Export and import businesses are unique and the insurance required to cover your business should reflect the specific needs of your industry. A wide variety for transport methods bring with them unique risks. A varied and diverse set of goods coming and going to & from all corners of the globe makes assessing a shipment’s risk profile a more important task than most other types of goods.
PSC Connect Member Brokers specialise in Export / Import insurance. Your PSC Connect Member Broker has experience and expertise in arranging insurance packages for buildings and warehouses, third party and public liability, as well as cargo and transit.
Your PSC Connect Member Broker can offer a comprehensive insurance program at the right price and cover for all types of freight insurance. Your local PSC Connect Member Broker will work with you to understand your business and ensure the specific risks your business face are apportioned to the appropriate cover and help you plan for and avoid potential losses and liabilities.
It is critical that your business ensure the goods they are importing are insured against loss and/or damage during transit; and not just to the wharf or airport. A warehouse-to-warehouse policy is essential to protect your goods throughout their travel.
Your business cannot rely on the exporter at the other end to have arranged transit insurance on your behalf. It might not have been arranged correctly or at all, rendering your investment at risk and not protected in transit.
If goods arrive at the destination damaged and/or destroyed there is a real risk that the importer may not be obliged to pay for the goods; despite any terms of a letter of credit or some other type of credit guarantee.
When your export business sells goods on cost, insurance and freight you are responsible for arranging the insurance for the transit of the goods. Most exporters sell their products on this basis because it is generally a more convenient method to do so.
The insurance policy will usually be issued in the name of the exporter, who assigns the policy to the buyer/importer by endorsing the policy over. If loss or damage to the goods were to occur during transit, the buyer/importer is able to claim under the policy in their own name.
Don’t risk doing it yourself, or letting a freight forwarder organise transit insurance for you, because they’re not licensed to and they probably don’t have the legal or technical qualifications to advise you on how best to arrange your transit and cargo insurance.
Insurance covers include:
- Business Package Insurance
- Industrial Special Risks Insurance
- Broadform Liability Insurance
- Management Liability
- Commercial Motor Insurance
- Fleet Motor Insurance
- Machinery Insurance
- Business Interruption Insurance
- Computer and Electrical Equipment Insurance
- Mobile Machinery Plant and Equipment Insurance
- Corporate Travel Insurance
- Annual Cargo Insurance – Export / Import Insurance
- Annual Cargo Insurance – Inland Insurance
- Single Cargo Insurance – Export / Import Insurance
- Single Transit Insurance – Inland Insurance
- Combined Cartage Insurance for Transport Operators Insurance
Our expertise in Export and Import Insurance means we can take the worry out of protecting your business by offering comprehensive insurance cover at a cost-effective premium.
Our experienced PSC Connect Member Brokers can help you get the right insurance cover by assessing your specific needs and recommending the best value insurance solution for your business, whilst still maintaining the highest standard of cover.