Annual Declaration Contract
This policy will accept all declarations of shipments/movements within an agreed period of time and scope of cover. It is based on the anticipated permutation of the clients on-going trading operations and future insurance needs. Once arranged the Insured is guaranteed protection on the agreed basis for all shipments falling within the policys provisions, subject to declaration of full shipping details of each despatch.
Premiums are payable against the declarations received on an agreed interval basis, normally monthly but can be quarterly, half-yearly etc...
The policy may be cancelled at any time by either party giving the agreed notice period.
Although more administration is involved, with this type of policy the Insured will only pay an insurance cost for the shipments declared which may be an aid to cash flow.
Annual Turnover Policy
This policy is again based on the clients trading operations. Calculated against the Insureds estimation of the value of the goods to be shipped during the agreed period, a deposit premium is paid upon inception of the policy.
Upon expiry of the cover period a declaration is made detailing the actual value of the goods shipped and the premium will be adjusted accordingly.
This policy will lessen the need for timely administration and often benefits from cheaper rates and thus premium costs as a result of the payment of a deposit premium at the outset.
Facultative Policy (one-off cover)
This fully claused policy is available for the occasional single shipment and is often used for Letter of Credit requirements. Owing to the singularity of the cover provided and risk exposure this option may be convenient for certain businesses and circumstances but will be expensive.
Other types of policy can be arranged to fully tailor-fit customers requirements and we would be happy to discuss these upon request.