Do I need Inland Transit Insurance?
Any inland deliveries by company of any size would benefit from having an Inland Transit Insurance to protect their cargo whilst on delivery to customer. Any loss of goods when damaged, destroyed or stolen will result in non-delivery of goods, potentially leading to contract frustration, financial lost due to delays or even legal suits for non-performance of contract. Legal liabilities are formed immediately when a sales purchase agreement is forged between buyers and sellers. Take for example In a Sales and purchase contract for fertilizers, the seller has entered into an agreement to either deliver the goods from its farms to the customer’s factory (domestic) or to the port of loading (exports). The seller assumes the liabilities of the goods whilst in transit from farm to factory: Vice versa, the buyer will arrange for its own Inland Transit insurance policy to cover the logistic leg from port to factory, on assumption that the buyer only arrange for marine cargo insurance until the port of destination (CIF).