Sidestepping the Hidden Costs of Insurance Claims
August 29, 2017
Cargo insurance claims are, unfortunately, a normal part of business. No matter how efficient an operation you’re running, human error, accidents, even theft mean risks and claims can never be fully eliminated. Many insurance policies leave brokers wondering how much will be paid out in the event of a claim, and how much it will ultimately cost them when they factor in the loss of revenue-generating resources it takes to reconcile a claim.
According to UPS, there’s an estimated $50 billion dollars lost annually due to cargo loss.
While there are a slew of per-load cargo insurance policies available in the LTL market, coverage is differentiated after a loss, during the claims resolution. Managing cargo claims can be challenging, time-consuming, and costly, both administratively and in terms of successful claims ratios.
Cargo claims can adversely impact productivity and profitability but, perhaps most costly of all, they can damage the relationship with the client. Professional and successful claims management is vital to the health of your organization.
It was with this issue in mind that we created CargoShield LTL. A $12 per-load, “All-Risk” policy that takes the worry and guesswork out of the equation, CargoShield LTL allows brokers to know exactly how much will be paid in the event of the claim. Rather than some murky released value or formula based on freight class, CargoShield LTL relies on the invoice value of the goods, as stated on the BOL, up to $50k.
CargoShield LTL also removes the burden and anxiety of claims processing and management, along with all the resources, skills, and training that go with them. In the event of a claim, the dedicated, professional claims team at CargoShield LTL works with the goal of getting your claim paid in 30 days or less, leaving you to focus on revenue-generating activities.
Not only does CargoShield LTL help you reduce the hidden hassle and costs of cargo insurance claims, the upfront cost is equally as impressive. At just $12 per load, you have the peace-of-mind that comes with knowing your load is covered in the event of theft, Acts of God, unattended vehicle, and more.
Cargo insurance claims may be a normal part of business. But, with the right coverage, your new normal doesn’t have to be costly, time-consuming, or a hassle.
Protect your operations from the unexpected (along with and hidden costs arising with cargo insurance claims). Visit us today at CargoShield.com.