Export goods insurance for exporters

Customers exporting goods are regularly without the correct insurance cover, often without knowing. If high value cargo is involved, the consequences of damage or loss could have dire consequences.

 

Every day millions of under-insured cargo is transported globally

If a situation arises where an exporter ships goods without receiving payment or an importer pays partially or fully for goods before their receipt - there's a potential financial loss if the goods are lost or damaged during transit. If and when no insurance is placed, and reliance is solely on the liability limit - the owner of the goods suffers an obvious shortfall. Plus, they still have to pay their supplier for the cargo and have to settle full freight with the shipping line or freight forwarder. They also must pay full duty to the destination ports government without receiving a single piece of sellable merchandise. Forget to check a box on a coverage form -- or assume incorrectly that your supplier insured your shipment -- and you could experience a costly loss, especially if they are shipped by sea freight.

 

Want to protect your investment with export cargo insurance'

Whether exporting using air freight, road, rail or sea freight for your international shipping, export cargo insurance covers loss and/or damage of cargo while it is in transit between the points of origin and final destination. Relying on the sellers' insurance may be a viable option, but you must be satisfied the insurance terms, valuation, and limits provided are adequate to meet your needs. And, if there is a claim dealing with a foreign insurance company, perhaps in a different language, it can be time consuming and frustrating. If there’s a claims issue, you’re also often dealing with courts in a foreign country.



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