In Business Insurance, it is all about the details. A single mistake can have a big impact on the coverage that a client receives or complicate the claims process. That’s why our team takes the time to carefully vet every document that we receive from a client.

Recently, we were working with a client who was looking to get insurance for a large shipment of machinery. The client provided us with a copy of the sales contract, which included, inter alia, the incoterms. The incoterms are a set of international rules that govern the shipping of goods which dictates the relationship and responsibilities of the purchaser and seller, including the arrangement of insurance.

When we reviewed the sales contract (which is the basis of cargo insurance), we noticed that the incoterms were incorrect and far from what the client had in mind. This would have had a significant impact on the insurance coverage that the client would have received and/or unnecessarily complicate the claims process. We immediately notified the client of the mistake, and they were able to correct it with the supplier.

My team is happy that going the extra mile to vet the support documents paid off as the client was able to get the correct insurance coverage for their business needs. This would help to protect them from financial loss in the event of a shipping mishap.

If you are looking for an insurance intermediary that you can trust, contact us today. We would be happy to review your needs and help you find the right coverage.