Who holds it
The transport operator normally carries GIT cover. It is separate from the vehicle's own insurance, which covers the truck rather than the cargo on it.
Why the declared value matters
Cover is limited to a stated value per load. If your cargo is worth more than the limit on the vehicle carrying it, the shortfall is yours. This is why the value should be declared honestly at quotation stage rather than after an incident.
What is commonly excluded
Policies vary, but exclusions frequently include inherent product defects, poor packaging by the consignor, certain high-risk commodities and losses arising from the customer's own loading. Ask what applies to your cargo.
What to confirm before dispatch
Confirm that cover is in place, what the per-load limit is, whether your commodity is covered, and what the claims process and timeframe look like. Get it in writing before the load moves, not after.