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Ship Shape

When small businesses enter the overseas market, they need to understand the additional risks they may face. Learn the ins and outs of ocean marine insurance.

By Ken Baldwin, CPCU, AMIM | Updated on September 30, 2011

Globalized trade has become so pervasive that its effects can pop up in unexpected ways—unfortunately, sometimes with negative consequences that can catch both insurance agents and their customers by surprise.

Take the simple example of a small business with a customer base firmly rooted in the U.S. that earns some of its revenue from website sales. An order is placed by a buyer in Germany. The company’s owner ships the goods, not realizing that additional insurance coverage may be necessary. He learns that his business package coverage doesn’t extend overseas when something goes wrong—and suddenly the agent may be blamed for not offering the extra coverage needed.

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