Shipping insurance for the logistics industry
Whether it be a shipping vehicle accident, theft, fire, wrong delivery, damage, late delivery or even piracy, customs seizure, strike, terror or war: The shipment of goods entails numerous risks.
Problems multiply when there is an accident but most especially the question arises: Who informs the customer that shipment of the goods will be delayed or even has to be cancelled altogether and who will compensate the damage incurred?
If a shipment is carried out by a commercial transport agent, for instance a hauler or freight forwarder, then not all hazards are covered by its statutory liability or the mandatory legal insurance may not in every case be for an adequate amount. In the event of an unavoidable occurrence, for instance, there is no liability. Likewise, statutory minimum liability rates are usually inadequate with more valuable goods. It is the client who therefore bears the risk, fully or partially.
The sender is therefore advised to take out carriage of goods insurance (goods in transit insurance). In that way goods and delivery chains can be effectively secured, damages can be adjusted quickly and without complications and customer relationships are not impaired. Therefore, carriage of goods insurance is frequently an existential security measure.
But even for the hauler or freight forwarder it is, alongside of statutory requirements, advisable, particularly in case of long-term business relations, to actively recommend to the sender to take out such goods in transit insurance. In that way, not only goods from clients but even business relations can be effectively secured.
What are typical examples of damages in shipping insurance?
- Loss of or damage to goods
- Unsafe or wrong deliveries
- Theft or robbery
- Missed delivery deadlines and other financial damages
- War or strikes
What solutions does the SCHUNCK GROUP offer?
The SCHUNCK GROUP produces both for senders as well as for transport carriers individual insurance solutions tailored to the particular risk requirements.
Your advantages with SCHUNCK goods in transit insurance
- Door-to-door coverage in connection with all-hazard cover
- Damage compensation up to the effective value of the goods
- Insurance protection for problematical goods as well such as medicine and foodstuffs
- Active risk management in cooperation with the client for damage prevention and limitation
- Excellent price / value ratio
- Low-cost terms and individual terms
- Consequential damage to goods and pure financial damages
- Political hazards like war, strikes or terror
- General insured costs and expenses, extra costs for transloading
- Return shipping, rescue and repair costs as well as clean-up costs
- Extraordinary extra costs, for example for work on Sundays
- General average margins
SCHUNCK IT Tools
As a service for goods in transit insurance, the SCHUNCK GROUP provides on its customer Portal, MySCHUNCK, innovative IT tools and services. Learn more here.