GlobalData urges insurers to review goods in transit policies

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GlobalData urges insurers to review goods in transit policies

By staff reporter 2021-02-03

An absence of goods in transit insurance cover for perishable goods is putting the reputation of insurers at risk, according to analysts at GlobalData.

Hold-ups at the border resulting from COVID-related protocols and precautions, as well as temporary delays as a result of new EU-UK documentation checks raise the risk of damage of goods in transit due to stock deterioration.

GlobalData is concerned that such cover is currently only related to vehicle accidents and covers the breakdown of refrigeration equipment; and that most policies will not cover general loss, damage, or expenses caused by delays.

Data analyst Jazmin Chong said insurers’ reputations could suffer as claims related to damaged goods from border delays are rejected. “Considering the current economic struggles related to the pandemic, insurers should use this opportunity to build trust in the industry,” she suggested.

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