As Malawi approaches the peak of its international trading season, Standard Bank is extending a transit goods insurance cover to its customers called TradeSure.
TradeSure will be provided in partnership with insurer Nico General Insurance Company.
Standard Bank’s Head of Personal Markets, Charity Mughogho said TradeSure is an exclusive insurance product that covers individual shipments from origin to final destination and includes cover for both the onshore and offshore transit of goods across African borders and overseas.
“TradeSure is the latest addition to the wide range of Business and Personal insurance products that Standard Bank is offering under its Bancassurance service bouquet. It has been designed with the needs of the trading customer in mind as it covers risk of imports and exports,” she said.
Mughogho said TradeSure provides a meaningful, reliable and easy one-stop shop alternative cover for shipments during an entire voyage that has a clear hassle-free claims procedure.
She said Standard Bank’s customers would be required to pay single premiums upfront to cover their transit goods by either arranging a debit order or through cheques at the bank’s designated branches.
“Upon payment of the premium, Standard Bank issues a Tradesure Coupon with clearly set-out terms and conditions, excesses and exclusions of the cover. As the name suggests, TradeSure is a sure way of eliminating the uncertainty of how to deal with the risk that your transit goods may attract from origin to destination,” said Mughogho.
She said TradeSure has come at an opportune time as Malawi’s primary agricultural commodities are at markets awaiting export.
“Many customers are also preparing to start importing farm inputs in preparation for the next farming season, so TradeSure comes in handy,” said Mughogho.
Amongst other bancassurance products Standard Bank offers, insurance in the personal markets space, such as Funeral Plan, Home Loan Protection Plan, vehicle loan protection plan, credit life insurance to mention but a few.