Bicycle and accessory exports to USA from UK show growth
Exports of bicycles and accessories have risen by 15% so far in 2020, tallying £173.2 million in value. Specifically to the USA, bicycle and accessory exports rose by 28.2% in the first quarter of 2020 compared to like-for-like data in 2019.
The increase in global bicycle supply and demand is expected to have boomed as Governments across the world encourage a change in transport habits arising from the Coronavirus pandemic.
As we find ourselves in unusual times, whichever products you are exporting to the USA, it is more important than ever to ensure you have the correct insurance cover in place.
Here are our Top Tips to ensure you get the correct insurance cover when exporting from the UK to the USA
(1) Firstly, be aware of the differences in the types of insurance cover available in the USA and Canada.
(2) Make sure you understand your exposures when exporting to the USA and Canada.
(3) It’s important to remember that the US is made up of 50 states but 51 insurance jurisdictions, each with different rules and regulations
(4) Remember that your duties to customers are often more onerous than in the UK. Try to prevent any possible accusations of ‘failure to warn’ relating to your products.
(5) Be mindful of the litigious environment and high payouts in the USA and make sure that you have the right insurance cover in place in case of possible lawsuits.
(6) Legal action can come from individuals, businesses or class actions where lots of people take action against you or your company because they have suffered from using your product. Make sure that your insurance limits are high enough. As an example, think of the substantial amount of damages that might be awarded against you in something like a product liability case.
(7) Do not assume that a UK insurance policy can just be extended to cover the US.
(8) Insurance to cover your liabilities in the USA must be flexible enough to be scalable with your business requirements.
We’re not a call centre and don’t rely on what a computer is telling us. Whilst we use a high level of technology within our business we haven’t forgotten that specialist insurance needs knowledge and experience.
For peace of mind and to ensure you have insurance that provides the correct product liability protection when exporting to North America please contact one of our USA Protect specialists today, who have expertise and knowledge of the US business environment.
USA Protect is a trading style of Real Insurance. 01623 889530.