Definition of "Trip transit insurance"

Coverage on a single shipment of property while in temporary storage or in transit. This policy is most commonly used in moving of household goods, which are covered from the time they are picked up, put in temporary storage, shipped to another location and put in temporary storage, and then delivered to the insured's new address. Protection is on an all risks basis subject to exclusions such as war, wear and tear, and nuclear disaster.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Conversion of form of ownership from a mutual insurance company to a stock insurance company. Interest in demutualization of life insurance companies surged in the early 1980s among many ...

Trust in which the trustee distributes capital and income to the beneficiaries of the trust according to their economic needs. ...

Procedure for accumulating, conserving, and distributing personal wealth. In essence, estate planning focuses on enhancement of the value of an estate and its conservation. At the death of ...

Factor applied in retrospective rating in order to increase the basic premium to cover state premium taxes for liability and workers compensation insurance. For example, if a state premium ...

Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these ...

actual fire losses divided by the total value of the property exposed to the peril of fire; actual losses resulting from fire divided by the total fire amount of in-force business. ...

Situation in which several liability insurance policies are in force to cover the same risk, thereby resulting in higher limits of coverage than is required to adequately insure the risk. ...

Buy or sell order for security that expires at the end of the trading date on which it was entered if not executed. ...

Insurance coverage purchased on the same item from two or more insurance companies. ...

Popular Insurance Questions