THE TRANSPORT and logistics business is a highly specialised and challenging industry, demanding unique insurance cover that addresses every aspect of freight and transport risk. MiWay cover is designed to give peace of mind to both short and long haul transport operators across multiple risk areas.
Mornè Stoltz, MiWay Head of Business Insurance, explains that MiWay offers standard and perils based cover, but always recommends full comprehensive cover to ensure all possible risks are covered. He notes that it is essential to cover the transport company’s assets, loss or damage to third parties’ goods, and have sufficient liability limits. “Many vehicles spend a large part of the day travelling, increasing the risk of an incident happening. By keeping to dedicated routes on a fixed timetable, it makes vehicles prime targets. Vehicle claims are the most frequent, while Goods in Transit claims can be the most expensive. Often vehicles are found abandoned following a theft or hijacking with the items the vehicle was carrying having been stolen. Our Business Vehicle product is supported by a Goods in Transit policy to address these risks,” he says.
Stoltz notes that Liability insurance should not be overlooked either. “This covers the insured for injuries and/or loss to third parties where the insured can be held legally liable in the case of negligence.”
“Areas that should also be included in transport specific insurance range from roadside assistance appropriate to the size of the truck covered, through to recovery. At MiWay, we offer optional cover for neighbouring countries and extended territories into Africa. It is important to note what territorial limitations are on your insurance policy. There may be limitations on the type of cover you have and in some instances there may be no cover for roadside assistance or the repatriation of a vehicle following an incident,” he says.
Stoltz points out that not all transport policies are the same: “It is essential to note the terms and conditions of the policy along with the excess that is payable. If you shop around for the cheapest premium without understanding the cover you purchase, you may find at claims stage that you are not insured properly. This is tantamount to throwing money away, and in these economic times, you have to ensure that you are purchasing a quality product that protects you in the correct manner.”
He adds that flat excesses allow business owners to budget accordingly if they need to claim, while percentage excesses may lead to expensive deductibles on claims, which should be avoided.
“Scientific rating and a broad spectrum of benefits and features ensure that we offer what our clients need. We make our products as easy as possible to understand with a policy wording that is not meant to confuse the reader. We also include many benefits while offering a large range of optional covers, truly allowing clients to create an insurance product that is designed specifically for their needs,” concludes Stoltz.
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