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DHL's comprehensive cargo insurance product means cargo losses won't dent the bottom line
SEOUL, South Korea, Oct. 1, 2013 /PRNewswire/ -- DHL Global Forwarding, the air and ocean freight specialist within Deutsche Post DHL, is stepping up efforts to stress the importance of comprehensive cargo insurance to customers, underpinned by its own product: DHL CARGO INSURANCE. With this product, DHL believes it has developed what customers have always wanted -- truly comprehensive cover that is easy to use every step of the way, from buying to claiming. DHL CARGO INSURANCE plugs the gap between international carrier liability and the real value of a shipment by paying out 100% of the cargo value plus all freight costs and 10 per cent on top. Underwritten by a leading global cargo insurance provider and managed by DHL's GBS Insurance and Risk Management unit -- the company's own in-house specialists -- DHL CARGO INSURANCE is available to all customers in South Korea and covers high-risk and specialist freight that is unlikely to be underwritten anywhere else.
Kelvin Leung, CEO, Asia Pacific, DHL Global Forwarding, said: "Although we have best practices and processes in place to prevent cargo from being lost or damaged, unfortunately, accidents -- storms at sea, air crashes, warehouse fires, truck collisions -- do happen. To give our customers total peace of mind, DHL has negotiated an impressive cargo insurance package that is not only incredibly competitive in terms of price but impressive in terms of service. We are a leading global freight forwarder and we have tied up with a leading global cargo insurance provider. This translates into customer benefits such as coverage on many higher risk routes, countries and specialist items that is not available elsewhere."
In an accident, customers are covered by international conventions such as the Montreal Convention (Note 1) but these offer only a fraction of the value of the cargo when misfortune strikes. Under carrier liability, lost or damaged cargo is assessed by weight not value, meaning compensation is likely to be considerably less than the commercial value of goods.
"It is also up to customers to establish fault on the part of the shipper, a process which can prove to be time-consuming, frustrating and potentially very expensive. To top it off, 'acts of God' like storms, flooding and earthquakes are generally not covered. Such issues with existing forms of coverage leave claimants out-of-pocket and squeezed in terms of cash flow, or worse, penalized for non-delivery," he said.
DHL CARGO INSURANCE has been designed with customers' convenience and ease of use in mind. It can be bought on an annual basis to cover all the shipments transported with DHL Global Forwarding, or per shipment when booking an air, ocean or road freight shipment. When the need arises in the case of an incident, there's no time-consuming paperwork for the customer to complete while claims submission and resolution is hassle-free because DHL teams help to settle claims in a customer's own language and currency. Furthermore, as DHL already has full documentation of all shipments, it is able to guarantee claims resolution in no more than 30 days, that too with no deductibles or excess charges.
Note:
1. The Montreal Convention (or formally, the Convention for the Unification of Certain Rules for International Carriage by Air) is a multilateral treaty adopted by a diplomatic meeting of International Civil Aviation Organization member states in 1999. The Convention re-establishes uniformity and predictability of rules relating to the international carriage of passengers, baggage and cargo.
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