INSURANCE giant Alliance Insurance has called for greater uptake of Goods-in-Transit (GIT) and Marine Cargo Insurance, saying proactive risk management is essential for safeguarding valuable cargo and ensuring peace of mind whenever goods are on the move.
Alliance’s GIT and Marine Cargo Insurance products protect goods while they are being transported. GIT insurance covers goods transported by road or rail, while Marine Cargo Insurance protects goods moved by sea, air, or across borders, from the point of departure to the final destination.
In an interview with the Lesotho Times, Alliance Insurance Manager for Public Relations and Corporate Communications, Limakatso Mokobocho, said businesses and individuals move goods daily, both locally and internationally, and face risks that could result in substantial financial losses if their cargo is uninsured.
“Whether goods are being transported within Lesotho or across international borders, they face a variety of risks that can result in significant financial losses,” Mokobocho said.
“Without this cover, any loss, damage or theft during transport can result in a major financial setback.”
She said cargo can be exposed to risks such as theft, hijacking, road accidents, fire, explosions, damage during loading or offloading, and loss while in transit.
According to Alliance Insurance, these products are not reserved for large corporations alone. Small and medium-sized enterprises (SMEs), retailers, wholesalers, manufacturers, transport operators, importers, exporters, and individuals transporting valuable items can all benefit from the cover.
“This cover is for anyone transporting goods, whether small businesses, large companies or individuals. It is not limited to big corporations,” Mokobocho said.
Addressing concerns about cross-border trade, Mokobocho confirmed that, depending on the policy selected, cover can extend beyond Lesotho’s borders to regional and international destinations.
“Some policies cover only local trips, while others include regional or international transport,” she explained.
Although this type of insurance is not compulsory in Lesotho, Alliance strongly recommends it as protection against financial loss.
Mokobocho also noted that many people mistakenly assume a transporter’s insurance automatically protects their goods. However, she explained that such insurance often covers only the transporter’s liability and may not compensate for the full value of the cargo.
“As a result, cargo owners can still suffer significant financial losses if they do not have their own GIT or Marine Cargo Insurance,” she said.
Customers can choose from a range of policy options depending on their needs.
“Those transporting goods only once can choose a single-transit policy, while businesses that move goods regularly can opt for annual or open-cover policies that provide ongoing protection throughout the year,” Mokobocho said.
Responding to concerns about affordability, she explained that premiums are calculated based on several factors, including the nature and value of the goods, the mode of transport, distance travelled, destination, and claims history.
In the event of loss or damage, customers are advised to secure the goods, prevent further damage, report the incident to the relevant authorities and insurer, and submit all necessary supporting documentation to facilitate the claims process.
Mokobocho added that interested customers can easily obtain a quotation or sign up for cover by contacting an insurance broker, visiting any Alliance branch, using the company’s website, or calling the customer contact centre.
