Risk Management Overview

Introduction

LTL freight is susceptible to damage, due to the nature of the mode (loading & unloading pallets). FreightWise's Risk Management program allows our clients to insure their cargo in a more easy and streamlined process.

Furthermore, while your shipments are safe the majority of times, you may want to consider what even one loss will cost you. Consider the time it takes to make a liability insurance claim, prove that the carrier is responsible, replace the loss, and get the product to your client, loss of business or market due to delays, loss of good will, legal fees and so on—and compare that to the cost of an all-risk cargo insurance policy that can be put in place before your cargo ever leaves.

Open Cargo Insurance (Ocean Marine Cargo Insurance)

Is an all-risk cargo policy for marine, air, and ground transportation, and is the broadest form of shipping insurance. An open cargo policy automatically insures your company’s shipments on set terms, conditions and rates without the need to contact your insurance brokers or transportation carriers each time that your cargo is moved.

Common challenges with regular LTL provided carrier liability include

  • Difficult to recover funds
  • Claims department scrutiny
  • Concealed damage is mostly uncovered
  • Payouts restricted by max liability coverage (by class)
  • Revenue and margin is at risk
  • Carrier ‘full-coverage’ insurance can be cost prohibitive
  • High claims = large price increases

Our cargo insurance / freight insurance policies can be customized based on your individual needs and we can offer you an affordable policy that will mitigate potentially large financial losses in the event you suffer a loss or damage.

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