Exporters encounter a myriad of exposures that can be mitigated through ‘export’ insurance which allows you to operate comfortably overseas and grow your business. The key elements of an exporter’s insurance programme should address the following risks:
- Credit insurance that covers the risk of your buyer becoming insolvent or unable to pay the money owed to you
- Political risk insurance, particularly in emerging countries, that protects you against the risks of foreign governments intervening or interfering with your investments (goods you export, assets or business in the foreign country)
- Marine or Cargo Insurance that provides financial protection for the shipment of products and goods over sea, land, air and post. Exporters should obtain a policy that covers them from the time it leaves their premises and the customer has taken possession of it.
- Currency Insurance (forward contracts) to mitigate losses incurred through fluctuations in foreign exchange
- Product Liability Insurance that extends to cover your international exposure (from litigation or the cost of product recall) should your product cause third party bodily injury, property damage, or fail to comply with local regulations
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