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Insuring Property In Transit

Insuring Property In Transit. Presented to Health & Personal Care Logistics Conference By Mark Yunker, Vice President RJ Ahmann Company. Insuring Property In Transit. Domestic Transit Includes Canada Excludes Mexico (NAFTA) International Transit Almost All Countries

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Insuring Property In Transit

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  1. Insuring Property In Transit Presented to Health & Personal Care Logistics Conference By Mark Yunker, Vice President RJ Ahmann Company

  2. Insuring Property In Transit • Domestic Transit • Includes Canada • Excludes Mexico (NAFTA) • International Transit • Almost All Countries • Continuum : Cargo to Property

  3. Insuring Property In Transit • Carrier Liability • Type of Carrier used to matter • FMCSA Eliminated Cargo Insurance Requirement for all motor carriers – except HHG • BMC-32 Also Eliminated • Problems that Result • Tariffs Proliferating • No Qualification for Self Insured

  4. Insuring Property In Transit • Motor Truck Cargo Insurance • Ranges from terrific to awful • Most are very good • Carrier liability is very broad • Identifying Exclusions is not enough • Endorsements • Definition of Covered Property (App) • Warranties (Locked vehicle, attended, etc.) • Coinsurance – Rare And Inexcusable

  5. Insuring Property In Transit • Motor Truck Cargo + Contingent Cargo Insurance • Not all CC policies are equal • Beware of Following Form CC Policies • Beware of Inappropriate CC policies • Free Advocacy • Should fill coverage gaps • What is it contingent upon?

  6. Insuring Property In Transit • Shippers Interest • You buy and control terms • Must be “in due course of transit” • No underlying insurance requirements • Not Liability based • No concern about where the claim payment goes • Verify terms with suppliers • More Expensive

  7. Insuring Property In Transit • Property Insurance • Merely extends your insurance to mobile property • Can be stored • No liability basis • Very broad coverage • You control terms including deductible • The broadest and least expensive insurance available

  8. Insuring Property In Transit • Ocean or International Policies • Includes Ocean, Air, and Land at your discretion • Very broad coverage • You should control insurance – but can be purchased through NVOCC, OTI, Ocean FF’s, etc. • Relatively inexpensive

  9. Insuring Property In Transit • Ocean Cargo Con’t. • Beware of Inco Terms • Beware of through bills of lading • OTI’s can inadvertently limit recovery

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