Transportation insurance?

Goods in transit are nearly always handed over to the receiver in the same condition and quantity as received from the shipper. That being said, should one of your shipments suffer the misfortune of damage or loss, full coverage can only be guaranteed if you have transportation insurance. Elsewhere, we have written about the risk of not having and insurance, and why you should book transportation with Transporteca. Here, we explain why we believe the best option is to buy your transportation insurance here on the portal, while you book your transportation.

Why does Transporteca offer insurance?

Transporteca is about convenience and simplicity in shipping. We believe it should be easy to find and book the right transportation solution for anyone with a transportation need, regardless of trade, cargo type or speed of service required.

We also know, from experience in the industry, that international transportation does present a financial risk to the cargo owner, and those freight forwarders and trucking companies are limited in liability in accordance with global conventions.

The right transportation solution, therefore, is not limited to transportation. It often includes an assurance, that in the rare case of goods not arriving in the same condition or quantity as it left the shipper, our customers are financially compensated as to not incur any financial loss.

This is why it is important that our customers know the risk they take as cargo owners involved in international transportation, and can mitigate that risk in a few clicks, by adding transportation insurance to their booking.

Finding the best transportation insurance

The decision on whether to buy transportation insurance is down to risk, price and coverage. The risk is given, but the price and coverage differ between insurance companies. Assessing the price is relatively simple, but the coverage relates not only to the financial value, but also the effectiveness and fairness of the claims handling process, and the speed of the pay-out.

For example, if you take out transportation insurance with an insurance company where the claims procedure is complicated and requires extensive documentation, you might not be able to launch the claim in the first place. Secondly, if you successfully launch a claim, and the processing time is months long, you will be out of pocket in buying replacement products, until the claim has been settled. Lastly, if the cover is unclear at the time of taking out the insurance, or the payout is less than what you are entitled to, then a potential long aftermath can be draining for any transportation buyer.

At Transporteca, we have made the research for you. We have chosen a transportation insurance provider specialising in exactly this field, where we have a track record demonstrating consistent fast and fair claims handling and quick payout. In short, an insurance company we can vouch for, sharing many of our values.

We prefer a separate insurance provider

Freight forwarders are often self-insured. That means the company you are buying the transportation solution from – this could be a freight forwarder or a trucking company – also offer transportation insurance as the underwriter. In case you need to launch an insurance claim, it would consequently be handled and decided by that same transportation company, that you have paid for handling your shipment.

At Transporteca we prefer appointing a separate insurance provider. We believe this simplifies the processing of insurance claims and often turns out a better result for the policyholder – you. In this way, we are certain to receive completely unbiased claims handling and our experience shows that this secures a faster payout.

Who is the underwriter, when I buy insurance on Transporteca?

When you buy transportation insurance while completing your booking with Transporteca, the insurance is provided by our insurance partner, First Marine, as the cover holder for Lloyd’s of London. That means First Marine is our insurance provider, who has independent underwriting and claims handling, and Lloyd’s of London, holding an A+ rating from Standard and Poor’s, guarantees financial coverage in case of claims.

First Marine is considered amongst the elite in the transportation insurance market and handles any kind of cargo transportation insurance. The services are mostly restricted to freight forwarders, why their coverage is not available to transportation buyers at large unless insurance is bought on the Transporteca-portal. This model ensures a competitive insurance rate and very effective and professional handling of any insurance claims.

In our experience with First Marine, the submission of claims is simple, processing is effective, decisions are fair and pay-out is fast. In addition, we have negotiated a volume agreement, ensuring the transportation buyers on Transporteca are offered an instant and very competitive price, with full coverage of both cargo value, transportation costs, any applicable VAT and imaginary profit.

You type the cargo value; we calculate your coverage for you

When you buy transportation insurance on Transporteca, you will be asked for the cargo value, and we will instantly calculate the total coverage and the price of the insurance.

For business users, the cargo value would normally be the value paid to the supplier of the goods. This value would represent the cost of acquiring new and similar goods in case of loss or damage. We automatically add the cost of transportation and a 10% imaginary profit to your cover. This ensures you are covered for transportation and any inconveniences with sourcing replacement goods. You need not consider this in the cargo value, as the system automatically handles this. Full coverage and details of cargo value, transportation and imaginary profit will be written on the invoice you receive when placing the booking.

For private users, in case of new goods, cargo value would be the value paid to the supplier of the goods. In case of used goods or personal effects, it would be the replacement value. The replacement value means the cost of buying similar goods in a similar condition, or if it is not possible to buy goods in a similar condition, then for similar new goods. We automatically add the value of transportation and any VAT on transportation to arrive at the full insurance coverage. Full coverage and details of cargo value, transportation and VAT will be written on your transportation invoice.

What is Transporteca’s role?

At Transporteca, we have identified what we believe it the best transportation insurance provider and negotiated favourable insurance terms and prices. We have made all this available to our users booking transportation on our website, so you don’t need to spend your time on it. Add insurance when you complete your booking, and you immediately receive your insurance confirmation on your transportation invoice. Then you know you are covered.

When you need your insurance, we are here to help. The customer service team at Transporteca will guide you through the simple claims procedure, and be available on chat, phone and mail, ensuring that you receive a fast and fair settlement. Any follow up questions from the insurance company, you can take directly or keep us in the loop, it is up to you.

Consider Transporteca your neutral insurance experts, always aiming for the best customer satisfaction.