UPS Capital, a subsidiary of UPS, has expanded its insurance offering in Germany and the UK. UPS Capital said it would offer “a full suite of cargo insurance solutions tailored for all industries, including healthcare, luxury jewellery and high-value shipments”.
The insurance solution covers cargo on various modes of transport and carriers, including marine, and provides reimbursement up to the invoice value in the event of loss or damage to goods moving within the supply chain. The coverage also addresses concealed damage to goods when there is no visible evidence of damage
to packaging, general average losses, and “unique situations” such as trade shows, exhibitions and fairs.
UPS Capital said that the three most likely causes of damage come from environmental conditions (consisting of condensation, water, fire and natural disasters), rough handling, and theft. It noted that in Europe there were 598 reported cargo thefts in the second quarter of 2016, with an average value per cargo theft incident of €75,000.