If you choose the goods in transit insurance (within Australia) this policy is designed to cover a single transit movement of goods or merchandise (new and second hand) as well as the packaging where necessary for commercial purposes.
This policy includes the following cover:
- Generally for new goods, all risk cover and accidental physical loss or damage occurring during the course of the insured transit.
- For second hand items, factory seconds, food, Beveridge’s and perishables cover is provided if there is a defined event causing the loss including, fire, explosion, lightning or flood and theft occurring during the course of insured travel.
The amount we will pay out for a loss in generally determined as the lesser of
- The cost of repairing or reinstating the goods to a condition equal but no better or more extensive that its condition immediately prior to the loss or damage, or
- The cost of replacing the goods with similar items with the same age and condition or as near as possible to the age and condition, or
- The original purchase price of the goods.