Inscorp Insurance Brokers

Is the load insured, or is your liability insured?

In transport insurance, Goods in Transit and Carrier’s Liability are often confused, but they do not always respond in the same way.

Goods in Transit generally deals with cover for the goods being transported, subject to the policy wording, limits, conditions and the contract between the parties.

Carrier’s Liability deals with the transporter’s legal liability for loss or damage to goods belonging to someone else. This is where Standard Trading Conditions often become important, as they may help define and limit liability.

Before a load moves, it is important to check:

What the contract says about responsibility for the goods
Whether Standard Trading Conditions apply
Whether liability has been accepted beyond the policy cover
Whether the load limit is sufficient
Whether another transporter or subcontractor is involved
Whether Contingent Liability should be considered

Inscorp Insurance Brokers assists South African transport and logistics businesses with practical guidance around Goods in Transit, Carrier’s Liability, Standard Trading Conditions and Contingent Liability.

Inscorp is an authorised FSP: 43796

Contact us for professional assistance.

www.inscorp.co.za
012 661 3007
[email protected]

Transport Insurance and Subcontracting

When a load is subcontracted, it is important to understand how the insurance policy and transport agreement work together.

Some Goods in Transit or transport-related policies may allow subcontracting, but only once. If that subcontractor appoints another transporter again, the original cover may no longer respond.

Before a load moves, transport businesses should check:

Whether subcontracting is allowed
Whether the first subcontractor is allowed to appoint another transporter
Who is responsible for the goods
Whether the load limit is sufficient
Whether the contract creates open-ended liability
Whether Contingent Liability cover should be considered

A signed contract is important, but the wording matters.

The insurance should match the way the transport operation actually works.

Inscorp Insurance Brokers assists transport and logistics businesses to review these risks before a claim happens.

Inscorp is an authorised FSP: 43796

Contact us for professional assistance.

www.inscorp.co.za
012 661 3007
[email protected]

Is Your Business Hiding Inside Your Personal Insurance?

Many small businesses start from home, at the dining room table, in a spare room, from the garage, or with a personal vehicle being used for business errands.

As the business grows, the insurance risk can change.

Business stock, tools, laptops, equipment, client items, deliveries, or regular business use of a vehicle may not always be treated the same as normal personal use.

A home contents policy may also need to be reviewed if stock is stored at home, clients visit the premises, or part of the home is used for income-generating activities.

This does not mean every small business owner needs a complicated commercial policy. In some cases, a combined personal and business insurance solution may be worth considering. In other cases, separate personal and commercial policies may still be more suitable.

The important part is to review the risk properly and not assume that personal insurance automatically covers business activities.

At Inscorp Insurance Brokers, we help small business owners understand where personal and business risks may overlap.

Inscorp is an authorised FSP: 43796

Contact us for professional assistance.

www.inscorp.co.za
012 661 3007
[email protected]