I woke up a few weekends ago and knew that fall was coming. I was patiently waiting for my Alabama season football tickets on my front steps. I could feel and smell football in the air. It’s Saturday and Sunday pigskin time. The greatest time of year!
Imagine the millions of dollars of football equipment that, like game winning touchdown passes, will be delivered every day to teams across the U.S. — spiraled across the country to athletic programs anxiously awaiting kick-off. Unfortunately, just like so many promising passes, there will be interceptions, incompletions, fumbles and dropped balls.
There will be some deliveries that for a variety of reasons do not make it in time for the big games: maybe weather-related, or the equipment was shipped ground instead of Next Day Air®; or someone just dropped the ball. For whatever reason, the delivery was side-lined.
This made me think about UPS Capital, the financial services arm of UPS, and its unique product – time-in-transit (TNT) insurance. While it’s not a product for general consumers, businesses can use this coverage to protect the face value of items and recover the consequential losses from items that never arrive or that arrived too late.
Let’s say you’re a distributor of sports equipment and teams depend upon you to supply everything from game balls to cleats. Unfortunately, when the regional football playoffs were occuring, a huge snowstorm prevented timely delivery of the 1,000 replacement cleats that were ordered for the teams to use on the artificial turf. On top of that, an assistant was hired to help switch out all the cleats and now you must incur the consequential loss of wages. You probably feel like you’ve already lost the game, or at least suffered some severe penalties.
Well, you’ve still got a “Hail Mary” pass in your pocket because you protected the delivery of the cleats with TNT insurance. Now you’ll be fully reimbursed for the value of the cleats as well as the lost wages from the part-time help.
While nothing can make up for missing the big game — the lost cheering, the nail-biting, the edge-of-your-seat, hold-onto-your-pants moments — it is still possible to win in overtime by intercepting what could have been a game-changing businesses loss and converting it into a game winning touchdown.
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|Tags:||college football, football, UPS Capital|