The Courier Terminology Glossary - What Does it all really mean?

 

C

Contract Hire

Contract Hires are a long term lease agreement, typically three years, whereby you pay around 70% of the cash price of the van over the period that you are hiring it.  The van remains the ownership of the finance company.  At the end of the contract hire period there is no settlement to be made, you simply pass the keys back and walk away.  Contract hires are good for people not wanting to put down a large deposit. Normally the deposit is 3 monthly rentals in advance.  You are committed to the full contract period.  You claim your monthly payments against tax, and reclaim the VAT on the monthly rentals.

 

G

Goods in Transit Insurance or GIT

All couriers need goods in transit insurance, this ensure that customers belonging/parcels are insured whilst in your care & van. Always check that you courier has sufficient goods in transit to cover your delivery.  The GIT policy will be specific to the courier, so never take anything for granted.  Some policies won't cover glass or antique items, always check. Goods in Transit will normally be part of the Couriers and Delivery companies Motor Vehicle Insurance policy.