Costs
We can say with confidence that we provide the broadest coverage and lowest rates around!
Since 1978, our Marine Insurance Program has been tailored around the risks of shipping beverages. We use the negotiating power of our members’ volume, combined with the excellent and stable history of the program to keep insurance rates low. In the face of ever increasing insurance premiums, WSSA rates are the lowest in the industry. Go ahead, shop around!
1. WSSA full service: 24 cents per $100 insured cargo value for shipments routed and handled through WSSA.
2. WSSA insurance only: 30 cents per $100 insured cargo value for shipments not handled by WSSA because of supplier resistance.
- Duty (optional): 3.3 cents per $100 insured cargo value. Coverage to protect your duty/excise tax paid to customs when declaring a container.
- Difference in Conditions (CIF) (optional): 8 cents per $100 insured cargo value. When your terms of sale are CIF or Cargo cost + Insurance + Freight, you will be insured from the port of entry to your warehouse door.
- Optional Temperature Coverage “OTC”: 10 cents per $100 insured cargo value provides supplemental coverage for temperature extremes (heating/freezing) when beverages are shipped in insulated containers or standard containers with thermal blankets. Temperature Controlled Containers are always covered at the standard full service or insurance only rates.
Valuation Formula (example): $40,000 Merchandise Cost
+ $2,000 Ocean and Inland Freight Cost
= $42,000
+ 10% ($4200) *Advance
= $46,200 Insured Value
X .0024 (24 cents) **Insurance Rate
= $110.88 standard cost you will pay to protect your business investment
*Claims are paid at 110% of actual loss, less deductable.
**If you or your supplier chooses to use a non-WSSA freight forwarder, your insurance rate would then be 30 cents per $100 rather than 24 cents.
Supplemental duty and CIF coverage is calculated separately at the rate of (3.3 cents or 8 cents) per $100 of the cargo value.
Deductible: USD $1,000 on any loss (higher deductibles are available at lower premium rate costs)
Limits: USD $10,000,000 (any one conveyance)
