11 January 2011

Import Insurance

Do you insure your import shipments? Some importers choose not to (in effect, they self-insure) while others are happy to leave that task to their suppliers overseas.

We recommend that importers should look after their own insurance, preferably by getting an open policy with a local company. There are only a handful of specialists in this area, so it is relatively easy to compare their products.

One that caught our eye recently is a product called Cargo Plus, from QBE Insurance. They have a plain English policy that, unlike many others, gives cover for loss of profits. They have also decided to forego that perennial excuse for not paying out on claims: "insufficient packaging".

For more information, contact Neil Cousins at QBE, Tel (09) 308 8612, ncousins@qbe.co.nz.

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