One should assess taking out an insurance policy that covers exportation risks or, at least, the transport of the merchandise to the buying company’s premises. For the former, one can consult Cesce’s export insurance offer.
To insure the merchandise during its transportation, the responsibility or benefit will fall to either the seller or the buyer to take out a contract, depending on the Incoterms rule agreed upon.
This insurance will cover risks of stowage, handling, storage, loading and transport of merchandise and even others such as riots, strikes and acts of piracy.
Transport insurance is different from the carrier’s liability insurance where compensation is limited by the weight and value of the merchandise. In the transport insurance contract the holder decides the risks covered, compensation and damages.
In general, the risks are covered by policies that include the Institute Cargo Clauses (ICC) of the Insurance Institute of London. They take on three types: A, B and C, with A being the one that offers the greatest coverage.