'Read insurance policies with caution'

No insurance cover is the same
and the type of cover to buy is
not an exact science.
But when it comes to the
insurance of high value cargo
in particular, it’s crucial for
an insured party to take the
time to understand the risks
in order to determine if they
will have enough coverage,
says Noelene Joseph, national
product manager at Standard
Bank Insurance Brokers
(SBIB) South Africa.
“We make every effort
to provide an “easy to
understand” summary of
terms and conditions,” says
Joseph.
“Irrespective of the insurer
you choose, we urge all
exporters and importers
to read their insurance
policies with caution and to
ask questions. Know what
you are covered for in order
to understand your risks
and safeguard against any
unnecessary financial losses,”
she adds.
Importers whose cargo
(particularly perishable goods)
has been delayed are often
most vulnerable as there is no
insurance cover for delays on
goods. “This is due to the fact
that, while insurance does
cover damage incurred during
the transportation of goods
and services, agreements do
not necessarily cover delays in
the supply chain which can
have a material impact on
businesses in the short and
long term.
“It is therefore advisable
for the insured to contact
their insurer and notify
them of the delay in the supply
of goods to ascertain what,
if any, remedies are available
to them in terms of their
contract,” she explained.
“In these scenarios,
the insured needs to
contact their insurance
company immediately. The
transportation of goods and
services across states requires
that the insured be covered
both for the transit of the
goods and for the goods once
they reach their destination.
“It is also important to bear
in mind that countries are
governed by specific legislation
and regulation regarding
the insurance of goods, and
sometimes these policies and
regulations are complex to
navigate.”
Which is why, in Joseph’s
view, a company with a strong
track record in providing
global solutions is vital.
INSERT & CAPTION
There is no insurance
cover for delays on
goods.
– Noelene Joseph