Fergusons Insurance Brokers

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39B Davey St Frankston, Victoria
Phone: (613) 9783-3200

I am pleased to confirm that the Kenbrock Group have entrusted their insurance needs to Ferguson Financial Services for over 30 years. During this period we have  intermittently confirmed the rates we have been receiving are fully competitive.

Whilst rates are important it is only one aspect of an Insurance Brokers performance that needs to be evaluated. Ongoing professional advice and service are just as important and Fergusons excel in this regard.

Of course we all take out insurance to protect our business from unforeseen events which could potentially destroy our business.  We had such an event with a serious factory fire. Fortunately we came out unscathed for two reasons: firstly Alan Marsden from Fergusons had carefully crafted our insurance to protect against such contingencies, which included loss of profits insurance; and significantly Alan led us every step of the way through the difficult claim process.  

With total confidence I can recommend Fergusons to any business requiring fair rates supported by total professionalism.

- Trevor Morris
  Managing Director
  Kenbrock Flooring Pty Ltd.

  Emergency After Hours

  0409 411 235

Marine/Goods in Transit (Tools, Stock etc.)

Goods in transit is a term that can apply to a number of different insurances.  Historically it has evolved from the term Marine Insurance which was the first insurance known and was used to “share the risk” of goods being transported on the Yangtze River in China in the 1st millennium B.C.  It is still used in the same way to cover goods in transit by road, rail, sea or air, whether they be imports, exports or inland sending’s within Australia.

GIT/Marine Insurance is a form of insurance riddled with acronyms and although they can seem a bit consuming at first they soon become second nature and it is crucial that businesses sending or receiving goods understand these.  A few of the more common terms refer to how the goods are being sold, for instance if you are purchasing goods

CIF – Cost, Insurance, Freight

This means that the insurance and freight are included in the purchase.  You may still want to check if insurance ceases at the wharf or at your business premises.

FOB – Free on Board

This means no insurance or freight included and the purchaser will need to make arrangements for both.

General Average

Not an acronym but worth noting.  It means you would become responsible for salvage of the vessel on which your goods were being imported if it sank!  So your goods that were only worth say $10,000 could cost you many $1,000’s more in General Average costs.  Luckily this is included in all GIT/Marine policies; another good reason to take out cover.

Like most insurance there are many more clauses, exclusions and endorsements.  A lot of the endorsements are specific to the goods being transported, such as

  • Frozen Food
  • Insufficiency of packing clause
  • Exchange rate clause
  • Replacement clause – used machinery
  • Sealed container clause
  • Wars & strikes clause

Some of the main clauses such as the Institute Cargo Clauses (A) have stood the test of time and are still the same as used in 1982.

As you can imagine this insurance is very complex and you need to ensure you have a good and solid grasp of all the intricacies of the covers or alternately engage the services of an insurance professional to guide you through this possible minefield. 

GOODS IN TRANSIT – TOOLS OF TRADE

Cover is also available for tools/equipment owned by your business in transit throughout Australia.  This can be used for tradesmans tools in a locked van/truck/ute; electronic equipment in transit (laptops, projectors, etc) or high end specialised equipment (theodolites, laser scanners, spectrometers etc).  If it’s of value, you own it and it gets moved around, you can pretty much guarantee cover is available (and probably needed!).

Again there are a number of extensions available on this cover, for instance a tradie can include ‘static risk’ for his tools at home as his household policy generally won’t cover these items, or will have a limit.

Please seek professional advise if you think you have a need for this cover and want to know more.