Switzerland-based cold chain packaging company SkyCell is now offering an insurance add-on for its pharmaceutical shippers to appeal to shippers of high-value, temperature-sensitive cargo. The new service, which it calls “Peace of Mind,” is backed by an unnamed multinational commercial insurance company and will offer coverage up to US$4 million per container.
The company acknowledged that this offering is a somewhat unconvential addition to a container leasing company’s service portfolio. Paul Martins, CEO of MNX Logistics, a prominent U.S.-based pharma–industry logistics company, said it is not a “typical norm” for the industry, explaining that at most, cold chain container companies or logistics companies will insure against gross and willful negligence, “i.e., if we were to receive an alarm that one of our facility freezers had stopped working and we did not respond,” but confirmed that the comprehensive insurance coverage from such a company is unusual.
More typically, the supply chain partner responsible for insuring the temperature-sensitive cargo would be a freight forwarder, so the new service offering from SkyCell could be considered an affront to the mediating party’s position.
The company is known for its portfolio of containers enabled with “internet of things” (IoT) sensors that connect to its cloud-based, block chain-encrypted software. According to the results of a recent audit of SkyCell’s operations, temperature excursions happened during 0.1% of shipments using SkyCell’s containers. The company has garnered relationships with big-name cargo carriers in recent years, including Emirates SkyCargo and Cargolux, and most recently, Air France–KLM–Martinair Cargo.
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