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Freight transportation faces increasing challenges, such as thefts, highlighting the importance of having adequate insurance and preventive measures. We explore these aspects and their impact on business operations.
Logistical complications are varied when deciding to send or bring a container. One increasingly common issue is theft. What should be considered? Is there an increase in container losses? Why is it important to take out cargo insurance? What additional precautions should we take? Let’s find out.
If we use last year as a reference to evaluate the loss curve, despite being fairly constant over time, there is an increase in the second half of the year, mainly in thefts, which have the greatest impact due to the high amounts involved. This applies to both container theft and full truck theft. There are alternatives on the market that help reduce losses or their potential damage, such as using escorts, GPS tracking, or conducting daytime transits.
Now, if you are an exporter, importer, or distributor of electronics, textiles, spare parts, or auto parts, it is highly advisable to insure the cargo. Besides these types of goods, construction materials, food, and beverages are the most desirable since they can be quickly placed on the market and are not identifiable. Specifically regarding construction materials, goods that attract theft are tools, which are easy to unload—an element that obviously influences when robbing a truck due to the speed with which criminals must act. It is not the same to unload a truck with pallets of cell phones, which are light, or textiles, as it is to unload a container of cement or ceramics.
An aspect to consider is that once the damage or theft occurs, the compensation the cargo owner receives from the insurance is not immediate. The submission of documentation and case analysis takes time during which the client must cover the cost of the new purchase of the cargo. This new acquisition brings additional expenses beyond the value of the merchandise itself, such as freight costs, import or export duties, and the container which must be accounted for if stolen. In this sense, it is advisable to include these expenses in the insured sum.
To contrast the famous saying that insurance has small print, at Assekuransa we emphasize that our clients know the requirements for each policy. On one hand, we detail it in the certificates with clear titles to quickly identify the type of cargo to be transported. Additionally, we conduct online talks aimed at those who are not specialized in insurance to easily recognize when particular conditions apply or when they should consult. Fundamentally, our team is highly trained to provide advice in each situation and, most importantly, is always available to answer questions.
Understanding the scope of coverage also helps to comprehend the variation in insurance premiums. A clear example is policies with deductibles, which is the part of the loss the client assumes as a loss since those values are deducted from the indemnity amount. Our coverages do not have deductibles.
The truth is that insurance and preventive actions, such as satellite monitoring, should be considered investments as they ultimately ensure that the business can continue with minimal disruptions.
Another aspect to pay attention to is the selection of service providers, such as carriers and other participants in logistics operations, and the proper handling of information. In some cases, we have detected data leaks that alert about the movement of high-value or high-risk cargo. There are even cases where the contracted carrier subcontracts a third party due to a lack of available trucks, creating a chain where it becomes unclear if the company actually handling the cargo has vehicles in perfect condition, appropriate liability insurance, or if it meets the initially agreed conditions.
In conclusion, mitigating predictable risks and having reliable insurance are fundamental measures to minimize the economic impact of cargo loss on companies. This approach not only protects commercial interests but is also crucial for ensuring the financial health of companies. Ultimately, prevention and foresight are key to maintaining economic stability in the business world.
