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UPS Insurance: Offering More for Less

Do you ship items which can’t be insured today or ship high value items at a rate of over $2 per $100 today?  If you said yes, this offer is specifically for you. In partnership with UPS, netParcel is now offering declared value insurance for all shipments processed on netParcel using the UPS network.

Typical carrier insurance has its limits.  Specifically:

  • Carrier liability insurance is just that, liability and not declared value, meaning the carrier can opt to provide coverage for a lesser amount should they choose.
  • The items covered are reduced, meaning perishable items and high value jewelry isn’t covered even if you paid for insurance.
  • The cost per $100 insured is typically $3, so that $1,000 watch you just shipped will cost $30 in insurance and likely will cost more than the freight services selected.

So what’s different about our new UPS Declared value insurance?  Great Question:

  • This UPS specific insurance product covers the shipment up to the invoice value of the shipment, not just your cost of goods sold.
  • Non-standard items generally not protected under the UPS Terms and Conditions of Service are covered with Declared Value insurance program.
  • The cost is also reduced as we pass along the negotiated rate to help you save more. Going forward netParcel will charge $2 per $100 insured.  With the watch we insured above for $30, now costing $20 and adding $10 to you the merchant’s bottom line.

 

Item Standard Declared Value Benefit / Savings
$1,000 Retail Value Watch ($600 Cost) $30 to Insure $20 to Insure $400 added insurance coverage and $10 saved!

What’s the catch?  No catch, the offering and rate are automatically offered whenever you insure a product going forward on the UPS network in Canada.  As long as it is a Canada Domestic, Canada Outbound, or Import Shipment into Canada using UPS the service is selected for you at the value you determine.  There are specific guidelines around packaging to cover for items which are breakable, perishable, and high value.  For your convenience packaging guidelines are available here:

UPS Declared Value Insurance Packaging Guidelines

Terms and Conditions

About the author: Lee de Hooge

A strategic and digital marketer, Lee has been in the online space for almost a decade working for successful, big brand Canadian retailers. Lee brings a wealth of marketing and eCommerce expertise to netParcel. She is passionate about social media and has been looking for cheaper ways to ship all of her online purchases for years. Lee has two young boys that add just the right amount of chaos to keep life exciting. She can be found on her smartphone and cooking -- almost always at the same time.

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