Unrest in the Middle East, earthquakes in Asia, hurricanes in the Atlantic—all can wreak havoc on businesses half a world away. From oil to semiconductors, the world economy thrives on the timely shipping and sourcing of product. The inability to execute a seamless supply chain can cost corporations in both supply and share price.
Any number of events can disrupt your supply chain, and accounting for them all adds layer upon layer of complication to any effort to mitigate your risk. That’s why Willis has established its Trade Disruption practice.
Trade Disruption Insurance provides global enterprises with protection from:
- loss of profits
- extra expense
- contractual penalties
- delayed debt repayment
- increased operating expenses incurred because of delay or non-delivery of a product along the supply route stemming from a variety of perils, such as:
- license cancellations
- trade sanctions
Risk of physical loss of a global enterprise is also recognized by Trade Distribution Insurance, defined as damage or closure of infrastructure. Physical loss may be due to:
- volcanic ash
- port blockage
- breakdown of vessels
- insolvency of a named supplied or customer