2016Legal / Business Practices forum
Insurance options for shipping high-value equipment domestically
What the thread found
- Parcel carriers typically do not offer insurance coverage above certain limits because they prefer customers to maintain separate insurance policies
- A practical approach is to insure the shipment with the carrier up to their maximum coverage limit, then rely on personal equipment insurance to cover the remainder of the value
- When shipping for a production, it is ideal to have the production's insurance agent include transit coverage for equipment in the certificate of insurance
- For non-production shipments, insuring the shipment at the carrier's deductible level while using personal equipment insurance for additional coverage provides a cost-effective solution
Depends on
- This discussion addresses domestic shipping only, not international
- Specific coverage limits mentioned are from 2016 and may have changed
- Experience shared comes from a rental house perspective, not necessarily applicable to all shipping scenarios
- No specific recommendations were made for carriers that can insure amounts above standard limits