- Broadens access to transactional cargo insurance for shippers
- Integrated design streamlines coverage selection
ATLANTA, April 5, 2018 – UPS Capital, a subsidiary of UPS (NYSE:UPS), today announced expansion of its transactional cargo insurance portfolio with leading live carrier and API connection provider Banyan Technology. This new integration allows shippers and Third Party Logistics (3PLs) providers to more seamlessly select transactional insurance coverage at the time of shipment processing and experience enhanced claims processing.
“Companies can protect their in-transit goods more quickly and easily with this API integration” said Dave Zamsky, Vice President of Marketing, UPS Capital. “While the vast majority of shipments move without issue, a recent study commissioned by UPS Capital revealed that 92% of shippers experience some type of loss, damage or delay each year1. Integrating with Banyan provides shipments with coverage beyond standard carrier liability.”
Companies using Banyan’s transportation management solution, or their suite of APIs, can obtain transactional cargo insurance coverage for their LTL shipments. Coverage can be elected at the time of shipment and generally covers reimbursement up to the invoice value of the goods, helping minimize margin erosion in the event of loss or damage. This is meaningful as the value of goods transported is projected to increase faster than tonnage2.
With almost 50 million tons of goods valued at $52.7 billion moving through the U.S. freight system daily2, incorporating seamless access to insurance coverage is a value-added benefit for businesses that want to protect their investments throughout the supply chain. “The key is to integrate insurance in the natural workflow of the freight transaction” said Lance Healy, Chief Innovation Officer, Banyan Technology. “Most shippers and even some 3PLs don’t realize the difference between carrier liability coverage and cargo insurance. This program delivers tremendous protection in the event of a loss or damage.”
Coverage can include the following:
- All-risk, door-to-door coverage
- Freight collect, third party, prepaid and return shipments
- Concealed damage up to 30 days
- Theft or shortages
- Expediting expenses
1 Loss and Damage in the Supply Chain study, UPS Capital
2 Bureau of Transportation Statistics
About UPS Capital
Nobody understands transportation and logistics like UPS. And while you’ve probably never thought of a UPS company for financing and insurance services, the global supply chain expertise of UPS Capital uniquely positions us to help protect companies from risk and leverage cash in their supply chains. UPS Capital and its affiliates have offices throughout the United States, as well as operations in Asia, Europe and Latin America. For more information, visit https://upscapital.com/.
About Banyan Technology
Headquartered in Cleveland, Ohio, Banyan Technology is North America's leading provider of live carrier and API connectivity for transportation management. With more than 1,400 parcel, LTL, volume LTL, and full truckload carrier connections and 33,000 client locations accessing the application, Banyan Technology provides commercial shippers, brokers, and 3PLs with unparalleled access to carrier data. These connections boost efficiency, improve visibility, and deliver permanent reductions in shipping costs. For more information on Banyan Technology, visit www.banyantechnology.com.
© 2018 United Parcel Service of America, Inc. UPS, UPS Capital, the UPS brandmark, and the color brown are trademarks of United Parcel Service of America, Inc. All rights reserved. UPS Capital insurance products are underwritten by an authorized insurance company and issued through licensed insurance producers affiliated with UPS Capital Insurance Agency, Inc., and other affiliated insurance agencies. UPS Capital Insurance Agency, Inc. is a wholly owned subsidiary of UPS Capital Corporation. The insurance company, UPS Capital Insurance Agency, Inc. and its licensed affiliates reserve the right to change or cancel the program at any time. The insurance program is governed by the terms, conditions, limitations and exclusions set forth in the applicable insurance policy. Insurance coverage is not available in all jurisdictions. LinkedIn is a registered trademarks of LinkedIn Corporation and its affiliates in the United States and other countries. Twitter is a trademark of Twitter, Inc. in the United States and other countries. Facebook and Instagram are registered trademarks of Facebook, Inc. in the United States and other countries.
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