For companies that deal with global supply chains, the risk of damage to products while in transit can be high. Goods may need to travel far distances by multiple modes of transportation in order to reach their destination. This can require a lot of handling as the product moves along the supply chain. The more that a product is moved around, the more risk there is that damage will occur. Goods in transit insurance can protect the buyer from product loss and damage.
There are several types of insurance available, depending on how the product is traveling and what it is. For unique products that are oversized and perhaps complex shipments, traditional insurance may not be available. Experienced underwriters are knowledgeable in the different risks associated with these shipments and can help make sure those risks are covered. When a product is traveling by train, boat or airplane, it should be covered not only for damage, but also for theft, over turn and non-delivery. Goods in transit insurance can cover these things.
There are also situations in which the goods may be temporarily stored in a warehouse. Insurance is available to warehouse operators to protect these products while they are stored in their care as they move along the supply chain.
As products move along the supply chain, there is always a risk. Proper insurance can reduce that risk and potential financial loss.