Shippers Interest Insurance

What is Shippers Interest Insurance?

Shippers interest is insurance coverage that provides greater protection to shippers. It doesn’t require the establishment or acceptance of liability by the carrier. Shippers interest insurance is first party coverage that insures a product’s full value when physical loss or damage occurs in transit. The coverage under a typical shippers interest policy is significantly broader than the liability imposed on a motor carrier. 

Benefits of Shippers interest Insurance:

• Insulate your business from risk 

• Protect against the Act of God common law exception 

• Policy covers value of product plus freight, when properly declared 

• Get more convenient claim resolutions

Timeline: CLAIMS ARE USUALLY PAID OUT IN 30–45 DAYS 

Policy Details:

Coverage Levels

• UP TO $100,000 on general commodities 

• UP TO $50,000 on household goods & personal effects 

• UP TO $25,000 for cellphones, laptops, tablets, memory cards or sticks 

• UP TO $25,000 for electronic components on assembled racks 

Valuation:

• Amount of invoice

• Fair market or actual cash value, if no invoice

• Fair market or actual cash value, if no invoice

Important Reminders

• Minimum deductible is $500 

• SUITABLE PACKAGING is required 

• WEAR & TEAR on used items will not be covered 

• Concealed claims require TIMELY REPORTING 

EXCLUDED COMMODITIES/SHIPMENTS:

• Mexico and Ocean Shipments

• Fresh or frozen foods

• Pharmaceuticals

• Live animals

• Cigarettes/tobacco

• Flowers and plants

• Fine arts

• Cotton

• Eggs

• Cash in transit

• Securities

• Bulk products

• Jewelry

• Precious stones and metals