Worried about shipping an expensive product? We understand.
That’s why we offer shippers interest insurance—an optional insurance policy that protects your shipment from loss or damage during transit.Simply add it to your order when you book online, and we'll take care of the rest.
Let's dive deeper into shippers insurance and understand why it’s one of the best ways to mitigate the risks of physical loss or damage to your high value freight.
What is shippers interest insurance?
Shippers interest insurance, also sometimes known as cargo insurance, is an optional insurance policy that protects you when a package is lost or damaged during shipment.
Since shippers insurance is optional, not all freight service providers offer this policy to customers. Freightquote is unique because our quoting tool automatically calculates premiums and conditions based on the product value entered. So, it’s quick and easy to get the peace of mind when shipping valuable freight.
Carrier liability vs shippers insurance
Carriers have a legal obligation to refund a customer for loss or damage to their goods during transportation. Unfortunately, carrier liability does not cover things like: concealed damage, weather, acts of God, or damage that results from improper packaging or loading. It is also possible that the amount paid on a carrier liability claim is limited to a per pound amount, which could be less than the declared amount of the product.
On the flip side, shippers insurance is meant to reduce the potential gaps in coverage and simplify the claims process for you. Additionally, it covers just about every type of damage for any reason.
Benefits of shippers interest insurance
Unlike our competitors, we have a simple booking platform that allows you to include your insurance at the time of booking—instead of having to navigate to a separate website. We know how valuable your time is and the importance of ensuring your shipments are moving safely and on schedule.
What your policy includes:
- Protection from risk of loss or damage
- Protection against the Act of God common law exception
- Full product value including freight costs, when properly declared
- Convenient and quick claims resolutions
- Fully documented claims are usually paid out in 30 to 45 days
- Without shippers interest insurance, claims can take up to 120 days to resolve
Is shippers insurance worth it?
Shippers interest insurance is especially recommended for freight that is considered high value or high risk.
Shippers insurance may not be right for everyone. To qualify for this type of policy, your freight charges must be between $500 and $100,000 USD. Additionally, coverage is based on the product’s value. The deductible is $500, unless otherwise specified.
How to add shippers interest insurance to your freight quote
- Step 1: Start a new quote.
- Step 2: Select a carrier to move your shipment.
- Step 3: Enter your product value – This should be your actual cost of goods.
- Step 4: Select, 'Yes, add to my shipment'.
Get shipping protection when you need it most
When you book your shipment and select your quote, you receive a resource guide with details on the coverage and how to file a claim in the event of loss or damage. You will also receive a copy of the complete policy with terms and conditions for fully transparent coverage.
As always, our experts are standing by if you need assistance during any step of this process.Book Your Shipment Today