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UPS shipping insurance is often purchased to protect consumers from losses related to damaged shipments, lost packages and related situations. The insurance might lead to reimbursement for the replacement cost of the products being shipped and the cost of shipping. If you’re wondering if UPS shipping insurance is worth the extra cost, consider the following information. Find Out If You’re Already Covered Some of the packages you want to ship will already be covered. For example, when the contents of your package are worth less than $100, UPS shipping insurance may be a given. However, this protection is generally more of a value coverage than complete insurance. If you send a parcel that’s worth $86, but you lowballed it at $80, you’ll probably only get that declared value. This is true for most major carriers. Know the Rules of Coverage There are some contents that won’t be covered by insurance. These may vary from one carrier to the next. Some common contents that aren’t covered include precious gems or coins. Carriers might also decline to insure packages that are shipped to other countries. It’s a good idea to ask about destinations that are covered. Some items will only be insured to a certain value. Finally, carriers may deny coverage for contents that have not been packaged correctly. For example, if you have something fragile tucked into a padded envelope, the carrier may believe that the item has not be adequately protected. File Claims Quickly You’ll need to file a claim if you want to get the money from the insurance you purchased. As soon as you realize that something is wrong, you should get your claim started. Major carriers have cutoff dates, such as nine months within the date that your package was mailed. Some carriers have even shorter cutoffs, ranging from 60 days to six months. Be sure that you keep all of the documentation in a safe place because you’ll need it to prove that you purchased insurance, to prove the value of your package and to prove that the package was lost or damaged. Third Party Insurance Third party ups shipping insurance tends to be less expensive than insurance through the major carriers. You may find that the difference between the costs of third party insurers and those of the most familiar carriers are significant. You may also find that you are able to get more insurance through these providers. When you have valuable packages to ship and you want to be confident in the safety of your packages during shipment, shipping insurance may be the best step you can take.
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