Exporters/Importers
The export-import industry, often referred to as EXIM, involves the movement of goods and services across international borders, playing a crucial role in the country's economic growth.
India's EXIM landscape is diverse, encompassing various sectors like petroleum products, pharmaceuticals, textiles, and engineering goods on the export side, and petroleum, gold, and electronics on the import side.
Insurance Offerings for this industry:
1. Marine Insurance - To safeguard export/import entities from the potential Financial costs arising out of physical loss or damage to project cargo & materials arising out of maritime or transit adventures. It also provides cover for duty insurance to import entities.
2. Property Insurance - To safeguard Prinicpals, Owners, Financiers and Lenders from the potential Financial costs arising out of physical loss or damage to assets of trading entities like offices, factories, warehouses, godowns, etc. from the risks of fire, flood, storm, earthquake, collapse, Lightning and like. Various forms are available in the market (depending upon value & coverage) like Bharat Griha Raksha, Bharat Sookshma Udhayam (Micro), Bharat Laghu Udyam (MSME), Standard Fire & Special Perils, Property All Risks, Industrial All Risks and Large Mega Risks.
3. Product Liability Insurance - To cover the legal financial liability of the export/import entity towards the client or third parties arising out of product failure resulting iin bodily injury or property damage (as per applicable laws of land).
4. Workers/ Employees Compensation Insurance - To cover the legal financial liability of the employer towards its employees arising out of accidents at the trading, storage & packaging premises causing injuries to the workers (as per applicable laws of land)
5. Machinery Breakdown Insurance - To safeguard export/import entities from the potential Financial costs arising out of physical loss or damage to storage & packaging machinery & equipments from the risks of fire, flood, storm, earthquake, collapse, Lightning and like. Various forms include Machinery Breakdown, Electronics Equipment, Contractors Plant & Machinery.