GTZ All-Risk Insurance Overview

GTZ All-Risk Insurance Overview

All-Risk Shipper's Interest Insurance

What is Shipper's Interest Insurance?

Shipper's interest insurance is first-party coverage that provides greater insurance to shippers and doesn't require the establishment or acceptance by the carrier. While standard carrier liability is subject to exceptions and varies in coverage, shipper's interest insures a product's full value in the event of physical loss or damage in transit.

All-Risk Shipper's Interest Insurance Benefits

Protect Your Business from Risk: Provides the broadest coverage available, protects against Act of God common law exception and covers value of product plus freight, when properly declared.
Better Experience: Provides "peace of mind" in the event of a claim, and prompt payment to the customer.
Faster Claims Processing: The claimant works directly with claim adjusters to quickly settle their claims in 30 days or less from notice.
Economical: All-risk coverage is incredibly economical for the protection and peace-of-mind offered.

Importance of Shipper's Interest Insurance

Without shipper's interest insurance, carrier liability applies. 
  1. Standard carrier liability varies, is limited to a per pound amount, and only pays for proven legal liability.
  2. Carrier liability is subject to the Act of God common law exception. A carrier may elect to decline a cargo claim, citing no fault on its part.
  3. With carrier liability, claims resolutions can take 30 days to acknowledge and 120 days to resolve.

Excluded Commodities/Shipments (not all inclusive)

  1. Mexico shipments
  2. Accounts, bills, currency, cash, evidence of debt, money orders, COD payments
  3. Coins, gold, silver and precious metals
  4. Gemstones (loose stones)
  5. Securities, tickets, deeds, notes, gift cards, manuscripts and other negotiable papers and documents
  6. Jewelry over $1,000 USD per piece
  7. Neon items
  8. Bulk products
  9. Perishable goods or similar property (when not carried or stored in temp controlled environment)
  10. Pharmaceuticals
  11. Live animals
  12. Flowers and plants
  13. Cotton
  14. Grandfather/grandmother clocks
  15. Automobiles, motorcycles, boats, yachts, paddleboards, kayaks, surf boards, wind surf boards, SUP boards
  16. Architectural models
  17. Windows, plate/flat glass
  18. Used engines/motors

Coverage Details

  1. Up to $3M max on any one conveyance
  2. Up to $250,000 on fine art
  3. Up to $500,000 for cell phones, laptops, tablets, handheld devices, smart watches, computer memory chips, modules, server racks, perishable goods.

Important Reminders

  1. $0 deductible up to $10,000
  2. $500 deductible starting at $10,001
  3. Suitable packaging is required
  4. Wear and tear on used items will not be covered
  5. Concealed claims require timely reporting

Valuation

  1. Amount of invoice,
  2. Fair market, or actual cash value, if no invoice, or
  3. Declared valuation (including freight costs) plus 10%.

Updated 05/12/2022