Independent import export business insurance brokers
Our independent brokers will tailor you the perfect policy at a competitive price
It is true to say that for businesses, particularly in the import sector, providing import goods insurance cover using a stock throughput insurance policy can be cheaper than arranging cover in the conventional market.
Whether you are importing or exporting, you will need to arrange import export business insurance cover on your goods whilst they are in transit or storage.
What do import export business insurance policies cover?
- The policies provide cover, normally on an all risks basis, for goods which are imported or exported and are arranged on marine insurance cargo policies.
- The cover will operate for consignments by both sea and air and also include the land transits from the supplier’s premises and delivery to the insured’s premises.
- Temporary storage during the course of the journey is normally included.
- The key to any marine cover policy is the contract of sale between the seller and their customer and this will make it clear where the liability passes from one party to another.
The major categories are as follows
Cost, Insurance and Freight (CIF) – The customer will buy the goods including delivery to their premises and the seller is responsible for arranging the insurance cover from their warehouse to the purchaser’s warehouse.
Free on Board (FOB) – Here both parties have to arrange cover as liability passes from the seller to the buyer as the goods cross the ship’s rail during loading.
Ex-Works – The buyer is responsible for arranging the cover for the whole journey. In these circumstances, it is recommended that the seller has a contingency cover to provide protection in the event that the purchaser does not arrange appropriate insurance.
The cover is also frequently arranged to protect an exporter where their customer does not accept delivery of the goods and they have to be returned.
A contingency cover extension is available to protect the goods for the return journey.
What are the benefits of having this cover?
The benefits of the cover are that the importer or exporter has peace of mind that in the event of any damage to their goods during the course of transit they have insurance cover to repair the damage.
Why choose aba?
aba has many years’ experience in arranging import export business insurance for many different trades and will be able to provide you with the correct advice to ensure that your goods are properly insured.
Who have we insured?
Many companies over the years have chosen us because of our independence, knowledge and experience.
We’ve arranged cover on the dismantling of a steelworks in Rhode Island in the USA and the shipment and assembly of the plant in Baku, Azerbaijan.
Until the business was sold recently we arranged the marine cover for a UK company that had the worldwide distribution rights for Rekorderlig Cider.
Importing goods from China
Our team can advise you on liability insurance which is particularly important for businesses importing goods from China, where there may be no rights of recovery should the product cause injury or damage.
Other insurance policies your import export business may require
“We have been using aba for several years now and find their pricing and service to be 5 star”
“The staff at aba have been really helpful in getting a large claim settled. Excellent knowledge and service”.
“PLM have used the services of aba for almost 20 years! Fabulous service, professional and friendly team and we would recommend them to all our clients, family and friends. FIRST CLASS.”
“Superb service. Our companies have used aba for many years. Their flexibility and value for money are second to none!”