Logistics

ECT’s Recommendations On Insuring Valuable Cargo

Every day, East Coast Transport helps companies ship large and valuable cargo across the country. As a third-party logistics company, we understand the importance of keeping the shipments sale and in-tact. Anything over $100,000 in value being shipped is considered of high value and needs to be insured. In this article, we would like to go over our top four tips and recommendations for transporting products of high value:

Know the load requirements.

Most companies know that high-value shipments often require moving oversized. That means you may need to secure government permits and escorts to move the cargo properly. Significant shipments also require a lot of pre-planning: Working out the details of every shipment will help protect your cargo and avoid the chance of a driver or dock worker making a decision that could cost your company more money.

Check your insurance coverage.

This is important to always consider before even looking into a logistics partner. You need to consider how much value your shipment load is worth. For anything over $100,000, it is crucial to think about your insurance costs and coverage. Then, you need to understand the extent of your carrier’s liability coverage. For example, if your carrier only has a $200,000 policy, but your shipment is valued at $450,000, you will are responsible for the discrepancy of $250,000 if anything should happen to the load. In most cases, the carrier’s insurance or your own insurance policy will be sufficient in protecting you from any potential loss. However, it’s crucial to know how much coverage is provided on a shipment and what your possible exposure would be.

Enlist a reputable carrier and transportation partner.

Have a vetting process! When working with a brokerage or a carrier, understand the process they have in place for selecting the best possible drivers and equipment. Transporting high-value freight is often complex and involves many different functions. A third-party logistics company, like East Coast Transport, can serve as an all-in-one resource for procuring the carrier, helping with insurance, planning the route and keeping deliveries on schedule. Enlisting a transportation provider with a network of carriers, a rigorous compliance team and logistics expertise can save your company time and resources, while reducing the risk of something going wrong with your shipment.