UPS buys a company that insures shipments of jewelry and watches

 As reported by Internet Retailer:

Parcel Pro offers software that links its shipping module with an e-retailer’s e-commerce platform.
UPS Capital, a subsidiary of UPS, announced today it has acquired Parcel Pro, which provides insurance for retailers, manufacturers and wholesalers that ship jewelry, wristwatches and collectibles. The purchase price was not disclosed.
In describing its offering for online retailers, Parcel Pro’s website says, “Selling precious goods over the Internet requires specialized handling in transit since many of these shipments go to residences or first-time buyers. As experts in risk management, Parcel Pro provides online tools to help identify residential, commercial, and unknown addresses, preventing potential losses.” It goes on to say that the company has built links between its shipping module and e-commerce software. Among them is a link to Magento software from the eBay Enterprise unit of eBay Inc.
In announcing the deal UPS said it offers, in conjunction with Parcel Pro, insurance within the United States of up to $150,000 per package and to some other countries of up to $100,000 per parcel. UPS says many other providers limit insurance to $50,000 per package, forcing shippers to split shipments and spend more on fulfillment.
“The acquisition enhances our supply chain risk mitigation capabilities, providing global logistics expertise and peace of mind to customers who need to ship their valuable goods,” says Ronald Chang, president of UPS Capital. “Many jewelry retailers have insurance policies that cover their inventory, but shipping losses are not always covered by these policies.”
Parcel Pro, founded in 1997, has offices in jewelry districts in New York, Los Angeles, San Francisco, Miami, Hong Kong, Tokyo and Singapore, and it provides armed-guard pickups and deliveries in New York, Los Angeles and Beverly Hills, Calif. Parcel Pro’s technology provides online tracking and visibility, e-reporting, web access and shipping, including via smartphone applications, UPS says.
Online sales of jewelry by retailers in the Internet Retailer 2015 Top 500 Guide increased by 20.6% in 2014 over the prior year to $1.5 billion and accounted for 5.5% of jewelry sales in the United States, based on figures from the U.S. Department of Commerce.
UPS is the leading shipping carrier for Top 500 retailers, providing service to 184 of the top retailers in North America by online sales, according to Top500Guide.com.

Ken Wood is the founder of LJM Consultants. LJM helps clients negotiate “Best in Class” UPS/FedEx agreements. LJM was recently named the “best parcel auditing company in America” and was also inducted into Inc. Magazine’s Top 500/5000 fastest growing companies in America for 2013. To learn how LJM Consultants can help your company get the parcel contract you deserve, call 631-844-9500 or email kenwood@myLJM.com.