What is risk surcharge?
The provision offered by the company serves as a safeguard for customers against transit risks in cases where the goods are not insured by the consignor. This additional coverage can be availed by customers upon payment of specified risk coverage charges. It's important to note that this provision differs from traditional insurance cover, as the company's liability is limited and subject to specific terms and conditions. This arrangement provides peace of mind to customers by mitigating potential financial losses due to transit-related incidents. By choosing to utilize this provision, customers acknowledge and accept the terms under which the company assumes liability for any covered risks. This structured approach ensures clarity and transparency in managing potential liabilities arising from the transportation of goods. Furthermore, the provision underscores the company's commitment to customer satisfaction and operational reliability. It represents a proactive measure to address uncertainties associated with the shipment process, offering a viable alternative to consignors who may not have insured the goods independently. Ultimately, this provision enhances the overall customer experience by providing an optional layer of protection against transit risks, thereby contributing to smoother and more secure logistics operations.
Applicability of risk surcharge
Risk surcharge is applicable to all Premium Express Products and consignments booked under D, V and W series. However, products and consignments that are booked under ‘Mentioned Piece’ will only have Mentioned Piece charges as levied covering the risk.
Key Points
- Try Your Online Package Plus and Try Your Online Package Pvt. Ltd. Blue: Maximum shipment value is restricted to Rs. 25,000/- per consignment.
- COD /TO PAY/Mentioned Piece: Maximum shipment value is restricted to Rs. 50,000/- per consignment.
- Consignments booked under “F” and Regional series shall have limited liability of Rs. 100/- per consignment only.
- Any valuable shipment should be booked under ‘Mentioned Piece’ can be transacted only either with a valid insurance cover from the Consignor or by risk surcharge up to a maximum value limit as per the product category.
- Over and above the maximum value limits the consignments should carry the insurance cover by the consignor as mandatory requirement.
- Whenever the risk coverage is by way of insurance by consignor a COF charge is levied at the rate of 0.2% of the declared value.
- If a consignment is neither covered under risk surcharge nor under its own insurance policy by the consignor, the maximum liability on any claim due to loss or damage is restricted to Rs. 500/- and if booked under the Mentioned Piece the declared value of the consignment will not exceed the value limit.
- All consignments under VAS should be complete with all relevant documents like invoice, Tax forms etc as applicable. It is the responsibility of the consignor to provide the necessary documentation. Any failure in this regard to comply with any of the terms and conditions laid down under the contractual terms of the consignment will make all liability clauses on part of the carrier null and void.
- Consequential losses of any kind will not be considered.