No matter what part you play in the supply chain industry, it’s important to know your freight liability insurance programs options. Although there’s no one insurance policy that can protect your shipment against every type of damage or loss, there are many different types of programs. Check your insurance policies to know your coverage. Here are the four most common types of freight claims:
- Damage – this is when the freight arrives and is visibly damaged.
- Loss – this is when the freight is picked up at its original location, but never gets delivered to its final destination.
Fortunately, technology makes it much easier to track freight, but it’s still possible for it to get lost along the way.
- Shortage – a shortage is when only a portion of the shipment is received. It’s best to document this at time of delivery.
- Concealed damage or shortage – This is a difficult type of claim to file, but it does happen. To avoid this, check the freight upon arrival.
No one wants to file an insurance claim, because it does take time to process and the paperwork can be a headache. By understanding the types of claims, you can be more careful about your freight and have freight liability insurance programs that fit your needs to cover your loss.