The policy covers tangible damages to goods while in transit from the origin warehouse to the destination warehouse by sea, air and overland transit.
PRODUCT: Cargo Insurance by RPS Small Business.
COMPANIES: Risk Placement Services (RPS) and The Hartford.
BEST RATING: A+
AVAILABILITY: Available on an open-brokerage basis.
FOCUS: RPS has been conducting marine insurance business since 1997. Recently, it announced the launch of a new all-risk cargo product with carrier partner The Hartford.
“In global commerce and foreign manufacturing, the ability for small businesses to obtain competitive cargo insurance pricing has dwindled," says Brendan Neligan, broker, RPS. “The Cargo Insurance product by RPS Small Business has minimum premiums starting at $1,000 and less invasive underwriting requirements."
COVERAGE DETAILS: Available to quote-bind-issue online in just two minutes, the policy covers tangible damages to goods while in transit from the origin warehouse to the destination warehouse by sea, air and overland transit. Coverage also protects against theft, loss or damage to the cargo whether it is due to sacrificed containers, piracy or inclement weather resulting in goods going overboard.
Highlights include a $1-million limit for any one conveyance or named storage location; domestic and foreign inland transit covers land conveyances; and other unnamed location features to ensure goods are covered in a wide variety of scenarios.
UNDERWRITING: Global shipment values, domestic shipment values and a three-year no-loss admission are required to quote. Some products are excluded from RPS Small Business including, but not limited to, electronics, pharmaceuticals, fine arts and jewelry.
MINIMUM PREMUIM: $1,000
TARGET: Importers, exporters and manufacturers with up to $15 million in revenue of the following classes of business, including, but not limited to: chemicals, building materials, appliances, utilities, general merchandise, food and beverage, consumer goods, plastics, textiles, and machinery.
COVERAGE TERRITORY: Worldwide.
COVERAGE AVAILABILITY: All U.S. states.
CONTACT: Brendan Neligan, broker, RPS; (516) 587-1263.
Will Jones is IA editor-in-chief.