An analysis from ACE UK points out that international trade has taken a major role in the newly elected governing coalition’s economic plans. The U.S. is Britain’s principle trading partner, with 40 percent of all UK trade being with the US.” By supplying just a small percentage of the 300 million plus consumers, this presents UK exporters with “an unquestionable opportunity for growing their bottom line highlighted recently by David Cameron’s comments, encouraging British businesses to focus on winning export opportunities, in an otherwise stagnant marketplace,” said the bulletin.
However, ACE noted that its Corporate Liability Team is “urging UK businesses to carefully consider the risks, as well as the opportunities that this vast market provides.”
Charlotte Williams, UK Corporate Casualty Manager, explained: “Many experienced organizations are of the belief that if their product is safe enough for their UK domestic markets, then, it is safe enough for the US marketplace, this is usually their first mistake. Legal and risk management advice, along with insurance program design, need to cater for the differing exposures that the US trading environment will bring.’
“The US legal system has some unique characteristics that need to be understood,” she continued. “Companies can be found liable in circumstances they are unlikely to be in the UK. Legal fees and medical costs drive up settlement values to levels that can potentially affect the future viability of an organization.
“ACE ‘s liability insurance offering can include cover for US jurisdiction and vendors indemnity for UK companies exporting to the US, without imposing restrictions on the value of export, which underlines our wish to understand our clients’ challenges when exporting to the US.”
ACE also said that it “has drawn on its considerable experience in the export area to develop a risk management guidance paper in addition to their suite of insurance covers. Broker partners can contact ACE to obtain this publication and discuss how to support clients further in this field.”
Williams added: “We believe we are giving our clients a genuine advantage in a competitive world. A good understanding of opportunities and risks are the foundations of success – insurers will compensate losses after an incident, but at ACE we are focused on preventing these negative events from occurring at all.”
Source: ACE UK
Topics USA
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