Nobody Thinks About Cargo Insurance — Until $1M Goes Up in Smoke

Nobody Thinks About Cargo Insurance — Until $1M Goes Up in Smoke
02.06.2018 http://www.supplychainbrain.com/nc/case-single-article/article/nobody-th...

Challenge: The operations vice president of an oil and pipeline construction company recently admitted there was a time when he wondered if his company’s cargo insurance policy was worth it. The company sources goods from around the world, moves cargo by multiple modes and runs a supply chain through some of the world’s most high-risk countries. Thanks to meticulous packing and some good luck, they'd had very few supply chain incidents over 11 years. Until that summer, a few years back. That June, a truckload of welding equipment heading to Moscow caught fire. The $809,000 shipment was a total loss. One month later, a cargo ship carrying two of the company's containers, worth $150,000, caught fire. Those containers were also total losses.

Solution: Cargo insurance through UPS Capital Insurance Agency, Inc.

Results: The comprehensive policy covered both incidents, saving the company from a catastrophic million-dollar loss.

About the Solution Provider: Nobody understands transportation and logistics like UPS®. And while you’ve probably never thought of a UPS company for financing and insurance services, our global supply chain expertise uniquely positions us to help protect companies from risk, and leverage cash in their supply chains. Insurance companies and banks can’t say that.