However, the loss won’t be fully on the business as they have insured it.

If something goes wrong: the claim path

A claim depends on documents and timing.

If there is any damage or loss to your goods you should inform the insurer as soon as possible. They will usually send out a surveyor to look at the damage and produce a report. Ensure you have all relevant documentation, this includes the policy certificate, commercial invoice, packing list, transport documentation (Bill of Lading/Consignment Note), pictures of the damaged goods and the survey report. If there has been theft or a road accident then a police report will be helpful.

A common thing people forget is that you have a duty of care to ensure you have rights against the carrier. If you have a clean delivery note and the cartons are clearly damaged then this could impact your claim. Make sure you note the damage on the delivery note.

How ZippySure Makes it Easy

ZippySure is an online platform that focuses on providing cover for your shipments. The process can be reviewed and completed before shipping.

You simply enter the type of goods, declared value, origin, destination and expected date of travel. You will then be shown a quote for the premium and sum insured. You can also view the terms and exclusions of the policy. Once you have reviewed what is covered you can pay the premium and download your policy certificate. This will all be done before your goods leave the warehouse.

Ensure your sum insured is accurate. If you under declare to get a cheaper premium you could be liable for some of the loss.

Whilst ZippySure can’t guarantee the cheapest premium or that you will get a claim, it does make it easy to have Single Transit Insurance online. You can see what is covered and the benefits of the policy.

Why it is Useful for One Journey

If your shipment is damaged it can cost more than a years worth of premiums. If you don’t ship regularly then taking out a Marine Cargo Insurance Policy for the whole year can feel like you are paying for cover you won’t need. With a Single Transit Insurance Policy you can focus on insuring the one consignment you have.

FAQs

Is Single Transit Insurance suitable for one off shipments?

Yes! It is specifically designed for one consignment on one journey. There is no need to take out a yearly policy.

What information do I need?

The type of goods, declared value, quantity, packing information, origin, destination, method of transport and expected date of dispatch. By entering accurate information you can ensure the sum insured is correct and prevent any disputes.

Is Theft covered?

Many Single Transit policies will include theft, however it depends on the wording. Some policies will list it as a covered peril, others will have it as an extra or exclude it. Check the schedule of the policy.

How is it different to an annual Goods in Transit Insurance?

An annual or open policy will cover multiple shipments throughout the year, whereas a Single Transit Insurance Policy will only cover one journey. If you don’t ship regularly or have high value one off consignments this is the best option.

How quickly should I report a loss?

As soon as you know there has been a loss you should notify the insurer. This will allow a surveyor to be appointed. If you don’t notify them quickly it could cause issues with your valid claim.