Insure your goods and secure your supply chain with the Ad Valorem insurance ! In case of damage or loss, what should you do? Who pays you back? Wondering why and how it works ? If so, bear with us ! We've got you covered in this article.
First of all, "Ad Valorem" means "according to value". It is an additional insurance policy taken out for each transport, which price depends on the value of the insured goods. It makes up for the low legal compensation provided in the event of transport disputes.
Nature of the guarantee
The insurance is on behalf of Bansard International clients who have sent a written mandate to provide AD VALOREM insurance with.
The guarantee covers damage, theft and loss of equipment suffered by goods during transport. The coverage for risks of war, strikes, riots, civil unrest and similar risks is available on request.
The insurance covers the merchandise only. Reimbursement of transport costs is therefore not covered. It covers damage and loss: destruction, deterioration, theft and disappearance during transport.
The following damages are excluded caused by:
- The inherent defect of the goods,
- Insufficient or unsuitable packaging,
- Any damage that occurs on the sender's end,
- The influence of atmospheric temperature.
What value should you declare for your shipment?
You must rely on the original sale or resale invoice. This document will subsequently allow you to certify the declared value of the goods. This is one of the documents that the insurer may ask you to provide.
As a professional, you must declare the pre-tax value of the invoice.
A complete file for the insurance...
Under no circumstance can a compensation procedure be initiated until your file is completed.
Insurance in practice within Bansard International group
We have chosen to work with MS Amlin Marine NV, a world-leading insurer : No. 1 in Japan and Southeast Asia and ranked 8th in the world for non-life insurance. Moreover, the company has excellent financial ratings and has been present on the market for almost 300 years.
At Bansard International Group, clients are offered to opt for an Ad Valorem supplementary insurance when they fill in a quotation request.
What happens if I don't have ad-valorem insurance?
Compensation is of course provided if anything happens to your goods in transit. However, they are limited to specified ceilings determined by the means of transport and the weight of your goods.
With Ad Valorem insurance, your import or export operations have never been more easeful !
For more details or a request, please contact us.