When you are moving high-value goods around the world, it’s essential that you do everything you can to protect your items and yourself. There are several risks for those engaged in international shipping of luxury items, but there are also many systems in place to make sure everything goes as smoothly as possible. 

At Millennium Cargo, we partner with companies and individuals looking to ship valuable items both domestically and internationally, providing an experienced service that offers the best guarantees. 

Here are some of the most essential considerations for anyone shipping high-value luxury items.

The Risks of Shipping Luxury Goods

There’s a wide range of items in the world today that need a little special treatment when being transported around the world. From manufacturers of top-quality watches and jewellery, through to collectors of classic cars, or those involved in the worldwide market of collectable trading cards, discerning shippers look to their logistics partners to provide advice, support, and risk mitigation to help guarantee the security of their goods.

With the right expertise, many of the inherent risks in international shipping can be lowered – and while they can never be truly eliminated, proper processes and preparation are vital.

Risks for those moving high-value items include:

• Theft – The potential opportunities for theft in international transport are multiple. Quality freight forwarders work with trusted partners to provide essential securities.
• Fraud and Counterfeits – In certain sectors, the concern that items are counterfeit requires both surveillance and expert quality control checks.
• Transit Damage – Trusted top-end shipping partners will have processes in place, including specialist training and technology, to minimise damage from handling.
• Climate Conditions – For items that require climate control and specific temperature and humidity conditions, specialist carriers are essential.
• Customs Seizure – Ensuring that all regulations are followed and accompanying documentation is in order are key components in high-value international shipping.
• Short Claims Deadlines – Should something go wrong and an insurance or compensation be required, moving without delay can make all the difference.

Working with an established and experienced freight forwarder, like us at Millennium Cargo, is imperative to ensure the safety of your items and to lower the risk profile as much as possible.

Valuing and Documenting Your Goods

The first stage of ensuring the smooth transit of your high-value goods comes with the paperwork that proves their value. This is essential in any dispute or insurance claim.

Some considerations include:

• Valuing accurately for both carriage and customs – Make sure the value you declare for shipping matches your supporting documents and that customs paperwork is completed accurately. Inconsistent values are a common cause of delays and disputes.
• Provenance and supporting valuation documents – Being able to show how the goods are valued and their origin, as well as their prior transit, is important for many goods, especially when securing against counterfeiting. Invoices, independent appraisals, serial numbers, and photographs at different stages are all examples of essential documentation.
• HS Code – Ensuring your documentation includes the correct HS code will facilitate customs clearance and ensure accurate duties are paid.
• Importer / Exporter of Record (IOR / EOR) – Defining and detailing your IOR or EOR is an important part of the documentation chain.
• Incoterms – Incoterms define who carries the risk for insurance and liability purposes. Make sure these are clearly defined and understood. 

Insurance – The Backbone to High-Value Goods Protection

When it comes to shipping luxury items, insurance is at the very heart of the process. Getting specialist insurance is absolutely essential. Standard carrier liability offers very little protection and is inadequate to cover any high-value asset.

Specialist insurance will provide accurate and complete cover for your goods, ensuring that you are properly compensated should the worst happen. Shipping without the correct insurance is an unnecessary risk that should absolutely be avoided.

For most high-value shipments, an all-risk cargo insurance policy should be put in place. This covers:

• Loss
• Theft
• Damage (excluding wear and tear)

It is possible to obtain a lower level of coverage – one that is limited to just theft, for example – but the cost-to-risk ratio is rarely a wise tradeoff. All-risk cover is always recommended.

Another key consideration is whether the policy is valued or unvalued. A valued policy is generally the best option, as it allows the insurer to agree on the item’s worth prior to shipping, rather than relying on an open valuation that can lead to later disputes. When items are particularly specialised, it may be necessary to use a double-specialist insurance broker, experienced in both the finer nuances of shipping insurance and a full understanding of your niche items. For example, if your cargo is a collection of classic cars, an insurer fully versed in both the nature of shipping insurance and proper classic car valuations will be able to effect the correct underwriting.

Collaboration and partnership between your insurer and freight forwarder are vital to ensure the whole process is as seamless as possible.

Insurance should be the primary consideration when shipping high-value items. It provides peace of mind throughout the process, and – most importantly – financial compensation if ever necessary.

Packing and Labelling

It may sound simple, but proper packing and efficient labelling make all the difference once your goods have left your hands. Some things to take into account include:

• Making sure labelling is neutral, and doesn’t advertise the brand or value of the contents of the box.
• That packaging protects the goods. Use customised packaging if needed, with custom-cut foam, anti-static bags, and humidity desiccants where relevant. Tamper-evident seals should be used in most cases.
• Shock and tilt indicators can be used if your items are particularly fragile.
• Climate requirements should be clear, with temperature and humidity handling codes used for secure efficiency. 

Security

Your shipping partners must be trustworthy, with both carriers and warehousing companies chosen for their proven track record. Working with an established expert freight forwarder like Millennium Cargo will give you the confidence that each partner in the chain has been properly vetted and chosen for their reliability.

Modern technologies, such as blockchain-based tracking, will ensure that you are provided with live up-to-the-minute tracking information, while additional security policies, such as two-person verification and restricted warehouse access, add important layers of trustworthiness.

Mode and Route Choices

With high-value items, a balance must be made between shipping route expense, speed, and exposure.

A well-developed transit plan will cause a fast shipping time with minimal handovers and shorter exposure. Consider:

• Air – Fastest, with high security options, but limits on size, with stricter regulations and a higher cost.
• Sea – Cost-effective for heavy and large items, but a much greater risk profile with longer exposure.
• Road – Efficient for UK and EU transit. Moderate exposure balanced by greater flexibility and door-to-door routing.

In some circumstances, specialist escorts or dedicated carriers can be used, for example, when shipping extremely valuable jewellery or gold bullion.

Using Millennium Cargo for Your High-Value Goods

With Millennium Cargo, your luxury items are in good hands. We work with a dedicated network of highly trusted carriers, placing security and handling care at the top of our considerations. 

Our advisors are here to assist with every step of the shipping process, from initial document preparation through negotiations with your insurers, to managing final route logistics and tracking. 

Utilising the very best in modern technologies, we provide live end-to-end tracking and rapid response to any unexpected circumstance. It is our responsibility to ensure the security of your shipment from the moment it enters our care until it reaches the hands of the final recipient. 

Contact us today for a free consultation regarding your specific needs, and let Millennium Cargo lift the weight of your luxury transit worries from your shoulders.