30 November 2011

Specialist insurance arranger Risk Insure has recently launched its new Stock Throughput (STP) Insurance product. The Risk Insure STP policy combines the inland and overseas transit insurance and inventory storage insurance needs of a client into one policy. 

The STP can insure the client’s supplies, raw materials and finished products during transit anywhere in the world to the Insured’s premises, whilst being worked upon and then transported anywhere in the world including the storage at final destination.

In essence, the STP policy is designed to provide a seem less, start to finish “All Risks” insurance protection for client’s goods during transit and storage anywhere in the world. 

Risk Insure director and part owner Graham Gulliford told E News that previous to this policy, if clients were interested in getting insurance cover to protect against transit and stock exposures, they would need to take out a Marine Transit Policy, and combine it with an Industrial Special Risks (ISR) policy. However storage coverage may still not be afforded under an ISR for overseas risks or work in progress.

The STP policy is insured with the one Insurer thereby reducing the opportunities for gaps in coverage often experienced between goods in transit and storage insurance covers.

The STP policy provides competitive premiums for the client’s storage risks removing the need for stock to be insured under the clients existing ISR policy. “All risks” are covered throughout, customised to the particular needs of each client. Other benefits include the inclusion of cargo capacity for catastrophe risks such as earthquake and windstorm, offering more appropriate deductibles than provided by property markets.

Administration wise, the policy reduces time consuming declarations. Instead the premium is adjusted on expiry using sales turnover during the insured period.,

Risk Insure offers 100% Lloyds authorised security.

While STP policies are commonplace in the UK market, Mr Gulliford told E News the policy has not been given much exposure in Australia, resulting in a general ignorance of their availability.

As such Risk Insure has capitalised on the opportunity to tailor a new product and make it available to Australia. “We believe there is a market out there for this product and we are happy to discuss all type of goods,” he said.

Should you wish to find out more about the Risk Insure STP product, please contact either Graham Gulliford, Sean Carlier or Hayden Wehr at Risk Insure Pty Ltd on (08) 8232 2311 or email grahamg@riskinsure.com.au, seanc@riskinsure.com.au or haydenw@riskinsure.com.au respectively.