Most freight insurance is meager with stifling requirements. But through Marsh, the world’s largest commercial insurance broker, you can get lower rates and bumped-up coverage while concluding claims without fuss. Your team at Flexport takes responsibility for the time-consuming details — so you don’t have to.
We’re leveraging our relationship with Marsh’s global network so you have access to all-risk policies at competitive rates with enhanced coverages for Flexport shipments (i.e. detention/demurrage, lost or fraudulent original bills of lading, delay or loss of market).
For Flexport shipments, once all documentation is received, claims under $1,000 USD are usually settled within five business days. Claims under $10,000 USD are usually settled within 15 business days. Non-Flexport claims are usually resolved within 30-90 days, compared to industry averages of 3-6 months. Even better, we take care of the details of your claim. If your cargo is damaged, Flexport has your back.
Most carriers limit their responsibility for cargo damage. Ocean carriers typically limit their liability to $500 USD per CFU; air carriers, $25 to $26 USD per kg; U.S. truckers as low as $0.50 USD per lb. And settling claims against all of these carriers can take months. Flexport is different, allowing you to recoup the full value of your goods, faster. Payment for a claim less than $10,000 USD on a Flexport shipment usually takes 5–15 business days, with a $0 deductible.
Unlike most cargo insurance policies, which typically require that damaged goods be destroyed or thrown away, Flexport insurance allows you to donate damaged but usable goods. Flexport.org, Flexport’s program supporting non-profits and NGOs, can match your damaged goods to those in need.
For those with general insurance policies, Flexport's cargo insurance offers an additional layer of protection for your company. Claims against general insurance can result in costly premium increases that will affect long-term supply chain costs. But with our partner’s insurance coverage, cargo damage claims can be isolated to each individual shipment, helping to limit the effect of singular incidents on your general-policy premium’s affordability.
Sign Up for the Freight Market Update newsletter for the latest market trends you need to know about - delivered right to your inbox.