UPS Capital, a subsidiary of UPS® (NYSE:UPS), has announced it has expanded its transportation insurance solutions and capabilities in Germany and the United Kingdom. This expansion allows UPS Capital and its affiliates to offer a full suite of cargo insurance solutions tailored for all industries, including healthcare, luxury jewelry and high-value shipments.
“A recent UPS study in Germany and the UK showed the risk of goods being lost or damaged during transportation is the top concern of exporters,” said Jorge Navarro, vice president of UPS Capital Europe.
“UPS Capital heard the concerns of exporters and now offers more ways to reduce risk for companies with global supply chains.”
The insurance solution covers cargo on various modes of transport and carriers, and provides reimbursement up to the invoice value in the event of loss or damage to goods moving within the supply chain. The coverage also addresses the following:
• Concealed damage to goods when there is no visible evidence of damage to packaging
• Expediting expenses for rush orders and customs fees that may be required to replace lost or damaged goods
• General average losses
• Unique situations like trade shows, exhibitions and fairs
Truck, ship and air cargo are most vulnerable to disruptions while in the supply chain, with the three most likely causes of damage coming from environmental conditions — including condensation, water, fire and natural disasters — rough handling, and theft. In Europe, there were 598 reported cargo thefts in the second quarter of 2016, with an average value per cargo theft incident of €75,000.
“Shippers need to know their products can be protected across borders, carriers and multiple modes of transport,” Navarro said. “This new transportation insurance solution provides customers the peace of mind that comes from working with UPS and UPS Capital. If something happens to their shipments, they’ve reduced the risk of total economic loss.”
UPS Capital offers all-shipment coverage through an annual policy, so expenses can be budgeted annually. And, most importantly, UPS Capital provides fast claims processing.