Shipping goods, both internationally and domestically, inherently comes with certain risks of damage or loss to cargo. While some damages may be covered up to a certain extent by carrier liability, there are many times when carrier liability limits fall short. As a means to protect our clients’ financial interests against such perils, Expeditors offers all-risk cargo insurance. But what if you don’t want to go through the process of setting up an annual cargo insurance policy, or you aren’t sure if you will need insurance for all your shipments? For those situations, Expeditors offers all-risk cargo insurance on a shipment-by-shipment (i.e. transactional) basis. Below are some additional benefits of Expeditors’ transactional cargo insurance:
1. Ease
For most commodities*, it is as simple as requesting insurance at the time of the shipment. With an estimated value of the goods, Expeditors can provide insurance on the spot, and your shipment will be covered up to that value and the freight costs, plus 10%! To streamline the process even further, we can automatically add insurance to any future shipments to ensure you are covered.2. Simplified Pricing
One conversation is all it takes. With a standardized rating structure, you can know what the insurance costs will be, ahead of time, based on the value of your shipment and the mode of transit.* There is no deductible to worry about, so small to medium-sized shipments can be insured from the first dollar, negating a potentially large corporate insurance deductible. Additionally, unlike most annual policies, transactional insurance does not carry an annual minimum premium. For smaller shippers, this means you do not have to be concerned with meeting a minimum requirement.
3. Peace of Mind
If your specific organization is not already insured through an Expeditors annual policy, transactional insurance is the only way to know if your shipment is truly covered against damages or loss. Certain other policies may have coverage gaps, or it may be unclear if a subsidiary or related company is covered under an umbrella policy.With all the uncertainties of global and domestic logistics, one thing is paramount – protecting your goods in transit. While there are many ways to accomplish this, the key is to find what works best for you and your organization. With a team of risk management & insurance experts around the globe, Expeditors can help you make the best decision when it comes to protecting your cargo. Reach out to us today to see if transactional cargo insurance is right for you.
*Certain commodities and geographies are subject to Special Risk Approval & Rating