Product Liability Insurance
China's main bodies of export comprise primary products, industrial products and consumer products. The targeted categories includes textiles, garments, foot wear, toys, light and heavy machinery and equipment, white and brown goods, telecommunicaitons, food & related items, petrochemicals, chemicals, consumer electronics and cement, and auto parts.
In order to balance premium and exposure, we aim at arranging insurance to products normally declined by major insurers which are prepared to provide coverage at cheap premiums to general products, such as textile and garments. Emphasis of production shall be in the areas of toys, industrial tools and machinery, and auto parts of moderate risks.
There are three major bases of export in China, namely the Pearl River Delta, Yangtze River Delta and Boahai Area to account for almost 60% of the exports from China in 2005. Whereas the Boahai Area including Beijing, Tianjin and Shangdong being too far from our bases, marketing effort shall concentrate on the two Deltas which include the following major cities:
- Pearl River Delta - Shenzen, Donguan and Guangzhou
- Yangtze River Delta - Shanghai, Suzhou, Ningbo and Hangzhou
With exptensive networks in these bases, Bestfi expects to reach clients of preferred quality effectively and identify causes of a loss, if any.
There are three anchor brokerage operations to produce business, Bestfi Insurance Brokers in Hong Kong, Chang Cheng Insurance Brokers in Guangzhou, and Alltrust Insurance Brokers in Shanghai. These brokers shall assist other retail brokers in technical aspects and production support.
In addition to being the wholesale broker to coordinate underwriting information for all submissions, Bestic shall also arrange excess policies through its correspondent brokers in London and USA, in the event of higher limits required.