Insurance - why it could be beneficial even when you are already insured

Apr-01-2017 | by: TWI Group

Accidents can happen and having an insurance is a great way to manage risks. General property and liability insurance protects your products, goods, and equipment on your business premises while exhibition insurance insures you and your material on the trade show site. What happens if your trade show material is damaged or lost during transit? With the right coverage, shipping insurance will offset the impact of lost or damaged material. That is why you should consider extra coverage when shipping equipment or freight to trade shows and exhibitions.  

 

Protect your assets

You may use your trade show material and booth display for many shows every year but are you aware of the consequences of an accident during the transportation to and from the event.  Even though the goods shipped by carriers are covered under the legal liability standards, it might not cover the complete value of the shipment. The declared value of a shipment represents a carrier’s maximum liability and covers only items that are listed on the commercial invoice.  Depending upon the mode of transport the monetary liability of carriers can be as little as:

  • $0.50 USD per lb. for domestic transportation
  • $500.00 USD per customary unit for ocean shipments
  • $20.00 USD per kilo (or similar) for International air shipments

In many cases, these amounts would not cover the replacement cost of your trade show material. By purchasing extra coverage, you transfer the risks of a potential loss or damages to the insurance company.

In addition, your company’s deductibility could be quite high and even if you are insured, a high deductible can negatively impact your budget.

 

The shipping insurance

Damage or loss of exhibition equipment can impact your company’s future sales and budget. To make a decision as to purchase extra coverage or not, consider the total value of your shipment, i.e. the cost to replace your trade show material without depreciation. The total cost of shipping equipment to a trade show or an exhibition is usually higher than the insurance deductibles and, therefore, represents a good investment for your company. Most shipping insurance policies cover the CIF value, which represents the commercial value listed on the invoice, insurance premium, freight cost of shipping goods and an extra 10%. Shipping insurance usually covers the transit to the trade show and the return transit to origin when the transportation period is not exceeding 30 days. However, carriers might not cover a package that has not been packed properly or have insufficient protection. TWI’s insurance covers the shipment from the time it is picked up at the warehouse until it is delivered back to your warehouse.

 

 

 

Shipping insurance is designed to reduce the financial impact of a loss or damaged shipment of your trade show or exhibition material. As we all know, this kind of marketing material is an important asset for your company in terms of sales and exposure. Purchasing shipping coverage through TWI is an excellent solution to help you manage the risks.

Contact us now (702-691-9000) and start to fill your cargo insurance application or visit our website: www.twigroup.com

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