Shipping Insurance – Comprehensive guide

Insurance is a service that is associated with each and every materialistic aspect of today’s life. The motive is to safeguard your precious thing. Either it is your car or phone or health or business, there is an insurance plan for each and every one of them. It is totally undeniable that buying insurance should not be a necessity, be it any product or your own self.

The firm through which one has brought a plan of Insurancewould reimburse youfor any loss that you had faced throughout the tenure. The loss can be of any kind ranging between loss or stolen product or any kind of damage.

The same case is applied to anything that you ship across the nation or at international locations. Insuring your shipment make you sleep peacefully, without thinking about any loss you have to bear while your product gets lost or damaged.

 

What Exactly is Shipping Insurance?

This kind of insurance plan is made for your parcels, which are transmitted from one location to another. These parcels are insured over the outcomes of getting damaged or being lost in the transition.

Still thinking over getting an Insurance Plan for your shipment; then these following things will make you sure to get one;

  1. Fragile Item- What if during shipping a fragile item, it gets broken.
  2. Theft or Lost- What if your important product lost in the midst of the process.
  3. Damage- What if while shipping your parcel, your item gets damaged

 

Why bury yourself under the regret of a) the damaged/lost item & b) the moolah invested on it.

So, insuring your parcel gives you an extra boost of security, even if anything happens with it.

 

From Where Should I Get Shipping Insurance?

In some countries, shipping insurance is sold by the Postal Services only. Other than that, Courier Companies & Shipping Insurance Companies are following the trail in this specific kind of service.

Before opting for any one of them, one should check the policies of the firm explaining which kind of item comes under their plan or how much value they can associate with.

Also, it is must for you to tally out how to get reimbursed if you are filling for it. Moreover, which kind of documents are required to do this process.

 

What It Costs to Get Parcel Insured?

The cost aligned with an insurance plan is different in different cases;

  • Some postal services cover the cost of insurance into the same amount of shipping them.
  • Some firms charge a nominal fee apart from the shipment bill.

 

What are the Terms & Conditions Associated to get your claim?

The major priority, what should be of a person before opting for shipping insurance is, you should know what are the policies all about. In the policy, what all are the factors that get covered, and by what documentation they are considered eligible.

For instance, UPS insurance, FedEx insurance, and USPS insurance do not cover cash or coins or precious stones. Furthermore, they are also restricted towards coverage given during a particular event.

 

Sometimes, the value of high worth items is not reimbursed as same as the coverage is entitled. That too comes under the terms & conditions category. For example, FedEx has limits of reimbursing the value of Plasma-screen TV’s and artworks.

So be sure to thoroughly check, which one you select for your valuable item and also where will you get the most out of it, if anything happens.

Furthermore, there are some firms who pay you more bucks when your item gets lost. That is totally mentioned in your policies and hence you should intake that information at the first step.

 

Packaging you Parcel!

Sounds irrelevant, it is not. Packaging your parcel is one of the most important things that you should never left out. The reason is that the shipping companies are strict on the norms of packaging and they directly disapprove the policy if the product is not packed uniformly or poorly packed.

 

How likely is, Policy Claim getting Refused!

Yes, you heard it right. Your claim can get refusal on certain basis; they are all related to the documentation process, eloping anyone and be ready to pull the burden by your end.

  • Document regarding the item lost or damaged.
  • The value associated with that item
  • Proof of Shipping
  • Papers of insurance policy

 

Now, after completing the list of documents required, you need to meet the representative of the insurance firm appointed and initiate the process of getting your claim.

Moreover, there is one more aspect to which the time required for your refund getting back into your account is decided. And that is the value of your item. For example, a US carrier FedEx for an item valued at $100 or less is likely to get paid soon. On the other hand, the item with a value of more than $100 is delayed until the documents are verified.

 

When to Claim?

Once you get to know about the current scenario of your shipment, whether it is damaged, lost, or stolen, it is advised to file the claim as soon as possible. The question is said so because each and every courier’s cut off time to file a claim is different and the same is mentioned in your Insurance Policy.

So, if you have all the documents with you in hand but you passed the deadline of applying to it, then your claim is automatically not acceptable. For example, USPS insured mail has a duration of 15-60 days; UPS has up to 5 months if the shipment is within the US and 60 days if the shipment is outside of the nation; FedEx asks you to claim your file within 60 days of not getting it delivered.

 

Ask the experts!

As per an expert’sadvice, you should buy a shipping insurance plan, even if it is included in your courier firm’s fees, taking into consideration that your item is more valuable.

That will make your mind peaceful throughout the day, no need to put on additional stress with guaranteed safety in any case. If anything happens to your shipped parcel, you are safe from that high level of headache as you have already delegated the responsibility to the insurer.

Also, it is pretty convenient to add shipping insurance to your package, so why not.

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