Marine Commodities & Underwriting: Part 1

Do you know the risk of your imported marine commodities?

Listed below are a number of commodities that may require additional underwriting due to elevated risk. As an importer, it’s best if you’re familiar with the regulations certain items are subject to. If you’re importing any of these goods, understand that they are flagged for higher risk depending on country of origin and ultimate destination. Regarding each commodity are applicable questions you may be required to answer.

• Cell Phones: What are the transport security details? How are they packaged? Are the commodities sealed with security tags? What is your experience in the industry?
• Equipment: Is the product new or used? Is it containerized, or loose on-board? What are the dimensions of the equipment? Will it be moved under its own power?
• Gemstones: What type of stones are they? What are the stones used for? If any, what kinds of anti-theft measures are being taken? What is the average value of conveyance?
• Furniture: What percentage of the commodities are assembled vs. un-assembled? How are the goods packaged? Are they made of wood, plastic, or another material?
• Perishable Food Items: Are they frozen or chilled? What is the average value per container? How are the food items packaged?
• Mobile Equipment, Trucks: How are they moved (self-powered or towed)? Is the vehicle empty of liquids outside of fuel?
• Chemicals: Are they corrosive, hazardous, or toxic? How are they packaged?
• Antiques: Have you purchased various items over time then arranged to ship the goods in an FCL, or where the items shipped as they were purchased? Are the commodities professionally packed in the container?
• Firearms: How are the good packaged? Is ammunition shipped with the goods, or separately? Are they new or used firearms?

These are just some of the basic questions you may be asked when importing these commodities. Be sure to know what regulations apply to your imported goods. Stay tuned for the next blog, where we will detail the elevated risk regarding other commonly imported items.