CARGO PROTECTION POLICY
Cargo Protection Policy MSP Shipping offers two types of declared value coverage for your peace of mind. Unless customer specifically requests in writing for extra coverage all shipments are automatically covered by our standard Release Rate Liability coverage.
Release Rate Liability
Our standard and economical option, offering minimal protection at no additional cost. Claims for loss or damage are based on weight multiplied by 50 cents per pound.
For example, if MSP Shipping would lose or damage a 100-pound box containing electronic items such as computers valued at $3,000, your settlement would not exceed $50.00. Think carefully before shipping your goods, you might want to choose one of our better coverages based on the value of your goods.
Shipment Value Protection
Shipment Value Protection provides true peace of mind. When you select this option, articles that are lost, damaged or destroyed will, at MSP Shipping’s option, be either repaired, replaced with articles of like kind and quality, or a cash settlement will be made for the repairs or for replacement of the articles at their current value, regardless of the age of the lost or damaged articles. The minimum declared value of a shipment for Shipment Value Protection is $10,000 at $4.00 per $100 of declared value protection.
Example of Shipment Value Protection
The approximate cost for Shipment Value Protection is $40.00 for every thousand dollars of coverage you decide to purchase. For example for $20,000.00 coverage your cost will be $800.00 with $300 deductible.
Terms/ Guidelines For Shipment Value Coverage
We do offer our customers the opportunity to purchase Shipment Value Protection on your shipments at the time of shipping for an additional fee. MSP Shipping works with multiple Air, Ocean and Land carriers. Each carrier has different tariffs regarding “insurance” coverage.
The carriers each use different terminology to describe their added value coverage or shipment value coverage. While each carrier has different procedures and restrictions, the following guidelines have to be followed by our customers and/or their recipients regardless of the carrier that we choose.
- Receiver should inspect all packages for damage immediately upon delivery.
- Notify MSP Shipping immediately if any damage is detected.
- Save all boxes and packaging materials for inspection by the Carrier’s adjuster.
- A receipt or proof of value (appraisal) is required to settle as claim.
- Electronics cannot be insured for “shock damage”
- Some items have an “inheret risk”. For example neon lights and glass. Such items can be covered for loss but not damage.
- Items of unique or extraordinary value may have a declared value limit placed on them. This includes but is not limited to Jewellery and Antiques.
- Packages must be packed according to ISO standards. The carrier or the insurance company can disallow any claim if the packaging is deemed to be inadequate for the shipped item. MSP Shipping will only be liable for packages packed entirely by MSP Shipping.MSP Shipping is not responsible for any damages if any part of the packaging is pre-packed by customer. Furthermore,.MSP Shipping cannot certify if customer packed items are sufficiently packed to prevent damage.
- Failure to request a signature by receiver may result in denial of the claim.
- No coverage is available for consequential, incidental or special damages which may arise from loss, damage, non-delivery or delay in delivery of your goods.
- These guidelines/ terms apply to both types of coverages.
- Above terms are subject to change without notice.
- MSP Shipping should receive a written notification of loss or damage as soon as possible but no later then 7 days from the delivery date of the shipment.
MSP Shipping further reserves the right to use any third party insurer. MSP Shipping is the shipper of record therefore all claims will be handled by our claims process department on behalf of our customers.