Benefits of Stock Throughput Insurance

There are many risks that threaten your organisation when it transports or stores cargo. To protect your business, you can buy insurance for each individual risk that may occur, but that could leave your organisation exposed to potential gaps.

Rather can purchasing multiple policies, you only have to purchase one. Stock throughput (STP) policies, also known as all risks marine cargo policies, combine marine transit and storage risks. Sometimes referred to as ‘cradle-to-grave cover’, SPT policies cover raw materiasl from the source of production to their final destination. Cargo is typically covered anywhere in the world, at all locations, including when the cargo is being held by subcontractors. The value of this type of policy is its seamlessness – it helps you avoid potential duplication and gaps in cover that can occur if you were to insure the transport and storage of your cargo multiple policies. It also offers a single reference point in the event of a claim. STP policies are created to suit your needs and offer a number of important benefits, which may include the following:

Eliminate gaps

Rather than purchasing several policies with different premiums, excesses and insurers, STP offers a single, seamless policy, which eliminates any gaps in cover.

Reduces administration

Generally, your organisation would not have to meet shipment or location reporting requirements which saves you time. In addition, you can base your premium on a sing rate applied to sales turnover.

Lowers premium spending

Purchasing a single policy rather than several affords your organisation bulk purchasing power, which generally results in a lower premium.

Allows you to store your goods indefinitely

No matter how long your cargo may sit in storage, it will be protected under the policy.

Offers competitive stock excess

Generally stock excesses are lower in the cargo market

Promises a simple claims experience

With one policy rather than several, STP promises streamlined claims settlement.

Provides beneficial stock limits

With a STP policy your cargo is covered at any one location which alleviates the need for named location limits.

Provides flexibility in your policy

You control which exposures you’d like covered based on your individual circumstances. The result is a bespoke policy tailored to your specific needs. If your business would benefit from this type of cover, get in touch and we’d be happy to provide you with a quotation.  

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