Risk Surcharge
Risk Surcharge
What is risk surcharge?
It is a provision from the company for the benefit of the customer to protect against the transit risks when the goods are not insured by consignor. The coverage is extended if customer chooses to avail the provision by paying the stipulated risk coverage charges. This should not be construed as insurance cover as risk surcharge cover will have only a limited liability on the part of the company subject to the terms and conditions laid out.
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
Maximum shipment value is restricted to Rs. 25,000/- per consignment.
- COD /TO PAY/Mentioned Piece/D Series: 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’ or D series 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 and D series 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.
Note:- Risk Surcharge is applicable in that consideration if paying the stipulated risk coverage charges either pay buy consigner ore consignee