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As an exporter of goods or services you will need to be aware of and consider insuring against the risks of:

• loss of or damage to goods in transit
• non-payment for your goods or services
• the cost of returning to your premises any goods that a buyer abroad refuses to accept
• political or economic instability in the buyer's country
• a new customer's credit worthiness
• currency fluctuations
• a fault that causes an end-customer to sue

If you are an importer, you may need to take into account:

• possible loss of or damage to goods in transit
• supplier problems, including failure to supply
• transport delays and potential hold-ups at ports
• the risk of performance or health and safety problems
• import duties
• storage of goods in bonded warehouses
• currency fluctuations

The responsibility for organising insurance can be shared between the importer and exporter, or be taken on by just one of them. When you agree the terms of a contract, it is advisable to use International Commercial Terms - see International Commercial Contracts - Incoterms.

Foreign currency and exchange risks

When you trade internationally, you should also take steps to protect your business against changes in the exchange rate. You will also need to consider when and how best to make or receive payments in currencies other than sterling - see foreign currency and exchange rate risks.

Loss or damage of goods

The goods you export or import must have insurance cover from the beginning of their journey until their arrival with either yourself or the buyer. In some cases you will absorb the cost of cover, in others the cost is passed on to the buyer.

Product faults

In exceptional circumstances, a fault with the product supplied may result in an end user taking legal action against your business. Depending on the nature of your product or service, you may need to take out insurance to cover this risk. .

Non-payment

You might not be paid in full for the goods or services that you export because:

• your customer can't or won't pay
• war or a natural disaster prevents your goods from reaching the customer, or you from completing your contract
• political reasons prevent you from completing your contract, such as an export licence ban in the UK, or import restrictions or a change in the law in the buyer's country
• currency problems prevent your buyer from getting the cash they need to pay you

Cargo insurance covers loss of or damage to goods while in transit by land, sea and air.

Insurance for exports

Many exporters arrange insurance and freight but pass on the cost to the buyer. Where this is the case, your agreed terms are likely to be Cost Insurance Freight to a named destination port - in other words you are charging your customer for the cost of goods as well as insurance and freight to the port or airport of their choice.

The benefits of insuring goods to be exported:

• you have greater control over the risk as the UK insurance industry is highly regulated
• you could win business from competitors who do not offer insurance

Remember that if you leave your buyer to arrange insurance, they will do so before paying for the goods. You may not be paid in full if there's a problem and they're not adequately insured.

In addition, if the goods are rejected when they get to the port of entry or to the customer's premises, they won't be covered by insurance, and the responsibility will be back with you.

Insurance for imports

You will minimise your risks if you arrange insurance of goods that you import. You'll know how much you are paying and what's included. Your supplier might not be able to give you full details of insurance cover they arrange, or if they do, the information may not be entirely reliable.

The following types of cover are available:

• open cover - for all journeys
• specific (voyage) policy - for one-off shipments
• seller's interest contingency - back-up for physical loss or damage where you have not arranged the cargo insurance

Where to get cargo insurance

A specialist cargo insurance broker will find you a good price, ensure the cover suits your needs and help you with claims. .

You need to be aware that carriers, freight forwarders or third-party service suppliers will not automatically insure goods that are under their care or control. They can only do so if instructed in writing.

Insurance intermediaries must be registered with the Financial Conduct Authority (FCA). This applies to freight forwarders and others who provide insurance of goods in transit.

See international transport and distribution.

If you supply goods for export, you need to consider whether your product could, in very rare cases, cause damage to a third party - either a person or property. These types of risks are covered by product liability insurance.

If you already have this insurance, check that the policy covers you for claims made outside the UK. Many policies have restrictions on where they apply.

What you need to cover

You'll need a policy that protects you against:

• safety claims
• manufacturing defects
• spoilage costs
• legal defence costs
• medical costs

A specialist broker will advise you on the best policy for your business.

Poor quality products and services

Note that product liability insurance does not cover you for claims against the supply of poor quality products or poor services.

Introducing a rigorous system of quality control - ie checking that your products meet certain standards - can help you avoid producing poor goods. See liability insurance for your business and quality management standards.

