- Should I insure my shipment for retail price or our cost of replacement?
- The transportation company we are using provides insurance but it is less than the value of our shipment. Should we purchase insurance from you in an amount over and above the transportation company up to the value of our shipment?
- Can I purchase a deductible policy from you? If so, how much will that save me?
- Are there items that you will not insure?
- Are there parts of the world that you will not insure shipments that originate or are destined?
- Once I buy a policy how long does it remain in effect?
- Does your coverage include placement at the consignee's location?
- Do you cover electrical derangement and mechanical failures if there is no sign of external damage?
- Can I file a claim online?
- How much time do I have to file a claim?
- What is an adjuster's role in the claim settlement process?
- Who determines a total loss if a shipment is damaged?
- How can I research your claims settlement history so I know I will be treated fairly if a claim is filed?
Should I insure my shipment for retail price or our cost of replacement?
It is advisable for you to insure cargo at a minimum of the "commercial invoice value" or "Cost of goods and Freight," the CIF value. Most manufacturers and shippers insure cargo for CIF VALUE plus 10%.
On international shipments the terms of the Irrevocable Letter of Credit (LOC) may dictate insured value. It is advisable to insure international cargo at CIF plus 10 and the cost of freight.
Most transportation companies have liability limitations either a set figure on their bill of lading or insurance maximums. Values above these maximums may be insured or purchased based upon commercial invoice value. Internationally, rates will vary based upon country of destination and area of the world. In the event of claim, the transportation bill of lading liability will be claimed upon first up to it's coverage limitations.
Can I purchase a deductible policy from you? If so, how much will that save me?
Deductibles for any policy may be purchased. The deductible amount is determined by shipment destination, value and transportation methods. As the deductible amount is increased, the rate for insurance will decrease.
Are there items that you will not insure?
Virtually all commodities can be insured from anywhere to anywhere, however, the insurance underwriter reserves the right of refusal to insure in the event the cargo is improperly packaged, packed, transported or pertinent shipping documents are insufficient.
Are there parts of the world that you will not insure shipments that originate or are destined?
Most cargo can be insured from any point to any point, however, any country that is embargoed or restricted as dictated by the United States Government cannot or may not have availability of coverage.
Once I buy a policy how long does it remain in effect?
All policies will remain in effect from point of origin to point of destination under the terms of conditions of the commercial invoice or irrevocable letter of credit. These terms are usually stated as: warehouse to warehouse, factory to factory, door to door, warehouse to port, port to port or door to door with inside placement.
Does your coverage include placement at the consignee's location?
If the terms and conditions of the commercial invoice or irrevocable letter of credit dictate inside placement at destination, coverage will terminate upon signing of the delivery documents by the consignee.
Do you cover electrical derangement and mechanical failures if there is no sign of external damage?
Mechanical Malfunctioning and Electrical Derangement coverage may be purchased at an additional premium. Otherwise, coverage is excluded except for external damage to the shipment.
Yes, via our website.
How much time do I have to file a claim?
Claims notification should be done immediately upon discovery of any damage to your shipment in writing via our website. You have 45 days from the date of delivery to formally file a claim.
What is an adjuster's role in the claim settlement process?
Our professional claims personnel will complete the claims process for time of filing to settlement. They will arrange all necessary survey or repair personnel and communicate/complete settlement of the claim.
Who determines a total loss if a shipment is damaged?
Our claims adjusters will assign loss/damage survey professionals that will access extent of damage on most claims. Based upon their findings a determination will be made to repair, replace or cash settle any claim for loss and/or damage.
Most insurance companies are rated by a worldwide organization that ranks insurance companies. AIG is recognized as an A++ company and is ranked among the top insurers in the world. AIG maintains over 130 offices worldwide. Worldwide claims offices are listed on their website at www.AIG.com/mc.
