Sentinel Corporate Risk’s Corporate Insurance team has helped to ship thousands of tonnes of prawns hundreds of miles from Russia to India.
The insurance department at Sentinel Corporate Risk brokered the deal to ensure the $500,000 of seafood was delivered from the frozen Baltic port of St Petersburg in Russia to Chennai in India.
The policy covered the first shipment at the end of February 2011 and will now cover repeat sailings between the destinations.
Peter Millington, Director, said that the policy, brokered by its in-house maritime insurance expert, provides cover for events such as seafood containers being washed overboard to the prawns going off due to increased temperature.”
He said: “You could take the risk of being able to make such a journey, but the chances are that no supplier or buyer would be willing to go ahead with such a deal without insurance.”
Peter added that the policy also covered the supplier against the buyer being unable to pay for the prawns through a trade credit agreement. For further information on trade credit, or import and export insurance, pleae contact Sentinel Corporate Risk on 01772 789455.