Page 79 - Export and Trade

Insurance

of the cargo they are carrying or incur expense themselves • Fumigation.
IRU WKH FRPPRQ EHQH¿W RI WKH UHVW RI WKH FDUJR RQERDUG • Removal of debris.
such as the jettison of cargo to lighten the ship following • Seller’s interest.
a grounding. Even though cargo is undamaged, before the • Interruption in transit.
ship will release any cargo they will require cash payments ‡ /RVV RI SUR¿WV
or guarantees against the value of the cargo that was Insurance to cover international transactions can be
VDFUL¿FHG IRU WKH FRPPRQ JRRG arranged by either the exporter or the importer of goods,
In addition to standard cover offered in the Institute but this usually depends on the Terms of Sale. Insurance
clauses, most insurers offer standard extensions to may be for a single shipment, or alternatively an ‘open’
varying degrees to cover additional expenses that may be policy can be arranged which allows for the export and
incurred by an importer or exporter beyond just covering import of goods for an agreed duration.
any physical loss or damage to the goods. An experienced
insurance broker will be able to offer advice on a range of Why buy insurance cover if your trading partners
insurers’ policies and assist in obtaining the widest cover are insured?
available for the goods concerned. The cheapest premium 7KH EHQH¿WV RI VHFXULQJ \RXU RZQ LQVXUDQFH UDWKHU WKDQ
will rarely buy the best insurance. Some standard policy relying on your suppliers’ or freight forwarders’ insurance
extensions include: should not be underestimated. Purchasing your own

#RiskItAll

With many years’ experience in Marine Insurance, we know and understand your needs and
requirements. Our experience comes from both the underwriting and insurance broking of
Marine and Trade Credit Insurance.
We specialise in Cargo of all types including temperature-controlled, Commercial Hull and
Private Pleasurecraft, Freight Forwarders and Trade Credit.
Please call Mark Robb on 09 968 9768 or email markr@apexinsurance.co.nz

Brokers and Advisors
Specialists in Risk Management www.apexinsurance.co.nz

NZ Export & Trade Handbook 2018 77