Good-In-Transit Insurance

This class of insurance is to provide indemnity against loss of or damage to the property insured (owned or for which the insured is legally responsible) caused by accident, theft, collision, overturning or fire to conveying vehicle(s).


There are two types of cover available namely:

  • All risks – This type provides a very wide cover as it includes all the risks mentioned above. Cover commences immediately the goods are being loaded on to the transit vehicle and lasts until the goods are unloaded at the final destination. The conveyance can be either by road or by rail, and the geographical limit is anywhere in Nigeria
  • Restricted cover – Cover here is restricted in the sense that the risk of theft is only covered following an accident, collision or over-turning of the conveying vehicle anywhere in Nigeria

Underwriting Considerations

The following points should be noted among others when considering the proposals for this class of business:

  • The nature of goods involved and whether owned or otherwise
  • The mode of conveyance
  • The distance to be covered
  • The type of vehicles to be used and whether owned or hired
  • The Contract or Hire Agreement
  • The estimated annual carrying
  • The limit of any one carrying
  • The previous insurance and claims history.
  • Whether individual or corporate organization and how long proposer has been in haulage business

A proposal form should be completed, as this will form the basis of contract.



  • All risks Cover – 0.55% – 1%
  • Restricted cover – 0.45% – 0.55%