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Export & Import Insurance

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Export & Import Insurance Advantage

Standard International Covers
The export import policy provides the international covers defined under Institute Cargo Clauses (ICC). The covers called ICC (A), ICC (B) and ICC (C) clauses cover different levels of risks and are universally understood. The insurance plan covers Perils like fire, lightning, stranding, grounding, sinking or capsizing of vessel, earthquake and many more, under these clauses. Maritime, Extraneous and Strike perils can also be covered under the export import insurance policy.
Clear Loss Assessment
The export import insurance follows standard internationally accepted principles of total and average loss while estimating the loss value. The total loss can arise when the subject matter is destroyed or lost forever or the damage is so extensive that it is uneconomical to repair the same. Average loss occurs when a part of the subject matter is damaged.
Several Policy Types
You can opt between different export import policies like specific, open and duty policy according to your requirement. The specific policy is issued for a specific transit and the insurance expires once the transit is over. Open Policy covers all the shipments over a period. Duty policy covers custom duty incurred in case of import. Sales Turnover insurance provide an umbrella cover within a specific sales turnover limit. The export import insurance policies are easy to administer and covers raw material and finished goods.
Fast Covernote Issuance
Generally, it takes anywhere from 1 to 3 days to get a covernote in an export import insurance. But we use portals to do this within hours of instruction. The covernote can also include bill invoice and LC details for the sake of completion.

Why Claims Get Rejected?

Uncovered Perils

Typical examples include goods damaged during unloading and loading or while in storage; damage due to labour strike; and earthquake related damage. These perils can be covered if the Export Import insurance is placed properly.

Inherent Vice

This refers to damage caused by a product’s instability rather than external factors. For example coal tends to self-combust, some oils solidify, and paper can disintegrate. Inherent Vice is generally excluded but a discussion with experts like us can give a clear sense of how to reduce Inherent Vice risks.

Inadequate Packaging

Claims are often rejected if packaging material was sub-standard or not customary. This can be contentious in claim settlement. A good practice is to declare packaging upfront and agree with the insurer that this is sufficient.

Claim Documentation

Provide the Invoice, insurance policy, bill of lading, packing list, correspondence with carriers, damage certificate by carrier.

Add-on Cover

Some add-ons to cover include: Strike, riot and civil commotion (SRCC), including terrorism; Inland transit from pickup to loading (FOB); Temporary storage risks.

Exclusions

Typical exclusions are: War, terrorism, consequential damage, packaging & hook losses. These can be insured at a fee.

Why SecureNow

Deep
Product Knowledge

We have specialized marine underwriters and tie-ups with international experts.

Cost-effective
Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Cover notes are issued within hours of request. This ensures that your goods don’t sit idle at any stage.

Strong Claim
Support

We manage all aspects of your claim - from survey appointment to documentation to insurer follow-up.

Value Added
Services

We will advice you on risk management best practices.

Policy Administration
System (PAM)

See all your contracts renewal information in one place. Place service requests on PAM.

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FAQs

We live is uncertain times, where world is torn in war, political changes and economic turmoil. At the same time there are immense opportunities for businesses to expand, thus facilitating job creations. Any kind of compelling situation can delay payment on exported goods which can lead to huge business loss. To protect ones company or enterprise from such adverse situation, is important to opt for import export insurance.

Irrespective of the size or the reach of your business, organizations must feel encouraged to take export insurance to as to limit the risk involved.

The export import insurance policy will your business on a no risk zone, which will enable you to take decisions that entail risks but bring in viable returns.

There are various short term and long term premium paying policies. Check with your insurer regarding the same.

You will be required to inform your insurer via phone, fax or email. The inure will then ask you to submit documents like policy number, companies name etc. For further information its best to contact your insurer for the same.

Some example of export insurance schemes are buyer’s credit cover policy, customer specific insurance cover policy, overseas investment insurance etc.

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