Insure your stock and limit your exposure to risk during the process from raw material to final product within a single policy (commonly known as stock throughput). Midas will ensure seamless coverage on a global basis with the right stock throughput policy, while also helping to save you money by simplifying the administration requirements.
As a specialist broker, Midas understands that each industry has a unique set of issues and associated risks. We work closely with our clients to develop and provide cost-effective solutions tailored to these needs.
Stock throughput insurance includes coverage for all transit and stock exposure in a single policy.
View the diagram below for a visual representation of the potential components of this comprehensive policy offering.
Local purchases of supplies, raw materials and/or finished products
Import of purchases of raw materials or finished products and their transport to factory or distribution warehouse
Pre-manufacture of stock
Factory, including during manufacturing, not including losses resulting from the manufacturing process
Storage of finished products from the factories
Local distribution to final destination
Overseas storage
Transport to the final customer overseas
Stock throughput insurance is a complex area. It can be difficult to choose the right policy that meets your needs. Working with a specialist marine and cargo insurance broker like Midas can simplify the process, as we work with you to tailor the right policy for your industry, commodity, factories, voyages and conditions.
Policies designed to fit your business requirements
When considering stock throughput insurance you need a policy that is tailor-made for your business. An excellent stock throughput insurance policy will give you the following benefits:
- Provide cover for all of your business’s transit and static stock requirements
- Complete end-to-end voyage cover from imports, right through to final customer delivery all under one insurance policy
- A single policy and simplified premium basis reduces administration requirements with no time-consuming declarations to submit
- Significant reduction in risk as gaps in the cover are significantly reduced or eliminated
- Stock can be valued on a selling price basis, thereby including the profit element and potentially reducing the need for business interruption coverage
- Can include coverage at third-party locations
- Applies to any type of cargo/stock
- Earthquake, flood and windstorm locations possible
- Eliminates the need to have a separate marine cargo insurance policy
- Ultimately reduces your risk and provides you with peace of mind
Five reasons to choose us as your insurance broker
It makes good business sense to use a specialist broker such as Midas when choosing stock throughput insurance. Here are five reasons why choosing Midas makes the best sense:
1
Midas is a specialist in the area of marine and cargo insurance, with more than 35 years of experience
2
Midas is a broker, not an insurance company. Most people use us for stock throughput insurance because of our experience with the dreaded ‘fine print’, i.e. policy exclusions, terms & conditions
3
With stock throughput it’s not one-product-fits-all. At Midas we work in partnership with you to tailor a policy to suit your business, commodity, factories, voyages and conditions
4
At Midas we work with you, the client, not the insurance company
5
In the unlikely event that you do need to make a claim, Midas is on your side and will assist you to liaise with the insurance company to process your claim in an efficient and timely manner
What all this equates to is reducing your risk and tailoring the best value for money policy for you and your business.
The best underwriters at highly competitive rates
In addition to our wide knowledge of general insurance, our team also has experience in the London marine cargo and hull insurance market. Not only can we access all the leading Australian insurance companies but can also access international insurance markets, such as Lloyd’s and the International Underwriting Association of London.
With Midas on your side, you are assured of getting the most favourable rates and insurance coverage.
Take the first step by getting in touch today
Contact Midas Insurance today on 1300 664 272 to have a member of our expert team assist you in tailoring the right stock throughput insurance policy that meets your needs.
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