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Usage Based Insurance for Self Insured Shippers
Layering in Shipper’s Interest when Self-Insured
When it comes to choosing a cargo insurance policy, large organizations often choose the route of self-insurance. Self-insurance requires risk management, the financial capacity to self-insure, and the collection of safety and loss data. While self-insurance is a sensible way that large carriers can cover losses, layering in shippers interest insurance on top of a preexisting policy has proven to be beneficial for organizations.
Using self-insurance presents the opportunity for a company to internally assess risk, providing its own coverage in the case of any damage or loss. Shippers interest insurance can do the work of filling any holes left open by the company’s primary, self-covered policy. In the case that an organization decides to layer in Shipper’s Interest with their self-insurance, Shipper’s Interest would apply to certain lanes, goods, values, clients, or regions. This flexibility of Shipper’s interest makes this type of policy All Risks by designing itself depending on the needs, wants, and habits of an organization.
All Risks insurance is defined by Insuranceopedia as ‘a type of property or casualty insurance policy that covers any peril, as long as the contract does not specifically exclude it from coverage,’ essentially guaranteeing the coverage of any loss an organization experiences.
Under an All Risks insurance contract, any and every type of damage or risk is covered unless specifically mentioned as excluded from the coverage. Borderless Coverage is able to provide a valuable top blanket to your insurance policy as well as guarantee direct compensation in the case that a claim is filed.
Shipper’s Interest insurance transfers the risk from your self-insured organization to the insurance company themselves, making it so that claims are solved in very little time. The average claim filed through a carrier’s limited liability takes, on average, three months to be settled. Borderless Coverage values your time and is able to provide timely compensation by resolving claims in only 7-9 days.
Rely on Borderless Coverage to push your organization towards All Risks insurance coverage by speaking with our team today.