Trading Companies, Import/Exporters, Manufacturers & Sourcing Companies

Insurance Coverage You Need To Stay Successful

The rich history of international trade started with the barter system, essentially shaping the world of commerce we operate in today. As goods were traded further from their point of origin, trade risks increased, creating the first insurance product that started with the concept of risk pooling and standardizations. Trade clients are a fundamental part of our client base. We work closely to decide on Incoterms relevant to sellers and buyers in any export transaction and include the cost, responsibilities and risks of each option in pricing to ensure smooth transactions and avoid potentially costly mistakes.

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Insurance Products

Required?

Insurance Products

Marine Insurance

Coverage for goods in transit.

Benefits

Covers loss/damage to cargo, indemnifying the financial losses of the cargo itself.
Covers repair costs required to restore cargo to a sellable condition.
Covers the cargo owner’s obligations in the event the vessel itself requires saving.
Hedge against disputes related to non-payment due to loss/damage.
Incoterms define the legal obligations of the seller and buyer in the event of loss/damage to goods.

Considerations

Even if you’re not obligated under Incoterms to arrange insurance, there’s no guarantee that a contract counterpart will arrange adequate or any insurance. This is a potential risk when you are operating on credit and ultimately have the most financial exposure in the transaction.
Marine policies need to be structured to suit your operations and ensure how you transport cargo and transact with your customers is adequately covered.
Pay particular attention to warranties, conditions, and deductibles.
Depending on shipment volume, Azure Risk can arrange a standalone open cover or provide per shipment insurance.
For Freight Forwarders, a marine insurance policy can help shift risk in the event of loss/damage to goods while in your custody.

Required?

Yes

Good risk management
Contractual requirement

Insurance Products

Product Liability Insurance

Covering third party claims for property damage, injury or death.

Benefits

Satisfies a vendor/buyer requirement.
Covers claims against the products you supply or sell, legal defense costs, potential judgments, or settlements.
Product Liability Insurance can be used in marketing/pitching efforts to demonstrate a high level of due diligence and increase the ability to attract new customers/clients.

Considerations

Can be extended to cover Product Recall.
To meet the criteria of client/buyer vendor requirements, we assist in reviewing specifications to ensure all minimum insurance policy requirements are met.
As cross border trade involves multiple jurisdictions, it ensures sufficient geographical scope of cover.

Required?

Yes

Good risk management
Contractual requirement

Insurance Products

Professional Indemnity Insurance

Also referred to as Errors and Omissions Insurance (E&O) provides cover against allegations of professional negligence whilst carrying out your professional service.

Benefits

Covers claims relating to negligence, errors and omissions whilst caring out your professional service.
It can include legal defense costs and potential judgments or settlements.
Satisfies a client/buyer insurance requirement.

Considerations

Limits can be adjusted to suit SMEs through to large corporates.
The escalating number and size of professional liability claims highlight the litigious nature of business environments and the increasing importance of this type of cover.
Professional indemnity insurance can be used in marketing/pitching efforts to demonstrate a high level of due diligence and increase the ability to attract new customers/clients; often a pre-requisite for contract award.
As cross border trade involves multiple jurisdictions, it ensures sufficient geographical scope of cover.
Azure Risk provides tailored, industry-specific packages that cover D&O, Employment Practice Liability, Public Liability, etc.
To meet the criteria of client/buyer vendor requirements, we assist in reviewing specifications to ensure all minimum insurance policy requirements are met.

Required?

Yes

Good risk management
Contractual requirement

Insurance Products

Directors & Officers Liability Insurance

D&O claims can come from a variety of sources, including employees, recipients of services, government bodies and donors.

Directors and Officers (D&O) Liability Insurance protects directors and officers in the event they are personally sued for actual or alleged wrongful acts in managing a company.

Benefits

Designed to protect individuals working in a company in the event they are personally named in litigation or personally held liable.
Improves Key Person retention and attraction. Key personnel may make D&O Insurance a contractual requirement prior to joining. This is commonly seen with boards of director, key managerial staff, and investment managers.
Satisfies a client/buyer insurance requirement.
Contractual requirements may require a company to indemnify and defend directors and officers who have claims made against them. The duty to indemnify may go beyond a company’s ability to pay.

Considerations

Limits can be adjusted to suit SME and Corporates
If required to satisfy a buyer/client’s vendor requirements, we can assist you by reviewing their specifications to ensure the policy meets all minimum insurance requirements
As the trade of goods and services is increasingly cross border, with multiple jurisdictions applying, ensuring sufficient geographical scope of cover is a key consideration

Required?

