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Cargo and Product Theft is at Record Highs
- A record 925 cargo thefts occurred in Q1 2024, with total losses of more than $150M and an average loss of $188,000. Theft can cause significant delays in the delivery of goods, disrupting the supply chain and reducing customer satisfaction.
- Theft through “deceptive acts” is up 700% in some areas of the U.S. Theft of raw materials can cause production delays and even plant shutdowns.
- Many ACD Members are not Protected. Businesses may lose customers to competitors if they cannot deliver goods on time, potentially resulting in a loss of market share.
Gaps in Policies to Provide Coverage
- Most ACD members' current insurance policies are not designed to respond to “theft by deception” of cargo/products:
- Crime and Cyber policies generally cover “Money and Securities,” not “products.”
- Property/Stock Throughput policies may have a “theft by deception” sublimit (typically <$25,000).
- ACD members are experts in chemical distribution but need support with security measures to control sophisticated “strategic” thefts.
In Partnership with USI, ACD Members Can Access a Solution
- Exclusively for ACD members.
- Covers more than product on cargo ships.
- Access to USI loss prevention resources at no additional cost, and discounted access to services/products from third-party providers.
- Insurance coverage up to $1 million per shipment for loss of cargo by deception.
- Competitive pricing and broad coverage leveraging the combined buying power of ACD members.
- Little or no additional cost.
Contact USI Representatives Today to Learn More:
Ryan Douglas, VP
Phone: (206) 305-0242
Email: ryan.douglas@usi.com
Seth Shapiro, EVP
Phone: (206) 577-6872
Email: seth.shapiro@usi.com