Are you insured if the parcel you shipped through FedEx or UPS ends up damaged or misplaced? Losing just one package or parcel is already difficult. It’s worse if you handle bigger freight shipping. You could end up affecting your parcel auditing and wasting a lot despite your attempts to save money shipping parcel. These parcel shipping mishaps can even throw off supply chain management practices.
Regarding your package carrier’s reported value system, you could be paying too much. Consider a good look at how these rates affect your supply chain. For the greatest fit for your logistics management you need to review parcel shipping insurance rates and formulate the appropriate strategy.
For small packages with a declared worth of $100 or less, UPS and FedEx will insure them free of charge.For a small parcel that’s valued at more than $100, standard charges apply. FedEx charges at minimum $3.00 and UPS $2.70. So really, if you declared the value of a parcel at $102, you are waiving the free $100 of insurance and you will have to pay the minimum parcel shipping insurance policy cost. In addition, for every $100 of declared value over the first hundred adds on additional fees to the minimum. The minimum cost of declared value package shipping insurance, and the costs of extra package shipping coverage at UPS and FedEx have risen in recent years.
Some parcel carriers don’t offer small parcel insurance, like UPS, which says in their terms of service: “When a Shipper declares a value in excess of $100, it does not receive any form of insurance. Shippers desiring cargo insurance, all risk insurance, or another form of insurance should purchase such insurance from a third party.” What this means is that it isn’t package shipping insurance, but provided that a small parcel fits requirements, the declared value coverage for package shipping helps shippers to make claims for full refunds on package shipping services.
You want to be insured but 3rd party package shipping insurance can be expensive, so how do you get the same small package insurance at a low price? Well, parcel carrier-provided shipping insurance is harmful to your bottom line. Advantages parcel shippers should hunt for from package shipping insurance companies are not just affordable package shipping coverage, but reliability, reduction of paperwork, and increased ease of transactions for misplaced or damaged small parcel claims.
Parcel shipping companies should also try to stay away from small parcel shipping insurance minimums, and find a vendor which can protect packages shipped with UPS, FedEx, DHL, and other parcel carriers. You’ll want to find a package shipping insurance firm that can pay back claims within around a week, has online filing for quicker paperwork processing and transactions, can quickly provide you with a claim number, and generally help you save money shipping when packages are lost or damaged.
You should have multiple reporting alternatives, use of personal service, and small parcel and freight insurance. “Window shop” through multiple third-party vendors, and ask for a quote. Even when something goes wrong with a parcel shipment, researching a number of package shipping insurance charges can help you get the best offer to save money shipping and improve your logistics management solutions.