Risk is an everyday factor in the import-export business, and importers/exporters insurance helps those in the business mitigate the risk. For those of you who seek this type of insurance, here’s a quick look at the basics.
Understanding Importers/Exporters Insurance
It is Insurance coverage that relates to imported or exported goods, products transported between countries. Marine and air cargo transportation are the most popular forms of transportation of goods. They include, but are not limited to, the following risks:
- Damaged or stolen goods
- Damage-inflicting goods
- Employee injury
- Fire and water damage
Importers/exporters insurance provides coverage for these risks. According to independent insurance agency David Sayles Insurance of Glen Rock, New Jersey, this type of insurance “helps importers and exporters insure goods against loss and/or damage during transit.” This coverage typically extends not only to the airport or port but also to the final destination place. In many cases, insurance providers can extend coverage to include bankruptcy expenses, concealed damage, refrigeration failure, and other risk scenarios.
When you seek importers/exporters insurance, you want to find the provider and coverage that best fit your specific business needs. Consider asking potential providers the following questions:
- What’s your experience in the import-export industry?
- Do or can your insurance products suit my business?
- What does your client relationship model look like?
- What are your professional licenses and accreditations?