Diamonds & Bags of Cake Mix
Assurance on Insurance
Whether it is health insurance, car insurance or freight insurance – it can often feel like policies are written for someone who has a spare 10 hours in their day to read through a 150 paged “policy”. While we may not be able to assist with your health or car insurance, we can help with your freight insurance needs. In our industry, it’s often something people are worried about after their shipments are damaged or lost, however, being proactive about it now – will save you time, money and a whole of lot of aggravation down the road. What do you need to know? Keep reading….
Don’t all carriers have insurance? Why do I need my own coverage?
All carriers are required by law to have insurance. They have what is called limited liability coverage. This is not something that should be relied on as it will almost never cover your financial interests. Truck carriers, for example only compensate $0.50/lb based on the weight/loss of the damage. If you shipped a 100 lb. box that was worth 75k you would only get 50.00 USD back! Plus – you have to prove that there was negligence while the goods were in possession of the carrier.
Packaging and labeling is important!
Insurance policies will not cover damage due to improper packaging and labeling of the shipment. Both airfreight and ocean freight shipments (and sometimes domestic moves) are handled by a variety of carriers and need to be packaged and labeled to withstand the handling and the rigors of domestic and international shipping. Always make sure your cargo is packed securely and that all markings are clearly visible and secured on the outer packaging.
How does the claim process work if I have a damaged shipment?
Take the time to count!! It will count at one time or another!! The claims process relies heavily on documentation. In order for the insurance company to assess liability, documentation must be completed accurately. Notating that there is damage and physically counting the number of pieces to confirm you have received what the documentation states could be the difference between an accepted or a denied claim. Never assume that the goods you receive are accounted for and free of damage. Take the time to inspect the cargo – it is crucial.
Does Trans-Border offer coverage?
Of course! Trans-Border’s policy has been specifically developed for domestic and international trade. Our policy differs greatly from other policies in that ours is specific to shipping. This therefore provides us with the leverage needed to insure goods to every corner of the world under various insuring conditions, while offering extremely competitive rates!
Our insurance business has developed rapidly over the years because we are able to offer world-class coverage that other insurance company’s cannot offer. Whether you want to insure a container full of diamonds to Nigeria, or bags of cake mix to Australia, we are confident that we can provide tailored solutions to meet your shipping needs!
Have any additional questions? Feel free to contact:
Yateen Patel, Export Compliance Manager, firstname.lastname@example.org (mailto:email@example.com?subject=Insurance&body=Hello%20Yateen%2C)
or by calling 800-493-9444