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How can you ensure your insurance covers unique risks of international trade?

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International trade can be a lucrative and rewarding venture, but it also comes with many unique risks that can affect your business and your bottom line. From political instability and currency fluctuations to natural disasters and legal disputes, you need to be prepared for any eventuality that might disrupt your import/export operations. That's why having the right insurance coverage is essential to protect your assets, liabilities, and reputation. But how can you ensure your insurance covers the specific risks of international trade? Here are some tips to help you choose and manage your insurance policies effectively.

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Kingsly Kwalar

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EMMANUEL EZENDIKANI

Data Analyst | Export and Import Specialist | Tech Savvy Shipping, Port & Terminal Operations.

1 Understand your risks

The first step to ensuring your insurance covers your international trade risks is to identify and assess them. You need to consider the nature of your products, the countries you trade with, the modes of transportation you use, and the contractual terms you agree on. Each of these factors can expose you to different types of risks, such as damage, theft, loss, delay, liability, or non-payment. You also need to be aware of the potential impact of political, economic, social, or environmental factors that might affect your trade operations. For example, you might face sanctions, tariffs, embargoes, civil unrest, currency devaluation, or natural disasters in some markets.

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EMMANUEL EZENDIKANI

Data Analyst | Export and Import Specialist | Tech Savvy Shipping, Port & Terminal Operations.
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To ensure your insurance covers the unique risks of international trade, you should: Identify and assess your risks. These could include risks such as: Non-payment by foreign buyers Political instability in the countries where you trade Currency fluctuations Transport delays or damage Confiscation of goods by customs authorities

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2 Choose your insurance type

Once you have a clear picture of your risks, you need to decide what type of insurance you need to cover them. There are various kinds of insurance policies available for international trade, such as marine cargo insurance, trade credit insurance, political risk insurance, or product liability insurance. Each of these policies has different scopes, exclusions, and conditions, so you need to compare them carefully and choose the one that suits your needs and budget. You also need to check if your existing insurance policies, such as business interruption or property insurance, cover any aspects of your international trade operations.

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Kingsly Kwalar

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In my years of dealing with cargo claims and shipping lines, the key to robust international trade insurance lies beyond just understanding basic risks. Opt for specialised policies like political risk or trade credit insurance to cover unique scenarios. Being versed in local regulations is crucial, as non-compliance can invalidate your coverage. At my recovery agency, we use claim simulations to identify gaps in policies, a strategy you should consider. Utilise tech solutions for real-time cargo monitoring; it aids in quicker claim processing and can be a bargaining chip with insurers. Finally, don’t set and forget your policy. The dynamic nature of international trade demands regular insurance reviews.

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3 Work with a reputable broker

Another tip to ensure your insurance covers your international trade risks is to work with a reputable and experienced broker who specializes in this field. A broker can help you find the best insurance options for your business, negotiate the best rates and terms, and advise you on the legal and regulatory requirements of different markets. A broker can also help you with the claims process, handle any disputes or issues, and keep you updated on any changes or developments that might affect your insurance coverage.

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4 Review your insurance regularly

Finally, you need to review your insurance policies regularly and make sure they are up to date and adequate for your current and future trade operations. You need to inform your broker and insurer of any changes in your business activities, such as new products, markets, partners, or contracts. You also need to monitor the performance and reliability of your suppliers, customers, and carriers, and adjust your insurance coverage accordingly. You should also review your insurance claims history and identify any trends or patterns that might indicate areas of improvement or risk mitigation.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you ensure your insurance covers unique risks of international trade?

1

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3

4

5

1 Understand your risks

2 Choose your insurance type

3 Work with a reputable broker

4 Review your insurance regularly

5 Here’s what else to consider

Import/Export Operations

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How can you ensure your insurance covers unique risks of international trade?

1

2

3

4

5

1 Understand your risks

2 Choose your insurance type

3 Work with a reputable broker

4 Review your insurance regularly

5 Here’s what else to consider

Import/Export Operations

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