Stock throughput insurance (also known as stock-transit insurance) is an important policy for certain marine activities. When you are transporting your stock (or stock you are responsible for) through to a final destination, stock throughput insurance will protect your liability—and your income—until the end buyer receives the product and you get paid.
This insurance is different from standard marine cargo insurance because it insures property in transit and storage, even when storage is in a third party warehouse. During the process of transporting goods, each individual/company along the transportation chain may think someone else carries insurance for the product. This can leave you on the hook for goods that arrive damaged. A stock throughput policy covers you and the products you’re responsible for throughout the transportation and storage process.
Insure Products From Rail to End Buyer
Trucking companies limit the amounts they are liable for—sometimes to just pennies on the dollar. If the fish you had transported through got damaged in transit, who pays you for them? Stock throughput insurance will cover you.
We always work to make marine insurance easy to understand, and easy to use. Our stock throughput insurance fits these criteria perfectly. This insurance coverage is active the moment a product comes over the rail on your boat and continues to cover the product until it reaches the end buyer and you’ve received payment. (Marine cargo insurance covers property while in transit but limited/no storage. Cargo insurance and catch insurance have similar limitations for storage and transfer of goods.)
Products/goods are most frequently damaged when they are being transferred from one location/transport to another. Stock throughput insurance is there to cover any such damage, eliminating arguments about who is responsible, and allowing for faster settlements and payouts.
Flexible, Worldwide Coverage
This policy can be a one-size-fits-all insurance for transportation of goods. It covers the entire transportation and storage life cycle of each product, anywhere in the world. Whether you are facilitating the transport of raw goods, processed products, or semi-processed goods, you are covered. In addition, the insurance value is for the selling price of goods, which gives you peace of mind that all your invoices will be met.
Stock throughput insurance is also less costly than using a variety of policies to cover each area of a product’s transportation cycle. You get full coverage from start to finish, all under the same policy. The wording for this policy is designed for the needs of the fishing industry and covers the unique requirements of many of our clients.
Simple System Offers Less Paperwork
Our stock throughput policy is flexible, providing per location or blanket limits for storage or transit. You can also add or remove catch or cargo cover, depending on your unique operations. One annual policy can cover all transport contracts and is based on your end of year gross receipts or values shipped.
For those of you who would rather avoid paperwork at all costs (which is everyone we know!), stock throughput insurance does not require ongoing reporting regarding shipments or locations. This one policy covers every shipment, every time, without additional paperwork. We know you’d rather be out working than sitting in the office figuring out how to keep your products insured.
At Nesika, we work to provide you with the right insurance for your business. Contact us today about stock throughput insurance. We’re here to offer the best insurance solutions for your business and the products you transport.