Goods in Transit Insurance in Nigeria 2026: Protect Your Goods Every Step of the Journey

Every day, thousands of trucks, vans, and containers move goods across Nigeria — from Lagos to Kano, Port Harcourt to Abuja.

But accidents, theft, or fire can strike at any point, and one major loss could cripple your business.

That’s where Goods in Transit Insurance comes in.

This powerful insurance policy ensures your cargo, merchandise, or business assets are financially protected while being transported — whether by road, rail, air, or sea.

In this article, you’ll learn how it works, what it covers, and why it’s one of the smartest business protections in Nigeria today.

What Is Goods in Transit Insurance?

Goods-in-Transit Insurance (GIT) is a policy that covers loss or damage to goods while being moved from one location to another — within Nigeria or across borders.

It provides financial compensation when goods are stolen, damaged, or destroyed in transit due to accidents, fire, collision, hijacking, or other insured risks.

In simple terms:

Once your goods are on the move, this insurance makes sure your business doesn’t stop even if your truck does.

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Why Goods in Transit Insurance Is Important in Nigeria

Nigeria’s logistics network faces constant risks:

• Poor road conditions
• Accidents and vehicle breakdowns
• Robbery and cargo theft
• Fire or explosion
• Rain and flood damage

For businesses, even one incident could result in millions of naira lost and broken supply chains.

With a GIT policy, you can:
— Recover the value of lost or damaged goods
— Maintain customer trust and business continuity
— Reduce financial shock after accidents
— Qualify for contracts that require insurance coverage

It’s especially vital for distributors, e-commerce businesses, manufacturers, and logistics firms.

Who Needs Goods in Transit Insurance?

Basically, anyone who moves goods for business needs this coverage.

How Goods-in-Transit Insurance Works

The process is simple and flexible:

• Proposal: You declare the nature, value, and route of the goods.
• Policy Agreement: The insurer assesses the risk and issues a certificate.
• Premium Payment: You pay a percentage of the goods’ value — often 0.5%–2%.
• Coverage Begins: Goods are covered from pickup to delivery.
• Claim: If loss or damage occurs, you file a claim and get compensated.

What Goods in Transit Insurance Covers

✅ Damage or loss from road accidents
✅ Fire or explosion
✅ Theft or hijack
✅ Flood, rain, or natural disaster
✅ Loading/unloading accidents
✅ Damage due to collision or overturning
✅ Armed robbery (if included in the policy)

What It Does NOT Cover

❌ Delay or spoilage due to late delivery
❌ Normal wear and tear
❌ Goods not declared in the policy
❌ Unsecured or improperly packed goods
❌ War or terrorism (unless added as extension)

Types of Goods-in-Transit Insurance Policies

There are two main types:

1. Single Transit Policy
Covers one specific trip or delivery.
Ideal for: One-time shipments or short-term contracts.

2. Annual or Open Policy
Covers multiple trips within a year for regular transporters.
Ideal for: Logistics companies, manufacturers, and importers with frequent deliveries.

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Documents Needed to Buy or Claim Goods-in-Transit Insurance

— Invoice or delivery note
— Waybill or transport document
— Vehicle registration and driver details
— Marine certificate (for import goods)
— Claim form and evidence of loss

Cost of Goods in Transit Insurance in Nigeria (2026)

Cargo Type, Premium Range, Example Value
—General Merchandise 0.5% – 1% ₦500,000 goods = ₦2,500–₦5,000 premium
—Fragile Goods 1% – 2% ₦1M goods = ₦10,000–₦20,000 premium
—Industrial Equipment 0.8% – 1.5% ₦10M goods = ₦80,000–₦150,000 premium

Cost depends on the type of goods, distance, and risk exposure.

Benefits of Goods in Transit Insurance

✅ Safeguards your business against transport risks
✅ Ensures smooth logistics and delivery operations
✅ Reduces financial loss and business downtime
✅ Builds customer and supplier confidence
✅ Mandatory for some logistics or government contracts
Legal Framework

Goods-in-Transit Insurance is backed by the Insurance Act 2003 and regulated by the National Insurance Commission (NAICOM).

It’s also recognized under marine and transport laws as a core business risk management tool.

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Practical Example
Imagine a distributor sending ₦10 million worth of goods from Lagos to Abuja. The truck overturns due to a road accident, damaging all items.

Without insurance — total loss.
With Goods-in-Transit Insurance — the insurer pays compensation for the goods, helping the business recover instantly.

How to Buy Genuine GIT Insurance in Nigeria

• Buy only from NAICOM-licensed insurers
• Verify your certificate on the NIID portal
• Ensure all goods are accurately valued and declared
• Read the policy terms before signing

Conclusion

Whether you run a logistics company, an e-commerce brand, or a manufacturing business, your goods face real risks on Nigerian roads.

Goods-in-Transit Insurance is your financial shield — protecting you from loss, damage, or theft every step of the journey.

In business, prevention is cheaper than recovery.

So before your next delivery goes out, make sure it’s insured.