Program expands foreign trade insurance options

The Foreign Trade Escort Program, providing foreign trade enterprise insurance products with higher cost efficiency, broader coverage and more flexible options, was recently launched in Nanjing.

The program was jointly launched by Made-in-China.com, XinYiZhan Insurance Network and four insurance companies. Foreign trade enterprises can make appointments to learn about product liability insurance and export credit insurance solutions in the "Foreign Trade Service Mall" section of Made in China.com.

For now, Chinese export products are facing more challenges than ever before. Uncertainties such as protectionism, rising accounts receivable and unclear product liability attribution all increase the legal risks of foreign trade orders.

Guo Tingli, president of XinYiZhan Insurance Network, said for Chinese foreign trade enterprises, actively using insurance to avoid risks trading overseas and to enhance security for their export orders is as important as preventing risks by conservative solutions, for instance, identifying regions with high risks.

Insurance plays a crucial part of the whole chain of foreign trade services. For foreign trade enterprises, both export product liability insurance and export credit insurance can prevent and control the risks in international trade, said Cao Rui, vice-president of Made-in-China.com.

"Foreign trade insurance is especially important for small and medium-sized foreign trade enterprises, since they have weaker anti-risk ability," Cao added.

He Jingwei contributed to this story.