Megan Bingham-Walker from Anansi sheds light on the case of liability and compensation in courier services.
Retailers should know that if a consumer’s product is lost or damaged during shipment, it’s always the retailer’s responsibility to make their customer whole because the contract is between the consumer and the retailer.
Although enhanced compensation by couriers is not technically an insurance product, but rather part of a retailer’s contract with a courier, there are many restrictions and exclusions to the cover.
With an inflection point for higher priced items, it makes sense to pay more for full cover.
Anansi Technology recommends providing a regulated insurance product with a payout equivalent to the full retail value to fill this gap in service levels.
👇 Read more about this on Megan’s post with Insurtech below
https://insurtechdigital.com/articles/enhanced-compensation-called-into-question