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Specialist professional indemnity mutual, International Transport Intermediaries Club has advised transport professionals to spend more time sourcing insurance protection to meet risk.
Roger Lewis, ITIC underwriting director, said: “Transport professionals spend less than one per cent of their time buying insurance protection for their business, yet it is often one of their biggest ‘top three’ company expenses. Using that one per cent of time more efficiently has to be a good idea, otherwise the remaining time invested in the business might, one day, all come to nothing.”
Mr Lewis offers three top tips to enable ports to buy insurance "more effectively". Firstly, present yourself as a true professional, avoiding "sloppy proposal or application forms". Secondly, "engage and educate" your broker and insurer about exactly where you are positioned in your industry. And thirdly, if you "get silence back" from your insurers, keep on looking.
"Brokers or insurance companies who will not engage with you at the buying stage are unlikely to want to do so when you need them most. Remember that you may well be relying upon them to help rescue your business in the event of an insurable loss," said Mr Lewis.
