The Port of New York and New Jersey is not only the third-largest seaport in North America, but it’s also home to the largest maritime center on the East Coast. Due to the expansion of the Panama Canal in order to undertake more activity through larger container vessels such as the Panamax vessels, more expenditures occurred.
Since the number of goods being transported has increased exponentially, those in the supply management and logistics industry have a lot to consider. Getting commercial insurance that includes marine cargo/stock throughput coverage might be the best route for the longevity of your business.
Inventory is always going to be on the move, meaning it has to be protected during transport, being made and while being stored. This could include raw materials, partially and fully completed parts.
David G. Sayles offers the insurance coverage and expertise needed to truly tackle this industry. If you’re not sure about purchasing extra coverage, here’s what you need to know about why you should. Without STP coverage, things could go south fast. Grabbing this coverage is not only helpful, but it also makes sense to get it for anyone in this particular industry.
Why Marine Cargo/Stock Throughput Coverage is Essential
The amount of goods that are on the move through the water is substantial. Keeping them protected is necessary because things can always go wrong, especially when traveling on the water.
Importers, exports, warehouses, manufacturers and distributors all have a lot at stake in this industry. If you want your goods to be covered at all times, having this dire coverage is the way to go for the long-term.
But why is this coverage so beneficial to those in this industry? It’s imperative to know every benefit that comes with getting STP coverage.
The Benefits Behind STP Coverage
Not only are you getting the coverage you want and need, but you’re also getting more control of inventory risks throughout the entire supply chain – from the supplier or point of origin through the goods’ final destination.
When looking for extensive, comprehensive and exclusive insurance, it’s always good to be incredibly thorough. Sometimes, just your basic commercial insurance isn’t going to cut it when it comes to protection at every possible angle. In fact, the entire process of handling these goods is fragile, according to Marsh.
That’s why it never hurts to cover your tracks at any given time. Some benefits to having this type of coverage include:
- Closing potential gaps
- Obtaining global coverage for windstorm, flood, and earthquake
- The option of choosing between insuring for cost, insurance, freight (CIF) +10 percent or selling price
- Flat deductibles
- Broad wording customized to individual circumstances
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of business owners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.