Declare complete consignment details when insuring your goods in transit

Last Updated: Jan 03, 2022 | 223 Views

New job in a new city – excited but all tired up packing and moving your goods. Your new company would compensate you for the costs involved in the movement also. But make sure that you insure your goods while it is in transit.

And while insuring your goods, make sure that you have listed down each and every package in the consignment and have assigned a value to the same. Do not take chances thinking that nothing would happen in the transit. Have a sheet of paper which lists down the goods in each box and the value associated with it – don’t forget to mention anything.

Just recently, an insurance company won a case against an Oil Mill which was moving oil tins from one city to another and had insured the same. The goods got damaged in transit and the company raised a claim. But the insurance company rejected the claim as there were a lot more tins in the consignment than what had been accounted for during the insurance process. As a result United India rejected the claim. The case went up to the Supreme Court and the court ruled in favour of the insurance company as facts were not mentioned properly.

This holds true for us individuals also. It could be a motorcycle, a fridge or even a small table. Mention everything in the insurance document so that there is no confusion if the goods get damaged or gets stolen. The transporter would not  be able to help you much in case the goods are not adequately insured.

Deepak Yohannan
Deepak Yohannan is the CEO of MyInsuranceClub. He enjoys writing on Personal Finance and contributes regularly on sites like Reuters & Moneycontrol. He is a strong proponent of online insurance and is often found pointlessly babbling about it!