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EXPORT DOCUMENTATION
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Insurance forms

Introduction

Insurance is a crucial consideration in the export process. The purpose of any insurance is to protect you from loss as a result of actions outside of your control (such as your customer not paying you, or the ship containing your cargo sinking). There are various types of export-related insurance that you may wish to take out. Perhaps the most common is marine insurance. The purpose of marine insurance is to insure your cargo from various transport-related risks while it is being shipped to the importer (note that it is called marine insurance even if you send the cargo by air). Other types of insurance include export credit insurance (to protect you from the risk of non-payment on the part of the importer) and political risk insurance (to protect you should the importing country take some action that results in your non-payment).

To obtain insurance, you would approach a specialist insurance firm; a marine insurance company in the case of cargo or marine insurance, or a credit insurance firm, such as Credit Guarantee. As far as marine insurance is concerned, your freight forwarder can help you in this regard and will either put you in touch with an insurance provider or obtain the insurance on your behalf.

Insurance documentation

All insurance documentation is unique to the insurer in question and the documentation will differ from insurer to insurer. Normally they will provide you with an insurance application form which you need to complete. On this form you will provide all the relevant and pertinent information that they need know in order to be able to judge your level of risk and to decide on an appropriate insurance premium to charge you. If they agree to insure you, the insurance provider will normally issue you with an insurance certificate. As these documents differ from firm to firm, we cannot provide you with generic copies. Nevertheless, an example of an insurance certificate is provided below for your information.

  • Example of an insurance certificate

    Provide accurate information

    It is crucial in the case of any insurance application that you are open, frank and honest with your insurance provider. If you do not provide information that later is found to have a bearing on your risk, they can (and almost certainly will) decide not to pay you should you incur a loss.

  • Click here to learn more about marine insurance
  • Click here to learn more about risk

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Learning to export... The export process in 21 easy steps
Step 1: Considering exporting
Step 2:Current business viability
Step 3:Export readiness
Step 4:Broad mission statement and initial budget
Step 5:Confirming management's commitment to exports
Step 6: Undertaking an initial SWOT analysis of the firm
Step 7:Selecting and researching potential countries abroad
Step 8: Preparing and implementing your export plan
Step 9: Obtaining financing for your exports
Step 10: Managing your export risk
Step 11: Promoting the firm and its products abroad
Step 12: Negotiating and quoting in exports
Step 13: Revising your export costings and price
Step 14: Obtaining the export order
Step 15: Producing the goods
Step 16: Handling the export logistics
Step 17: Export documentation
Step 18: Providing follow-up support
Step 19: Getting paid
Step 20: Reviewing and improving the export process
Step 21: Export Management
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