Importers Can Cut Insurance Premiums with Marine Insurance

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Graham Webster of aba Group discusses the benefits to businesses of a 'stock throughput insurance policy', a comprehensive policy for importing goods and equipment from overseas.

Graham Webster of aba Group

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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.


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