Through the lessons learned from various case studies, we hope to provide insight into how risk managers can ensure that their businesses have adequate insurance to cover the financial risks exposure whilst stock is at sea or in a transit warehouse.
We will look at keeping good records of stock in transit and the types of information that insurers will require when a loss occurs, and basis of valuation at CIF or selling price according to the policy wording and the complications in valuing stock.
By the end of the session, you will be able to:
- Understand the types of losses that are covered by a marine cargo/ stock throughput policy.
- Identify the types of support that will be required in the event of a loss to support the claim. Retention of documents throughout the supply chain process.
- Understand the different bases of valuation for stock losses in marine policies and the complications involved in arriving at the appropriate valuation in accordance with the policy wording.
- Realise other factors that may be taken into consideration in valuing the loss, for example savings in logistics, customs and other costs.
Speakers:
Jenny Hodgson, Director in the Forensics, Litigation and Valuations practice, Baker Tilly.
Imogen Swain, Forensic Accounting and Financial Investigations, Baker Tilly.
Grouping title:
Academy