“WEIGHT BASED” COURIER GOODS IN TRANSIT INSURANCE – BEWARE!!
Some cheap goods in transit policies may state a £10,000 limit but will actually have cover based on “£15 per kilo” or “£30 per tonne”. Be wary of these ‘weight’ rated policies as your cover is negligible.
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Example – 4.5 kilo package valued at £10,000 (for example: a television or computer) |
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Cheap GiT company using ‘weight’ rates at £15 per kilo |
OUR Goods in Transit Direct Cover |
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Payout before excess |
£67.50 (4.5 * £15) |
£10,000 |
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Shortfall YOU could be liable for… |
£9,932.50 |
£0! |
Bad Sales Techniques
If someone quotes you a goods in transit policy and doesn’t inform you of the benefits, clauses or what you’re covered for then be wary. First off, they’re not doing a good job from a ‘compliance’ point of view. To sell insurance you need to be authorised and regulated by the FSA (Financial Services Authority). With this comes the quite obvious and compulsory expectation by the FSA that the policy has been sold matching your requirements and needs and that you inform the client of the any benefits or clauses. It’s still worth pointing out that as a customer you need to check your documents yourself to see cover is relevant and correct but here at Goods in Transit Direct we don’t see the point in selling a policy which makes us your first point of call should anything go wrong.
The Goods in Transit Direct Team