Marine Insurance

Warehouse

Foreign warehouse: It doesn't stop with processors. Many importers provide advance funds for stock to foreign suppliers as a means of financing that supplier and maintaining a unique supply of seafood. Seafood gets stockpiled awaiting shipment at local warehouses or at the process plant. CRC's investigations often uncover an uninsured condition. Importers often learn that coverage doesn't exist (The importer is not an added insured on the supplier's policy.) or coverage is defective. Rarely is there an effective investigation into this area and the exposures can be as much as $500,000 or even more.