Image of a person opening a carboard box with a pocket knife to denote goods in transit insurance

Why should you consider goods in transit insurance for shipments?

What you need to know about trucking cargo theft? According to the CargoNet report released in 2022, cargo theft incidents have been rising at an alarming rate of 20% annually. Additionally, a staggering 63% of all thefts involve truckers and the goods they transport, as revealed in a study conducted by the International Road Transport Union (IRU). Moreover, an astonishing 61% of these thefts occur at parking spots frequently used by truck drivers for taking breaks. Therefore cargo theft risk mitigation measures are vital to cover huge losses. Implementing effective strategies, technological solutions and claiming the benefits of goods in transit insurance will help to counter the challenge efficiently. 4 ways through which cargo in transit theft can happen The potential danger of cargo theft is a common and recurring issue in the logistics industry. However, ensuring necessary measures along with goods in transit insurance can be an effective cargo theft risk mitigation initiative. In order to implement the required strategies, it is important to understand the nature of cargo theft. There are a number of ways in which truck cargo theft occurs including truck hijacking, warehouse burglaries, driver deception and cyber threats. How can you implement cargo theft risk mitigation strategies? There are a number of factors that affect cargo theft including the type of shipment (high value goods are often targeted), location (some routes are either isolated or dangerous), vehicle type (goods carried on certain types of trucks and trailers are stolen frequently) and security level (some vehicles do not have security measures in place to detect cargo theft). However you can utilize strategies and technology for cargo theft prevention.  Why should you consider goods in transit insurance for shipments? In 2022, CargoNet reported a staggering $223 million worth of cargo theft. The most effective way to mitigate financial loss with cargo theft is to claim goods in transit insurance. In the event of a cargo theft, truck load insurance can be claimed by submitting a claim report, noting the damage sustained, reviewing the loss incurred and providing essential paperwork. All you have to do is choose the best cargo in transit insurance provider with a streamlined process, comprehensive coverage, prompt claim settlements and professional assistance. Let’s Wrap Up! Cargo theft is a common and recurring problem in logistics and it can occur in multiple ways including truck hijacking, warehouse burglaries, driver deception and cyber threats. However, by implementing effective strategies, technological solutions and claiming insurance will help to counter the challenge efficiently. Goods in transit insurance is the most effective solution to mitigate the financial losses arising from cargo in transit theft. Axlerate provides a unified digital logistics management platform with transportation management solutions to simplify tolls, fuel purchases, fleet expenses, loans, insurance, escrow, payments, truck booking, fleet management and the buying and selling of logistics products and services.