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Trade insurance - earn your peace of mind
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Bikky Khosla | 01 Feb, 2011
We can't deny the fact that export-import business is laden with various unforeseen uncertainties. There have been many cases wherein exporters had to undergo huge losses because they were unable to foresee these uncertainties. And while these uncertainties will continue to exist in the export-import business, exporters can, however, protect themselves from the losses if they are intelligent enough.
Most of us are aware as to how to protect our transactions; a simple letter of credit works wonders when it comes to protecting payments. But what if while sending the goods they get delayed or are damaged? What if the goods are lost in transit? There have been several occasions where incidents of loss of goods or delay in delivering the goods have led to strained relations between a buyer and seller for no reason or fault of theirs.
Thus, insuring your goods could be the solution. No matter which side of the transaction you fall on (whether you are a buyer or a seller), getting an insurance takes a lot of the fear and uncertainty out of your business, especially when you are doing business with an overseas buyer or seller. Taking an insurance against your goods will certainly set you on the right path to making the right kind of decisions, and will ensure your viability in the market for years to come.
The interesting part is, however, that most buyers and sellers feel that the process of insuring their goods is time-consuming, expensive, involves lots of paperwork and only adds to the many hassles they already face. Many also argue that taking claims can be painstaking because many insurance companies are not supportive while processing the claims. While we can dwell on the endless excuses on not taking an insurance on the goods to be traded, we are being short-sighted in overlooking the benefits of insuring our goods. The single-most benefit for paying a small premium could be the peace of mind you earn for yourself.
Having said that, being a businessman, you would probably be a better judge on whether to insure your goods or not. Do you find insurance of goods costly and a wasted exercise or is taking claims painful, time consuming or not worth the effort? Share with us incidents where you had insured your goods and had benefited or where it didn't work for you. Your experience and thoughts can help others in choosing insurance and in getting their goods secured.
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Trade Credit Insurance
Ayush Kulshrestha | Fri Feb 4 09:01:46 2011
I think the article is related to Trade Credit Insurance whereas most of us are relating it to Marine Insurance. There is a bit difference between both the insurance. Marine Insurance covers the goods whereas Trade Credit Insurance gives security to that particular Transaction. In case buyer is not paying or rejecting the goods for no reason TCI is a great help.
Insurance Cover
Gokul Menon | Wed Feb 2 10:22:15 2011
For any EXIM transaction where the payment is against Letter of Credit, it is is mandatory the supplier or buyer has to cover the insurance without which the process of establishing LC is incomplete. But in the case of NON LC transactions, buyer has to ensure the risk is covered by proper insurance, if not covered by the supplier, which is not cumbersome. It is imminent to insure the goods in this unforeseen and uncertain situations for sure!
Insurance
Sunil Upadhyaya | Wed Feb 2 04:52:51 2011
Dear Sir,
I am a exporter of spice powders & most of my shipments are on FOB at JNPT MUMBAI. Suggest me should i insure my goods bcos normally my overseas client have also insurance for the same? My insurance agent always insist for insurance.
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Re: Insurance
Sachin Srivastava | Sat Aug 6 10:54:19 2011
Dear Sunil,
As I have had lots of researches and live projects in the recent past based on general insurance in India and our domestic exporter's mentality, I have found that most of us just don't care much for having an insurance for the same, may just because they aren't well educated about it.
Here, what I would like to suggest that it's strongly recommended for all the SME exporters to be insured, so that in case of any peril occurred you can be indemnified for the losses.
You can insure it from any of the private or public sector company.
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Trade Insurance-earn your peace of mind
Meer | Wed Feb 2 03:03:26 2011
I completely agree with the editorial,its truely a peace of mind. I even find it more peaceful being a Purchaser. Along with a certain lead time, the second things pops out of me head is the security of me goods. Moreover, in Bangladesh there is no CIF but CFR;thus, I got no choice but to take the insurance bit on me. But we are still quite glad that we are insured.As far as taking claim is concerned, I think it depends on the terms and conditions you agree with the insurance company. However, while selecting the insurance company, the past history and brand image of the company should be taken into consideration.
Your editorial
Allan Dsouza | Wed Feb 2 00:02:27 2011
Nice one and very much relevant.
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Re: Your editorial
Thomas | Thu Feb 3 06:56:38 2011
Dear sir, As i was an Exporter and we have covered under ECGC insurance and at the end of the day while buyer found defulter ECGC told us to approch MAH company a collecting agency, I feel that after paid the premium ECGC insist us to pay 25% of value to collecting agency to get our payment. So my question is that if there is any use of insurance.
Regds/Thomas, Orison Exports India
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