Minimising the cost

A quality control system that ensures your products are safe, fit for purpose and meet required industry standards will also cut the cost of your premiums. This demonstrates that you are taking responsibility for your business operations seriously, in addition to having insurance in place.

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While most businesses insure their fixed assets, many overlook the risk of non-payment by the buyer. There may be buyer, country or political reasons for non-payment.

As an exporter, you can take out export credit insurance. This protects against non-payment and is an important tool in credit management. It means you can sell more goods or services on credit terms and increase your borrowing power.

However, it should not replace good credit management practices. .

Export insurance policy

An export insurance policy insures an exporter against the risk of not being paid under an export contract. It may also cover the risk of not being able to recover the costs of performing that contract because of specified reasons.

If you have not been able to purchase an export insurance policy privately, you may be eligible to , if you meet all of the criteria.

Bond insurance

Many buyers abroad ask sellers for bonds or bank guarantees in case the seller doesn't keep to their side of the contract on quality or performance after receiving advance payments.

UK Export Finance where the exporter, the buyer and the bond meet the criteria.

If your business does not meet the criteria, you can ask a private credit insurer for a quote. .

Tender exchange rate indemnity

This insurance will protect you against adverse exchange rate movements when tendering for contracts in a foreign currency. If the currency weakens between submission of your business tendering and winning the contract, you could lose a lot of money.

Some private credit insurers offer this insurance.

See government help for exporters.

Export credit insurance can be divided into two types - short and medium/long-term.

Consumer goods, raw materials and other similar items are normally sold on cash or short payment terms of less than two years. Your insurance broker or banker may be able to advise you on suitable insurers who will cover short-term risks.

If you plan to export capital or semi-capital goods or services with payment terms exceeding two years, you will need more specialist help. Specialist private sector insurance companies increasingly provide this kind of credit insurance.

However, if you are unable to obtain export credit insurance from the private sector then you may be able to purchase government-backed export insurance from UK Export Finance. For more information, .

Make sure that the credit insurer understands the market in which you are selling, and that they can cover all of the potential risks that you are likely to face. If you are new to exporting, get recommendations from other businesses, from your bank or financial adviser.

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A key problem all exporters face is cashflow - you need to offer credit to win customers, but you also need cash to finance growth.

There are a number of short-term finance options, which smaller exporters will need to access via their bank or a specialist insurance broker.

As with any insurance policy, you should get several quotations before choosing an insurer or a policy. Banks may offer a trade finance package, including cargo insurance.

In the first instance, you will have to decide whether to insure each order, or each part consignment as you dispatch it.

Letters of credit

A letter of credit is a fixed assurance from the buyer's bank in the buyer's country. It is issued on behalf of the buyer to say that payment will be made for the goods or services supplied by your business, providing you comply with all terms and conditions established by the credit.

• If it is a cash contract, the letter of credit terms will provide for payment immediately upon presentation of conforming documents to the issuing bank - ie before goods are released to the customer. Until you are certain of a new customer's credit worthiness, it is best to aim for such payment terms.
• If you have offered credit, the letter of credit terms will state when payment is due, reflecting any extended payment terms you have granted. Your bank may be prepared to provide a short-term loan, for a percentage of the letter of credit, prior to shipment to cover the temporary shortfall. They will then collect from the proceeds of the subsequent presentation of the letter of credit.

See letters of credit.

Factoring

A factor enables you to receive cash within a few days of invoicing, by taking on the ongoing responsibility for collecting your short-term debt.

In some cases the factor will also take on a percentage of the non-payment risk. This is called non-recourse factoring and means the factoring company won't come back to you if the payer defaults.

See factoring and invoice discounting.

Forfaiting

Forfaiting enables exporters to convert a credit sale into a cash sale. However, this is for larger projects and medium- to long-term financing.

Credit insurance facilities

As an exporter you can also raise finance by assigning your credit-insured invoices to banks. In return the bank will offer up to 100 per cent of the insured debt as a loan.

You could ask your bank whether they offer this kind of 91香蕉黄色视频. See also getting paid when exporting.

SMEs and export financing

If you are having problems securing finance or insurance in 91香蕉黄色视频 of UK exports, then government assistance might be available through UK Export Finance.

UK Export Finance is the UK's official export credit agency and works with over 100 private credit insurers and lenders to help UK companies access export finance

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