Article by Jack Brown
Importers Can Cut Insurance Premiums with Marine Insurance
Importers Can Cut Insurance Premiums with Marine Insurance
(Vocus) November 20, 2010
Businesses in the North West that import goods should be able to save money on their current insurance premiums by switching to a more effective but relatively unknown policy.
Graham Webster, Managing Director of Lancashire business insurance brokers, aba Group, based in Bolton, says that many businesses should consider a ‘stock throughput insurance policy’ if any aspect of their business involves importing reasonable quantities of goods and equipment from overseas.
Said Graham: “Traditionally, businesses importing from overseas use a combination of policies, one covering the transit and the other the storage aspect of the business. Some businesses also rely on the insurance policies of sea freight companies, road hauliers or other intermediaries to cover the risks, which is very dangerous as their cover will be based on their trading conditions which severely limit their liability.
“However, a type of marine insurance known as stock throughput can provide wider cover often at a much lower cost than a combination of property and marine policies.
He added: “A stock throughput policy is a cradle-to-the-grave policy that covers importers from the dispatch of the goods from overseas, whilst in transit to our ports, transportation to UK warehouses, storage, and then distribution on to UK customers or customers overseas.”
Graham says a stock throughput policy is suitable for businesses from virtually any sector but typically it can benefit manufacturers, distributors (both wholesale and retail), retail stores, importers/exporters, logistic service providers, warehouse/storage companies, and companies involved in sea, air and road transportation. A stock throughput policy covers the transporting, storing, handling, and packaging of raw materials, work in process and finished goods.
Graham added: “Marine insurance is a specialist area and even Manchester business insurance brokers are, therefore, less likely to recommend it to their clients. We have had clients over many years that have benefited from this type of insurance policy so are perhaps more familiar with it than other insurance providers.”
Graham went on: “It is very important that the insurance broker knows the market and the product well; it also helps if the insurance broker knows the industry. Every aspect of a stock throughput policy is negotiated from scratch with the terms, warranties, standards of care, and other conditions in this policy being tailored and worded to meet the client’s needs.”
aba Group was started in 1993 and employs 10 people. It comprises two companies: aba Risk Management Limited and aba Insurance Services Limited.
aba Risk Management Limited aims to identify and control areas of risk in a business and to minimise those risks wherever possible by providing a range of risk protection insurance. These may include Risk Management, Health and Safety, Risk Assessments, Fire Risk Assessments, Asbestos Reports, COSHH, PAT Testing, Energy Certificates, and HR Assistance and Services.
aba Insurance Services Limited arranges insurance protection against the risks identified. The company offers advice and guidance to produce a tailor-made insurance programme to protect a client’s business and its assets.
aba Group has access to around 50 insurers and is part of a network of insurance brokers that gives it extra buying power in order to provide more competitive premiums for clients.
The company provides the following types of insurance including business insurance, building content insurance, Property Owners’ Insurance – Commercial Building Insurance, Residential and Buy-to-Let Insurance, Contractors’ Insurance – specially-designed insurance schemes for businesses in the contracting industry, professional indemnity insurance – businesses and consultants needing liability, Prestige Home Insurance – competitive personal household insurances to protect valuable personal assets, pub insurance and night club insurance – for tenants, managers, landlords, and Company Car Insurance – motor insurance for business vehicles.
It is a member of Manchester Pub & Club Network and The Village Business Association.
For further information about aba Group, please visit aba Group or call 01204 364 842.
###
Attachments
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
What Every Business Should Know About Commercial Building Insurance
Article by Laura Bacho, CPCU
Commercial building insurance is insurance designed for businesses which own or rent a building. Coverage can be obtained for buildings intended for commercial use or apartment buildings or commercial condominiums. All buildings face the possibility of damage from a number of causes such as fire, theft or natural disasters such as hurricane. The building insurance protects the business from having to bear the financial burden of such losses.
Commercial building insurance can be written as a stand alone policy which only covers the building or as part of a commercial package insurance policy which can offer additional coverage for business contents insurance and business liability insurance. Which type of insurance policy is written for a commercial building depends on the needs of the insured and the willingness of an insurer to offer additional insurance for contents or liability.
What Types of Losses are Insured in Commercial Building Insurance
Commercial property insurance is usually written on either an “all risk” policy form or a “named perils” coverage form. Most insurance brokers recommend the all risk policy because the coverage is more broad. Also called the “special form”, the all risks policy will cover all losses to a commercial building unless a specific cause of loss is excluded in the insurance contract. One common exclusion would be flood. There are other exclusions which are standard and others which may be excluded by a policy change imposed by the insurance company.
The named perils form only provides coverage for causes of loss which are specifically named in the policy. Standard insured causes of loss are fire, lightning, explosion, and collapse (with some conditions). The named peril policy is broad enough for most commercial buildings; nevertheless, the coverage is limited. As a result, it is not recommended unless the all risks form is unavailable to the commercial building owner for some reason.
Does Commercial Building Insurance Cover Business Contents?
Even landlord businesses have some personal property. Business contents or business personal property are assets of the business as well. It is recommended that a business to insure business contents in conjunction with the building with the all risks form, if possible.
Does Commercial Building Insurance cover Business Liability?
It is highly recommended that commercial building owners carry commercial liability insurance. Without liability insurance, a business would have no protection or defense cost reimbursement if the business was sued for something that happened at the building. There are benefits from a premium standpoint to get the liability insurance issued in conjunction with the property insurance. Called the “package discount”, the premiums for both policies might be lower than having separate policies.
The cost of insurance is a fraction of the cost of replacing or repairing a business building alone. Protecting real assets and tangible property from loss should be a primary goal of all business owners. Premiums for commercial building insurance run the gamut; so business owners should be careful to get a number of quotes at least 90 days ahead of the renewal date. With this information in hand, getting a great rate on great commercial building insurance can be one less thing for a business owner to worry about.
About the Author
Commercial Building Insurance is essential for most businesses. Visit The Coverage Geek to learn what questions to ask your agent and what to demand. Take back control of your commercial insurance program.