Doing business internationally presents exciting opportunities for companies of all sizes, but it also brings with its own series of specific risks not usually addressed in standard business insurance policies.
With our long history of working with clients in a wide range of industries coupled with our unrivalled marine experience, the Allen Insurance and Financial Foreign Liability, Cargo and Bond team can offer a range of policies from a global suite of insurance carriers to cover the gamut of exposures your business faces.
International Insurance covers companies that conduct business outside the U.S. for coverages such as premises and product liability; automobile liability; workers’ compensation and employers’ liability; property (including transit); kidnap and ransom; confiscation and civil war; crime; business interruption; difference in limits and conditions; and endemic disease.
Allen Insurance and Financial has direct and brokered access to a wide range of markets for these coverages, enabling us to ensure the right product fit for individual businesses.
Cargo Insurance covers loss or damage of cargo while it is in transit between the points of origin and final destination. Goods may be transported by sea, air, or land. Protecting the value of your goods is the primary benefit of cargo insurance. While you have the option of sending your freight without any buying your own insurance, to do so might mean taking on more risk that you intended to.
Should a loss occur, you do have legal recourse against the carrier of your goods, but this can be a lengthy and complicated process, and international law strictly limits carrier liability (see the attached primer on All Risks vs. Legal Liability). Cargo Insurance is an essential consideration for businesses engaging in international trade.
If you are buying or selling goods overseas, it’s important to have the right insurance program helping to protect your interests. Allen Insurance and Financial has access to a wide variety of insurance carriers that allow us to provide insurance solutions for importers, exporters, manufacturers, commodities traders and freight forwarders regardless of the mode of transport you use to import, export, and move your products.
If you are importing merchandise into the U.S. for commercial purposes that are valued over $2,500, or a commodity subject to other federal agencies requirements (i.e. firearms or food), you must post a Customs bond to ensure that all duties, taxes and fees owed to the federal government will be paid.
If you are a domestic carrier that merely wants to transport imported cargo “IN BOND” from one state to another, or if you If you want to perform some activity in a secure CBP area, i.e. cartage, or serve as a Customs Broker or as an approved gauger or laboratory you will also have to obtain a Customs bond. Additionally, there are other circumstances where Customs or other bonds are required: at Allen Insurance and Financial we can guide you through the process and help you obtain the bond you need.