GIT Insurance in Nigeria - Minimizing Your Risks & Damages for Revenue Growth
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GIT Insurance in Nigeria - Minimizing Your Risks & Damages for Revenue Growth

GIT insurance in Nigeria is required to protect your goods optimally, from departure to arrival at the final destination, especially if your businesses largely depend on routinely moving goods and facilities across major cities in Nigeria.

As a Transport Owner or Operator in Nigeria, GIT insurance is your life jacket in the event of damaged or lost freight being transported. Your profitability and growth rate will depend on how much cover against theft, loss or accidents whilst in transit you are able to secure. 

Why Get GIT Insurance in Nigeria?

The transportation of goods from manufacturers to distributors and finally to consumers is an important factor in commerce, buying, and selling today. However, there are also risks involved like theft, delivery delay, and accident of the delivery vehicle in this supply network.

These risks, though unforeseen, can disturb the smooth transit of your goods and result in significant financial losses for businesses. In response to these challenges, Goods in Transit (GIT) insurance is usually taken as a protective measure in the Nigerian market.

Let's discuss what Goods in transit insurance is, the types of goods covered by GIT in Nigeria, top GIT insurance solutions in Nigeria, and how to identify a good GIT insurance policy.

GIT Insurance in Nigeria - Minimizing Your Risks  &  Damages for Revenue Growth

What Is Goods in Transit (GIT) Insurance?

GIT insurance is a type of insurance coverage that protects a seller's goods while they are being transported from the seller to the buyer either through road, sea, air, or railways. As a seller or business owner, you must be careful when transporting goods, especially considering the state of Nigerian roads. GIT insurance is helpful and important. 

In the event of loss or damage to the insured goods during transit, you, the policyholder, can file a claim with the insurance provider to recover the financial losses incurred. The insurance company will evaluate the claim and provide compensation based on the terms and conditions of the policy.

Top GIT solution companies in Nigeria

AXA Mansard offers tailored GIT insurance solutions that protect goods wholly, from departure to arrival at the end-destination. It covers you against the risk associated with carrying goods from one destination to another within Nigeria. 

GIT Insurance in Nigeria - Minimizing Your Risks  & Damages for Revenue Growth

With Curacel’s advanced technology, AXA Mansard, a frontrunner in African insurance services, surmounts tariff management challenges to standardize its operations, enhancing efficiency and customer service.

How AXA Mansard Unleashed Technological Prowess with Curacel

AXA Mansard, serving over 250,000 customers across Africa, found tariff management to be a significant impediment. Standardizing tariff formats across hundreds of providers was an arduous task that hindered automation and efficient claims processing.

AXA Mansard leveraged Curacel's AI-powered insurance infrastructure to achieve a higher degree of automation in claims collection, adjudication, reconciliation, and payments, ushering in a new era of operational efficiency for AXA Mansard. Read more on How AXA Mansard fully standardized their tariffs with Curacel. 

Other top GIT insurance providers in Nigeria include: 

  • AIICO Insurance
  • Leadway Assurance
  • Cornerstone Insurance
  • Goldlink Insurance

How to identify a good GIT insurance policy in Nigeria

  1. Ensure that the insurance policy protects a wide range of risks that are prone in your business and mode(s) of transportation.
  2. Check for how well the policy values your insured goods (their costs, freight charges, and any associated expenses). 
  3. Ensure that the insurance policy has no rules or limits that could affect your coverage when you're shipping goods to certain places.
  4. Check if the insurance provider has a straightforward and efficient claims process. You can look for reviews and feedback from other policyholders to assess their satisfaction with the insurance company.
  5. Also, you can verify that the insurance company has a strong track record and is financially capable of fulfilling its obligations in case of a claim.

How to maximize profit with embedded GIT insurance in Nigeria

Of course, any business move or plan must be optimized to improve sales and profits while reducing risks to the very minimum. The same can be said whenever you apply for any GIT insurance coverage. 

There are specific steps you can take to maximize profits with them.

  1. Compare insurance plans from different providers to ensure you get the best coverage plan at a competitive price. 
  2. Ensure that your products are properly packaged and handled to reduce the risk of damage. This includes using appropriate packaging materials, labeling fragile items, and providing clear instructions for handling. By minimizing damage incidents, you can avoid insurance claims and potential profit losses.
  3. Plan your transportation routes to minimize time, fuel costs, and exposure to potential risks like thefts or accidents.
  4. Regularly review your GIT insurance policy to ensure it aligns with your evolving business needs and changing risks. You can stay updated on its policies, terms, and conditions. This way, you can avoid being caught by surprise in the event of a claim.
  5. Keep detailed documentation of your goods in transit, including invoices, bills of lading, shipping documents, and insurance policies. By doing this, you will be guaranteed a smooth claims processing and ensure you receive proper compensation for a covered loss.

Goods in Transit (GIT) insurance in Nigeria is important for safeguarding businesses transporting goods and products. It protects against several risks encountered while transporting goods. Be it theft, damage, accidents, or natural disasters. 

It is also an excellent way to promote trust between your partners and shareholders since they know their money is secured. Furthermore, during the claim process, depending on your insurance company, you can cover the loss by repair, payment, reinstatement, or replacement.

Contact our team today, let’s help you explore growth opportunities in GIT insurance in Nigeria with our AI-powered insurance management and distribution infrastructure . Get started now.

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