Support
As cargo theft and other risks continue to climb, visibility and risk monitoring are essential supply chain solutions. However, in-transit threats are constantly evolving, and even the best defense needs a backup plan. This is why Overhaul works with insurance brokers to offer insurance for cargo shipments. The final step in our holistic solution, our cargo insurance provides up to an 80% reduction in loss rates.
Here’s more about why cargo insurance is so important and what makes our offering unique.
The importance of freight insurance
Cargo insurance, aka freight insurance, protects your shipments from loss or damages. It can cover cargo carried via various modes of transportation, from air carriers to road and rail. It can also help cargo owners and shippers recoup costs after a wide range of loss events. These can include:
Losses due to environmental conditions: From tornadoes to floods and fires, natural disasters can easily equal damaged shipments. Fortunately, cargo insurance covers losses caused by a wide range of adverse weather patterns.
Damages to temperature-controlled products: Temperature fluctuations can cause sensitive cargo to spoil. These products cannot be sold, but with cargo insurance, the financial burden to shippers is mitigated.
Losses from improper handling or accidents: Improper handling by carriers can lead to physical damage. This can take the form of poorly secured cargo, collisions, or a variety of other activities. Cargo insurance can provide compensation in all cases.
Logistical errors: Misrouting or mislabeling of shipments can result in delays. Along with spoilage, this can mean missed deadlines for cargo owners. Fortunately, cargo insurance can help offset these losses and pay for replacement goods.
Cargo theft: While the goal is to always prevent theft, recovering it is the next best option. But when recovery isn’t possible, either, cargo insurance is the best solution.
In short, cargo insurance covers a wide range of loss events and damages to your cargo. However, not all cargo insurance solutions are created equal. It’s important to evaluate several key factors to ensure your solution provides adequate protection for your specific needs, including the provider’s claims process, costs, and customization options.
Overhaul’s insurance for cargo solution
When it comes to insurance for cargo shipping, Overhaul is unrivaled. We offer several types of cargo insurance coverage options, including motor truck cargo insurance, shippers insurance, and logistics service provider (LSP) insurance. We also work with you to determine the level and type of coverage that best fits your risk appetite and budget. In turn, we’re able to offer:
Comprehensive coverage at a reduced cost: Insurance companies value risk mitigation, and Overhaul’s risk management services enable insurance underwriters to provide lower premiums.
Reputable insurance offerings: Overhaul only works with A-rated underwriting partners. This means you can rest assured that you’re getting the support you need and deserve.
Streamlined claims procedures: Overhaul tracks shipments in real-time to immediately detect issues. Coupled with our automated documentation, this enables problems to be spotted, reported, and solved more quickly.
Customizable policies: From one-off spot rates to annual policies, we have the solutions you’re looking for. And because our offerings are data-informed, your solution is tailored to your unique risks.
End-to-end protection: By providing global visibility and data-rich insights, Overhaul champions a preventative strategy against risk. However, prevention is never the full answer, and our law enforcement support and insurance act as our last lines of defense.
Overhaul’s revolutionary supply chain solutions offer a holistic approach to new and emerging threats. Cargo insurance protects shippers from worst case scenarios, and we try to prevent those situations from ever occurring. At the same time, we understand that some losses are unavoidable, so we make sure you have the insurance coverage and support you need, when you need it.
Reach out today to learn more about how our cargo insurance ensures peace of mind.
