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Comprehensive Insights on Insuring Property in Transit for Healthcare and Personal Care Logistics

This presentation by Mark Yunker, Vice President at RJ Ahmann Company, covers critical aspects of insuring property in transit, with a focus on the healthcare and personal care logistics sectors. Key topics include the implications of domestic and international transit insurance, carrier liability changes due to FMCSA regulations, and the importance of understanding coverage gaps and endorsements. The session navigates the complexities of motor truck cargo insurance, contingent cargo policies, and the necessity for shippers to maintain control over insurance terms for effective risk management.

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Comprehensive Insights on Insuring Property in Transit for Healthcare and Personal Care Logistics

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  1. Insuring Property In Transit Presented to Health & Personal Care Logistics Conference By Mark Yunker, Vice President RJ Ahmann Company

  2. Insuring Property In Transit • Domestic Transit • Includes Canada • Excludes Mexico (NAFTA) • International Transit • Almost All Countries • Continuum : Cargo to Property

  3. Insuring Property In Transit • Carrier Liability • Type of Carrier used to matter • FMCSA Eliminated Cargo Insurance Requirement for all motor carriers – except HHG • BMC-32 Also Eliminated • Problems that Result • Tariffs Proliferating • No Qualification for Self Insured

  4. Insuring Property In Transit • Motor Truck Cargo Insurance • Ranges from terrific to awful • Most are very good • Carrier liability is very broad • Identifying Exclusions is not enough • Endorsements • Definition of Covered Property (App) • Warranties (Locked vehicle, attended, etc.) • Coinsurance – Rare And Inexcusable

  5. Insuring Property In Transit • Motor Truck Cargo + Contingent Cargo Insurance • Not all CC policies are equal • Beware of Following Form CC Policies • Beware of Inappropriate CC policies • Free Advocacy • Should fill coverage gaps • What is it contingent upon?

  6. Insuring Property In Transit • Shippers Interest • You buy and control terms • Must be “in due course of transit” • No underlying insurance requirements • Not Liability based • No concern about where the claim payment goes • Verify terms with suppliers • More Expensive

  7. Insuring Property In Transit • Property Insurance • Merely extends your insurance to mobile property • Can be stored • No liability basis • Very broad coverage • You control terms including deductible • The broadest and least expensive insurance available

  8. Insuring Property In Transit • Ocean or International Policies • Includes Ocean, Air, and Land at your discretion • Very broad coverage • You should control insurance – but can be purchased through NVOCC, OTI, Ocean FF’s, etc. • Relatively inexpensive

  9. Insuring Property In Transit • Ocean Cargo Con’t. • Beware of Inco Terms • Beware of through bills of lading • OTI’s can inadvertently limit recovery

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