Insurance Provisions

Many carriers provide an optional insurance service and customers can take advantage of this service by specifying the value of the items in the package insurance field.

This information is passed to the carrier during quoting and if insurance is available the price will be included in the quote.

Carrier insurance is typically expensive compared to third-party insurance and account holders often receive no discounts. This provides an opportunity to benefit (and profit) from third-party services.

Insurance Provisions

Multiple Insurance Provisions can be created representing multiple third-party insurance providers or differing configurations/pricing schedules for the same provider. The provision defines properties such as the limits, minimum charge, currency and the premium rates.

Each customer can be assigned to a specific Insurance Provision or none (i.e. insurance is provided by the carrier if available). Once assigned to a provision, all requests for insurance will be processed using the configuration defined for the insurance provision.

Each customer can also have an insurance premium value. If empty or zero, the premium calculated in the provision is used. If the number is positive, this is the premium (e.g. “2” is 2% of the insurance value). If negative, this is a percentage discount on the calculated premium. Regardless of this value, if the insurance provision has a minimum fee this will override the customer specific premium.

Insurance Category

When a shipment is being prepared and the insurance requested changes from zero for a customer assigned to a provision, the “Insurance” section will appear. In this section the customer is asked to select an Insurance Category.

This category is used to provide the customer with details about the insurance. It does not affect the premium. However, you may configure some categories as being “Disallowed” and with this method you can prevent the customer from attempting to insure certain categories of goods.