Actual value
- Not capped per kilogram
- Regardless of who is liable
- Including freight and costs
Actual value · route · who insures
Goods in transit insurance
Goods in transit insurance pays the value of the cargo itself, regardless of whether anyone is liable for the loss.
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Deze pagina in het Nederlands: Goederentransportverzekering.
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- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Two different systems surround a consignment. The first is the carrier's liability: it asks whether he is at fault and then limits the compensation per kilogram. The second is goods in transit insurance: it insures the goods themselves and pays out the value, even where no liable party can be identified. Anyone who does not make that distinction assumes the carrier has dealt with it.
The second question is who takes out the policy. That follows from the moment at which the risk passes from seller to buyer, and that moment is set out in the terms of delivery or in the Incoterm chosen. If neither party arranges it, there is a gap exactly around the moment of transfer. Record for each contract who insures which part of the journey.
Finally there is the form. If you dispatch occasionally, a policy per consignment is enough. If you dispatch as a matter of course, an open policy based on the value carried each year is more usual. For specific cargoes there are separate arrangements, for example for refrigerated transport or machinery.
What does goods in transit insurance cover?
The structure of the cover in three parts, with an overview per situation below.
Liability
What a carrier bears at most.
- CMR: 8.33 SDR per kilo
- AVC: € 3.40 per kilo
- Rarely the actual value
Type of cover
From limited to all risks.
- All external perils
- Limited perils
- Storage in transit
What is covered
| Situation | Carriers' liability | Goods in transit |
|---|---|---|
| Damage from an accident, up to the weight limit | Yes | Yes |
| Damage above the weight limit | No | Yes |
| Theft of the cargo | Sometimes | Yes |
| Damage with no identifiable fault | No | Yes |
| Storage during the journey | No | Sometimes |
| Inherent defect or inadequate packaging | No | No |
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
All risks or named events
Extended cover insures all external perils, with a list of exclusions. Limited cover instead lists what is covered: fire, collision, overturning, going into water. Under limited cover, a pallet that falls over during the journey with no identifiable cause is not insured. Choose deliberately: the difference in price between the two forms is small compared with the difference in what is paid out.
The sum insured is the invoice value plus costs
Insuring at purchase value alone is too low: in a loss you are also out of pocket for the freight, the insurance premium and any duties. The usual basis is the invoice value plus freight and incidental costs, topped up by an uplift you agree with the insurer in advance. Article 7:960 of the Dutch Civil Code prevents you receiving more than your actual loss, so that uplift is meant to cover costs and not to make a profit.
Where the journey begins and where it ends
A goods policy runs from warehouse to warehouse: from the moment the consignment leaves the store until delivery at the agreed address. Interruptions are the weak point. If the cargo stands overnight in a transhipment warehouse or waits for a connecting journey, that storage has to have been declared. Undeclared interim storage beyond the period named in the conditions ends the cover silently.
The exclusions that appear on every policy
Inherent defect of the goods, insufficient or unsound packing, and normal wear and tear or loss of weight are excluded everywhere. The same applies to delay and the consequential loss from it, and to a fall in value through market movements. Intent and recklessness on the part of the policyholder fall outside the cover under Article 7:952 of the Dutch Civil Code . Those are not the exceptions of one insurer but the fixed core of every goods policy.
What does your premium depend on?
- Annual value transported — With an open policy the total value dispatched per year is the main basis.
- Nature of the goods — Fragility, perishability and attractiveness to thieves together determine the risk profile.
- Routes and destinations — Domestic carriage, European carriage and consignments outside Europe are assessed differently.
- Method of transport — Road, sea, rail, air or a combination of these lead to different patterns of loss.
- Type of cover and excess — The choice between extended and limited cover, and the level of the excess per consignment.
- Claims history — The number and size of previous claims over recent years count in the underwriting.
Insurers weigh these details differently. That is why comparing pays off.
How we arrange it
- You request a quoteWe take stock of your situation, your risk and your wishes.
- We compareseveral insurers, on premium as well as conditions.
- You receive a proposalWith an explanation of the differences and the exclusions.
- We arrange the switchIncluding cancellation, so there is no gap in cover.
9.5New policy
9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Frequently asked questions
The questions we are asked most often about this.
Who should take out this insurance, the buyer or the seller?
Whoever bears the risk at the moment the loss arises. That moment follows from the terms of delivery or the agreed Incoterm. On delivery ex works the risk passes to the buyer at loading; on delivery to the door it stays with the seller until delivery. Record the term chosen for each contract.
What is the difference from carriers' liability?
A liability policy only pays if the carrier is at fault, and then only up to a limit per kilogram. Goods in transit insurance pays the value of the cargo, even without an identifiable culprit. Both are useful, but they insure a different interest: one that of the carrier, the other that of the owner of the goods.
Is storage on the way included?
Only within the period stated in the conditions and only if the storage forms part of the normal route. If a consignment stands longer in a transhipment warehouse or waits for a connecting vessel, declare that in advance. Undeclared storage that exceeds the period ends the cover without your being told.
Do I have to declare every consignment separately?
That depends on the form of policy. Under a per-consignment policy you declare each journey; under an open policy you declare the value carried periodically, usually monthly or quarterly. That declaration is an obligation: declaring late or incompletely can affect the payment. Agree in advance which journeys fall within the open cover.
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About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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This page was written and checked by an adviser at Finass Verzekert. Last updated on .
The information on this page is general in nature and is not personal advice.