Elemental Forums
Just had a caravan taken out by monsters. Obviously this does not support the text of the tooltip 
Even with the latest patch (1.32) the caravans are still not immune from attacks from any source. Both monsters and AI units can attack your caravans when you pick this trait.
I suspect it is the same problem that with stealth: the monsters are not attacking. They are just walking carelessly and step on your caravan! It seems that, even if the monster does not see you, if he walks randomly in the position of your unit it still starts a fight. It sucks, but I am not sure it has an easy solution 
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