Shipping Insurance

**New Shipping Requirements as of 12/1/2020

MIT is insured for domestic and international shipments. This coverage is for machinery, equipment, and other property purchased with MIT funds. Departments do not need to purchase additional insurance with their shipper.

International Shipments
For any single international shipment valued at more than $25,000-shipped to, from or on behalf of an MIT DLC, it must now be reported at least five business days in advance of shipping via the Shipping Insurance Form- Lower than $250K

For shipments valued over $250,000, we ask that you fill out the specific Shipping Insurance Form-greater than $250K.  The form will be reviewed by the Insurance Office and MIT's insurer.  MIT's shipping insurer will address packing recommendations, or allow a virtual inspection of the shipped items.  If you do not report these shipments, the built-in coverage that you have from MIT could be voided and/or incur an additional deductible, the cost of which would be borne by the DLC. 

Value Limits: $500,000 – any one vessel, aircraft, barge or connecting conveyance

Shipments valued at more than $500,000 will require additional insurance underwriting and may result in a separate premium payment, which will be charged to the shipping or receiving DLC.

*Claims involving international shipments are subject to a $2,500 deductible, which will be charged to the shipping or receiving DLC.

Domestic Shipments
Domestic shipments are insured by MIT and are not subject to additional premiums.  The Office of Insurance reminds DLCs they should never purchase insurance directly from freight carriers.

Any single domestic shipment valued at $100,000 or more should be reported via the Shipping Insurance Form-Lower than $250K (even if the value is greater than $250K). 

*Claims involving domestic shipments are subject to a $2,500 deductible, which will be charged to the shipping or receiving DLC.

 

In the event of a claim or any questions related to Shipping Insurance, please contact Sarah Brown at 617-324-5031.