Imagine the following – out in your warehouse, an ocean container with a shipment of new inventory just tipped over as the mis-operated gantry was preparing to strip-out. As a result, $100,000 of goods just sheared into chips, worthy perhaps for use in a nice terrazzo or mosaic application, or for sale to the local garden store as a ground cover.
Or, was that $250,000 in goods?
Why the discrepancy? Let’s assume that the $100,000 was your cost, but that the product could have been sold for $250,000. Had the loss happened during delivery, a typical ocean policy would provide CIF+10%, or $110,000. On land, most Property insurance policies pay replacement cost on inventory, which in this instance wouldn’t even give you the 10% provided by the Ocean policy.
Do your policies take your margins into consideration?
The Solution – The Property Policy available through the Marble, Stone and Tile Insurance Connection covers your goods at Sales Price – – so regardless of whether the damage happens on the ocean or in an accident while in your inventory, your business doesn’t suffer.