Yes

Good risk management
Contractual requirement

Insurance Products

Office Insurance

A comprehensive package of office insurance products covering Contents, Public Liability (on premise) and Employees’ Compensation (EC) Insurance.

Benefits

Employees’ compensation insurance protects against Common Law and Statutory liabilities under the laws of the HKSAR.
Efficiently provides cover for contents on an ‘All Risk’ basis and public liability, third party (in premise).

Considerations

Limits can be adjusted to suit SMEs through to large corporates.
It can be extended to cover stock on-premise, in a warehouse or other location.
Hong Kong’s Employees’ Compensation Ordinance is enforced on a strict liability basis, and it’s critical to ensure EC Insurance appropriately covers all employees and clarifies any grey areas related to contractors and volunteers.

Required?

Yes

Good risk management
Contractual requirement
EC Insurance is a compulsory requirement

Insurance Products

Cyber Liability Insurance

Increased reliance on digital systems and access to information online significantly increases our vulnerability to cybersecurity threats. Azure Risk understands how to minimize gaps and tailor coverage for loss, compromise, or electronic data theft. The main areas of cover include:

Business interruption: expenses and lost revenue due to a ransomware attack, distributed denial-of-service (DDOS), operator error (accidental deletion of data), or any other computer virus or malware attack impairing a computer system. Our policies go beyond the cover typically provided in an Office Insurance package.
First-party coverage: expenses relating to recovery from damage to computer programs and electronic data. For example, incident response (an actual or suspected cyber event), data and system recovery, and cyber extortion.
Third-party privacy and network security liability: breaches of personal or corporate information and data protection laws.
Funds transfer fraud and telephone hacking: fund transfer fraud involves a malicious hack; telephone hacking involves unauthorized access to a phone, such as intercepting calls or recording conversations. Social engineering is a type of cybercrime that uses techniques to trick people into sending money or divulging confidential information such as passwords, bank details or other personal, protected or proprietary material. When directed toward business entities, the goal is to fool employees into sending money, diverting a payment or transferring funds to the fraudster.

Benefits

We cover extra expenditures resulting from the physical destruction or theft of information technology assets and typically include costs associated with the following:

Meeting extortion demands from a ransomware attack.
Notifying customers when a security breach has occurred.
Paying legal fees levied as a result of privacy violations.
Hiring computer forensics experts to recover compromised data.
Restoring identities of customers whose PII was compromised.
Recovering altered or stolen data.
Repairing or replacing damaged or compromised computer systems.

Considerations

Limits can be adjusted to suit SMEs through to large corporates.
Organizations need to adapt as quickly as cyber attackers do, and cyber insurance plays a crucial role in overall risk mitigation strategies.
Not all policies provide the same coverage, and it’s critical to understand the differences from each provider to ensure your business is protected.

Required?

Yes

Good risk management
Contractual requirement

Special Offer:

Free Commercial grade Antivirus, Firewall and Cloud Backup for up to 30 windows PCs

Insurance Products

Trade Credit Insurance

Trade Credit Insurance protects against risks such as customers’ insolvency, refusal or inability to pay under the terms of a contract.

Benefits

Protects capital, maintains cash flow and secures earnings.
Access to more attractive financing.
It covers your business-to-business accounts receivable and provides reimbursement for a majority of the outstanding debt.

Considerations

Azure Risk tailors policies to suit each set of unique business requirements.
Understanding credit insurance data can help a business identify creditworthy customers, protect receivables and make trading easier.

Required?

Yes

Good risk management
Contractual requirement

Required?

Insurance Products

Group Medical & Group Life Insurance

Aside from providing customized insurance protection, Group Medical and Life can also be used as employee retention and talent acquisition tool.

Benefits

Covering medical expense, where possible on a direct billing/cashless basis
Wellness benefits helping your colleagues stay healthy
Coverage for both physical and mental health
Medical history disregarded where the group size supports
Medical insurance apps to help with finding doctors and submitting claims

Considerations

Plans can be customized to suit SMEs through to large corporates, with multi-tiers of benefit levels ensuring that staff at all levels can have insurance covered.
Medical History Disregarded is not guaranteed and must be negotiated in
Ensure that the geographical scope of cover matches with the movement of the employees covered
Can be extended to cover dependants
Important to know the difference between scope of benefits and meaningful quality of cover
Not all insurers are created equal, price may be a driver, but it is also important to use a provider with ample resources available to deal with the administration and claims associated with a medical policy