UPS Capital Expands Insurance Offerings in Germany
OREANDA-NEWS. UPS Capital Corporation, a subsidiary of UPS, (NYSE:UPS) today announced the expansion of its business insurance offerings in Germany. UPS Capital Versicherungsmakler GmbH, a UPS Capital affiliate, is adding two new insurance solutions, trade credit insurance and cargo insurance, to its growing list of services which are designed to help promote and protect international commerce for UPS customers.
“Our goal is to help German companies, regardless of size, grow their businesses and expand their global trade opportunities,” said Bob Bernabucci, president of UPS Capital. “Trade credit insurance and cargo insurance are two great ways to achieve this goal. It gives our customers the confidence of knowing that the world's largest package delivery company and a leading global provider of specialized transportation and logistics services is working with them to help protect their supply chains.”
While these insurance products are available from other providers, they are rarely offered through brokers who are as experienced in logistics and possess the understanding of mitigating risks within the supply chain as UPS Capital's professionals.
The cargo insurance program is designed to be broader and more comprehensive than programs offered by other providers and complements UPS's worldwide logistics capabilities, which include freight, freight forwarding, customs brokerage, distribution, and small package shipments. It includes worldwide multimodal (land, ocean or air) coverage on any transportation carrier; customized programs covering shipping risk, warehouse risk and contingency coverage to protect customers' financial interests in the goods; and faster claims resolution.
While cargo insurance helps protect customers' goods in transit, trade credit insurance helps provide protection against bad-debt losses in the event customers are slow to pay, default on payments, or become insolvent
Protected by trade credit insurance, companies are more likely to expand into new markets, offer open account terms to their customers, and consider minimizing cash reserves. The proprietary credit management information also helps companies make better customer credit decisions. In addition, lenders often view insured receivables as safer collateral and may provide better financing to companies protected by trade credit insurance.