Nobody thinks about cargo insurance. Until a million dollars goes up in smoke.
Case study: Argus Group Ltd.
There was a time when the management at Argus Group Ltd., an oil and pipeline construction company doing business in some of the world’s most complicated and high-risk countries, wondered if they really needed to keep their cargo insurance policy. The company had switched from using carrier liability on a shipment-by-shipment basis — which they said was difficult and expensive — to a comprehensive all-risk cargo insurance policy with UPS Capital. Thanks to meticulous packing, and a little bit of luck, Argus had gone several years without a significant supply chain incident. So they wondered if they really needed insurance. Then, during the summer of 2012, they faced two near-catastrophic losses.
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