UPS Capital integrates cargo insurance solution with Banyan Technology

UPS Capital has expanded its transactional cargo insurance portfolio with leading live carrier and API connection provider Banyan Technology.

In a statement issued today (5 April), UPS said: “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.”

Dave Zamsky, Vice President of Marketing, UPS Capital, said: “Companies can protect their in-transit goods more quickly and easily with this API integration.

“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 year. Integrating with Banyan provides shipments with coverage beyond standard carrier liability.”

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 expensesB