Exploring the Benefits of Shipping Insurance with U-PIC
As a leading third-party provider of shipping insurance solutions, U-PIC has been dedicated to protecting shipments for businesses and individuals alike for over 30 years. With our extensive experience and unwavering commitment to customer satisfaction, we have established ourselves as a trusted partner in the insurance industry.
Our team of experts understands the unique challenges and risks associated with shipping, and we strive to provide comprehensive coverage that offers you peace of mind. We offer discounted shipping insurance for packages shipped with USPS, UPS, DHL, FedEx and many other regional, national, and international carriers.
What is shipping insurance?
Shipping insurance serves as a vital form of protection for your shipments against loss or damage during transit. When you entrust your packages to carriers, there are inherent risks involved, including accidents, mishandling, in-transit theft, or even natural disasters. Shipping insurance acts as a safety net, ensuring that you are financially protected should any of these unfortunate events occur.
U-PIC Offers:
- 50% - 90% shipping insurance rate discounts compared to other programs.
- Speedy online claims processing.
- Coverage for shipments originating in the United States and Canada.
Here are some other important questions to consider when researching shipping insurance programs with U-PIC, or any provider:
What is third party shipping insurance?
Why do you need shipping insurance?
Is shipping insurance a good idea?
Who does shipping insurance protect?
How much does shipping insurance cost?
What items are not covered by shipping insurance?
How to complete a shipping insurance claim?
What is third party shipping insurance?
Third-party shipping insurance refers to coverage provided by an independent entity, separate from the carrier or shipping company. As a third-party insurance provider, U-PIC offers specialized coverage to protect your shipments. This type of insurance differs from carrier-provided insurance as it often provides more flexibility and comprehensive coverage options.
Advantages of insuring through a third party:
- Discounted insurance rates.
- Higher declared values on shipments.
- Freedom to choose the coverage that best suits your specific needs.
- Ability to insure shipments using all the major carriers and smaller unknown carriers.
- One location and point of contact for purchasing insurance and filing claims.
- Quick and easy claim filing.
Why do you need shipping insurance?
Even with carriers' best efforts, unforeseen circumstances can still result in loss or damage to your shipments. Without adequate insurance, you may be left responsible for the full value of the lost or damaged items. Shipping insurance provides the essential financial protection, allowing you to recover the value of your shipments in the event of any unfortunate incidents.
Is shipping insurance a good idea?
Absolutely! Shipping insurance is a smart investment for anyone involved in shipping goods, whether as a business or an individual. It offers crucial benefits, especially when it comes to maintaining customer satisfaction and swiftly resolving issues related to lost or damaged orders. In today's fast-paced world, customers expect prompt delivery, and if their orders arrive in poor condition or fail to reach them, they anticipate a quick replacement or refund. By having shipping insurance, you can promptly address these concerns, uphold strong customer relationships, and provide customers with a reason to continue purchasing from you in the future. With its vital financial coverage, shipping insurance acts as a crucial safeguard against potential loss or damage to your shipments.
Who does shipping insurance protect?
Shipping insurance protects both buyers and sellers from the risks associated with shipping products through the mail system. Parcels in transit are lost or damaged at a rate high enough that most ecommerce shippers have felt the pain associated with customers who are upset because their order showed up damaged, or never showed up at all. At its foundation, shipping insurance defends your business reputation by giving you more control when it comes to keeping your customers happy. Ship insured, service your customers as they would expect, and continue to grow your business.
How much does shipping insurance cost?
Shipping insurance rates can vary significantly based on several factors, including the chosen carrier, the nature of the shipped goods, the frequency of shipments, and the total value of the items being shipped. Each insurance provider has its own pricing structure that takes these variables into account.
Typically, rates for shipping insurance are calculated in increments of $100, referred to as Declared Value Units (DVUs). To determine the insurance cost for a package, you multiply the insurance rate per DVU by the value of the item you intend to ship. For example, if your item is valued at $300 and the insurance rate is $0.45 per DVU, it would be covered for 3 DVUs, resulting in a shipping insurance cost of $1.35.
It's important to note that DVUs are whole units of measurement. This means that even if the value of a package is $250, it would still count as three DVUs for insurance purposes.
By understanding these factors and the calculation method for insurance costs, you can make informed decisions about the appropriate coverage for your shipments.
Example Pricing
The following table of rates is to show how DVUs are calculated and do not reflect true pricing. Check out our competitive rates, actual pricing, and convenient rate calculator here.
| Carrier | Package Value | Deductible | Rate Per DVU | Cost |
|---|---|---|---|---|
| UPS | $300 | $0 | $0.45 | $1.35 |
| FedEx | $500 | $0 | $0.40 | $2.00 |
| FedEx International | $500 | $0 | $0.45 | $2.25 |
What items are not covered by shipping insurance?
Coverage rules vary among insurance companies, so it is crucial to carefully review the policy of your chosen insurer to ensure that your items are adequately covered.
U-PIC has a standard policy with a list of exclusions that include various items such as accounts, bills, bullion, currency, deeds, evidence of debt, furs, original/fine art, computer chips, money, notes, securities, perishable cargo (see next paragraph), precious/semi-precious stones, televisions, tickets, laptop computers, cellphones, personal goods, and other similar property.
However, here at U-PIC, we understand the unique challenges of shipping, and we offer customizable endorsements to enhance your coverage for specific items and situations, including coverage for some of the excluded items listed above. If you're worried about porch piracy or need coverage for temperature-sensitive items like perishable cargo, U-PIC offers special endorsements for these situations.
In addition to the endorsements mentioned for porch piracy and perishable cargo, we offer a range of other customizable options to ensure that your coverage aligns perfectly with your specific requirements. To explore all the available endorsements and to have a personalized conversation about how we can provide you with the best coverage, please don't hesitate to reach out to our dedicated team. We are here to listen, understand your needs, and offer solutions that give you peace of mind throughout the shipping process.
How to complete a shipping insurance claim?
It's important to note that each insurance company has its own set of coverage rules and requirements. By regularly reviewing your policy details, staying informed about your coverage and having a clear understanding of the requirements for filing a claim, you can proactively prevent claim denials and ensure the best possible outcome.
The standard requirements to complete a claim with U-PIC are as follows:
- A copy of the invoice between the seller and the buyer for the merchandise in the shipment.
- A statement from the consignee confirming the loss or damage to the shipment. If the shipment is lost, the statement from the consignee must be dated after the waiting period for the package.
- Pictures of the damaged package and product if the package arrived damaged.
*These requirements may be different based on the details of your policy with U-PIC.
Conclusion
Having a reliable shipping insurance solution in place not only reduces the inherent risks associated with shipping packages through the mail stream but also brings a sense of assurance and convenience. With U-PIC as your trusted insurance provider, you can enjoy the peace of mind knowing that your shipments are protected from potential loss, damage, or in-transit theft.
Let U-PIC make your life easier today by safeguarding your valuable packages and ensuring smooth, worry-free shipping experiences. Give us a call at 800-955-4623, email us at support@u-pic.com, or complete our quick apply form to get started.
We look forward to hearing from you!
