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Why insure in New Zealand?

Whether you’re importing or exporting cargo, arranging insurance through a broker or adviser in New Zealand puts you in control.

You’ll benefit from:

  • Insurance conditions that suit your requirements
  • Great customer service
  • Confidence that our team in New Zealand can deal with any issues quickly anywhere in the world
  • Awareness of any risk management issues
  • No hidden costs
  • The knowledge that you’re supporting the New Zealand economy

For exporters

If you’re selling goods to an overseas buyer on Cost, Insurance and Freight (CIF) terms, you have control over arranging marine insurance for the goods in transit.

How it works:

  • If you’re the exporter, we’ll issue the policy in your name
  • Until risk for the goods transfers to the buyer under the terms of sale contract, you’re still responsible for loss or damage to the goods in transit
  • When risk in the goods passes from seller to buyer, the insurance certificate is assigned to the overseas buyer
  • If the goods are lost or damaged in transit, the buyer is then able to make a claim under their own name

CIF terms – benefits to exporters

Using CIF terms of sale can give exporters many advantages. Most insurance brokers will recommend that exporters sell on these terms.

  • You can pass on the cost of marine insurance to the overseas buyer through the CIF invoice
  • Prior to shipment, you can work with your insurer to make sure the marine insurance cover will meet the needs of both you and your overseas buyer
  • You can protect your hard won overseas markets by providing insurance through a world class company that has claims settlement contacts in your buyers’ countries
  • It can save you money. If you don’t have annual cover that includes a CIF facility, there will be an additional cost for arranging separate marine insurance policies to cover your risk in the goods until ownership and risk pass to the overseas buyer under the sales contract terms
  • If you have a claim that occurs overseas, the survey reports we obtain can assist with your future risk management and allow you to plan for any potential marketing issues.
  • The knowledge that you’re supporting the New Zealand economy

Importers

It’s often a good idea for importers to arrange marine transit insurance for their goods. In the past, having their own insurance has often proved crucial for New Zealand importers.

Although modernised shipping techniques have greatly reduced some transportation dangers, the insurance claims payments on New Zealand imports are millions of dollars each year.

Importers should consider importing on Cost and Freight (CFR) terms, rather than Cost, Insurance and Freight (CIF) terms. CFR terms are more beneficial terms for importers, and it means you won’t have to deal with a foreign insurer in a different time zone.

CIF terms – benefits to importers

  • Arranging your insurance in New Zealand gives you certainty about costs. If you do, you have control over what you pay in marine insurance premiums. Otherwise there may be additional hidden costs loaded by the seller that you’re not aware of.
  • You can arrange a policy to suit your needs. CIF terms sometimes mean a shortfall in protection.
  • You can select your preferred insurer, with whom you may already have other insurance.
  • Claims for lost or damaged goods can be dealt with by your insurer in New Zealand – making the claims process more straightforward. Any issues that crop up can be resolved more quickly and easily.
  • You’ll have control over the claims process, including being told straight away exactly what documentation is required for your claim to be finalised – ensuring your settlement is made as quickly as possible.
  • You reduce any currency exchange risks.

Why insure in New Zealand?

Whether you’re importing or exporting cargo, you can keep control by arranging your own cargo insurance with a broker or adviser in New Zealand.

Find out more

Get insured with Vero

For expert advice on how Vero can help you with your insurance needs, talk to a broker or adviser. Our locator helps you find a broker or adviser near you.

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