Business Insurance/Blanket Policy Goods in Transit?

[AudioJunkie]

Hi,

Does anyone know if its possible or could recommend an insurance policy I could buy for my business to cover the delivery of our items without paying the couriers for their service?

Its only £8 over night with APC/UPS/FedEx etc to send our size and weight items, but as they are expensive computers (anything up to £7000, but usually about £2000) their 1.5% insurance soon adds up when you're sending 5-8 packages a week!

I'm sure an insurance company would be able to do something a lot less - i'm talking to one or two are the minute, and i'm surprised that the courier companies don't offer general insurance policy for business customers who use them continually.

I've search for Goods In Transit but most of the results seem to relate to insurance FOR the couriers or haulage companies themselves rather than for ecommerce sellers shipping high value items. Also a few of the "goods in transit" policies covered good in vehicles owned or leased by the company so again not applicable.

Any suggestions would be great.

 

[TheGuru2010]

Good Morning Op,

That sounds expensive from the courier company, I assume you have a insurance policy for your own business? will they not add goods in transit to your current policy & to be noted that its in transit with a third party?

Your best bet would be to include in your current insurance but there are stand alone goods in transit policys that would work out more cost effective than the courier.

If you need some prices then let me know, would be more than happy to take a look

Jamie

 

[AudioJunkie]

Hi Jamie,

Yeas it sure is - I mean if I take the average price as £1900 over all our items, and we send a conservative 5 a week fully insured, thats £28.50 a package (just for the insurance part) and an eye watering £7500 a year on insurance! Not to mention its impossible to pass these costs on as customers don't really want to pay more than £15 delivery MAX when they're used to getting high value items delivered for free these days.

I'd looked at "goods in transit" the issue is, if you Google it, its mainly insurance for the actual courier or a haulage company. If you look at the cheap goods in transit you can add to business insurance it usually states only in vehicles under control or leased by the company (eg not third party couriers)

We've got some quotes in now, it appears to mainly be covered under Marine Cargo Insurance (though you'd think something like a senders policy would be commonplace) and you just state domestic and road only. The issue is we're sending computers, despite them being in Apple's very very sturdy original packing materials which get sent around the world problem free, they're considered high risk already, then add the fact they are expensive too. The best we've had so far is from Catlin and they quoted either £400 for the year, but the excess was £500 per claim which, when you consider a cheap system is only £800 is a little steep, but the top systems could be £7500 so of course as with any insurance there is a cost to risk ratio to weigh up. To reduce to a £250 excess the price nearly doubles to £750 a year.

I'd really prefer £300-£400 a year with a much lower excess really, but I think only a handful of underwriters cover such a service, some are quoting for us as something in general, but if you do a marine cargo search for just domestic road via third party couriers they choices are pretty low - however Jamie if you think you could find something that might cover us for our specifics at a better price than there, you're welcome to drop me a PM and we can chat!

 

[Bluebayremovals]

Good Morning Op,

That sounds expensive from the courier company, I assume you have a insurance policy for your own business? will they not add goods in transit to your current policy & to be noted that its in transit with a third party?

Your best bet would be to include in your current insurance but there are stand alone goods in transit policys that would work out more cost effective than the courier.

If you need some prices then let me know, would be more than happy to take a look

Jamie

Hiya how much is GIT insurance with £10k cover for a removal company and also public liability all sole trader? Cheers

 

[DontAsk]

Hiya how much is GIT insurance with £10k cover for a removal company and also public liability all sole trader? Cheers

http://bfy.tw/DVUJ

 

[Bluebayremovals]

Lol yep done that, hence why I am asking for a quote