Shippers Interest – Insurance for Brokers

When you need excess cargo insurance, or spot coverage, Shipper’s Interest can help. Purchasing contingent coverage can provide insurance and reduce your risk. Shipper’s Interest Insurance protects your client’s freight regardless of the underlying carrier’s primary cargo insurance coverage.

Get the coverage you need to move the loads you want.

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Why use Shippers Interest? It’s simple. Motor carrier’s cargo insurance can contain limitations, perils and commodities exclusions, radius exclusions, etc. Some of the most common types of exclusions are:

• Infidelity or Criminal Act
• Unattended Vehicle
• Act of God

An even greater concern is the possibility of the motor carrier double-brokering the load or using a truck (tractor / trailer) that is not scheduled on the carrier’s cargo policy.

Coverage in these situations rests with the carrier that accepted care, custody and control of your customer’s goods, not who the freight broker may have under contract. Based on the carrier’s limited liability policy, your customer’s freight could be on the road without proper coverage.

Simply put, Shipper’s Interest covers your customer’s goods, not the carrier’s liability.

Coverage of up to $1,000,000 per shipment is available and can be approved for individual or volume shipments. The program covers the actual invoiced sale or purchase price of your customer’s goods versus the replacement cost that would be available under the motor carriers limited liability policy. Coverage is extended to the shipper, receiver or other, based on the coverage terms of “Assured or Order”.

Serving to limit a motor carrier’s liability even further, is the fact that the burden of proof is typically on the cargo owner. Often freight brokers are expected to insure the customer’s goods or file claims against the motor carrier on behalf of the customer. Freight brokers have neither the ownership nor an insurable interest in the goods; therefore the motor carrier is under no obligation to accept a loss or damage claim made against it by the freight broker.

Following are some of the benefits of using a Shipper’s Interest program:

• Shipper’s Interest coverage protects your customer’s goods not the carrier’s liability.
• Shipper’s Interest coverage is attached to the goods, not the scheduled vehicle.
• Shipper’s Interest coverage allows you to include the freight charges, insurance costs and an additional 10% for incidentals.
• Shipper’s Interest will pre-approve your commodities so there is no possibility of an commodity exclusion preventing claim payment.
• Shipper’s Interest will protect your contracts with your customers, which can directly increase your shipment volume.
• Claims are paid directly to your customer based on the actual declared value of the goods shipped not the carrier’s tariff or limited liability.
• Claims will be paid within thirty (30) days of receipt of all required claim documents.
• Shipper’s Interest coverage is as close to guaranteed coverage as a freight broker can get!

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1-800-642-5040