Speedmark Transportation Cargo Insurance Service
SERVICES
CARGO INSURANCE

Risks, Insurance and Claims

Transit Risks
Loss or damage to goods in transit happens more often than most would imagine. Delays, inclement weather, cargo shifting, multiple handling are all factors in the potential for cargo claims. Speedmark offers a broad range of insurance coverage worldwide. This includes “all-risk” coverage for ocean, air, truck, warehousing and storage.

Customized Coverage / Affordable Rate
Speedmark has an in-house insurance group that will listen to what the customers needs are and then tailor an all-risk program to fit their needs. Insurance coverage will be spelled out and costs will be among the most aggressive in the market. Ultimately, we would like to have our customers feeling secure throughout the supply chain and enjoying the safety of an all-risk insurance policy

Claims Processing
Our dedicated insurance department will work directly with a licensed insurance broker and professionally trained claims adjusters. Our goal is to minimize the processing time for any claim, no matter the amount. A significant advantage to placing your insurance with Speedmark is the elimination of claims administration on your end. We resolve claims on your behalf, streamlining the overall process and alleviating the administrative burden associated with managing claims.

A few facts about cargo shipping:

  • Carriers are not liable for damages to your cargo from an Act of God.
    You are! A hurricane, earthquake or other disaster could wipe out your entire business! You can't predict when nature will strike, but you can protect your goods with cargo insurance.
  • Stolen or mishandled cargo is your company's responsibility.
    Ocean, air, and surface carriers can limit their liability according to their tariffs or bills of lading. If your cargo is stolen or damaged in transit, your settlement may not even cover your replacement costs.
  • Your buyer's or supplier's insurance is not enough.
    It's risky to rely on someone else's insurance. Their coverage may cover certain risks, yet leave you wide open to others. Purchasing your own policy puts you in control of the coverage options and the cost.
  • All freight charges are considered fully earned once cargo is received for transit. Even when carriers damage or lose your cargo, they are entitled to collect all freight charges. Purchasing cargo insurance will alleviate these out-of-pocket expenses

Give your cargo the ultimate protection while staying within your budget with one of Speedmark’s cargo insurance policies.

CARRIER'S LIMITS OF LIABILITY

Carriers are knowledgeable in minimizing their legal liability. As the chart below displays, based on “proved negligence,” the consumer is only able to achieve the following as per the service listed below:
Ocean Carriers $500 per shipping unit
International Air Carriers*
*This valuation will depend on which convention has been adopted by the country of destination.
17 SDR (approx. $10.50/lb or $23.50/kilo) under Montreal Protocol 4
OR
$9.07/lb or $20/kilo under the Warsaw Convention
Domestic Carriers Typically $.50 per lb.