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The major elements of international trade are balance of payments that is made up of invisibles, visibles, and current accounts for the purpose of recording all financial dealings with foreigners, correcting a deficit, and exchange rates. Balance of payments is used to monitor international monetary transactions for a specific period and tracks the money going in and out of a country. The BOP is divided into current, capital, and financial accounts. The current account captures credits and debits related to the trade of merchandise that are bought, sold, or donated in the form of aid. The capital account consists of monetary flows from debt forgiveness, the transfer of goods, and financial assets by migrants leaving or entering a country, and other fixed assets. The financial account relates to monetary flows on business investments, real estate, bonds, and stocks. Government assets such as foreign reserves, gold, and special drawing rights are also included. Within the elements of international trade, there are country risk, foreign exchange risk, and fraud. The political and economic stability of a country, and exchange controls all play into country risk. If a country experiences civil war or sudden changes in government, they may not keep the terms of trade contracts and may default on foreign debt commitments as a result of these political issues. According to Boland, (2015), most banks have specialized units dealing with country risk and they control the level of exposure that bank will assume for each country. Foreign exchange risk as another factor that is a big part of international trade as the trader is always at the mercy of exchange rate fluctuations due to various economic, and political changes amongst other speculative reasons. Traders must stay connected to trading rooms in banks to keep abreast of the exchange market and enter into forward foreign exchange contracts to guard their profit margin. Fraud is another risk associated with international trade such as documentation, counterpart, and insurance fraud in addition to cargo theft. For mitigating risks associated with international trade, buyers should ensure sufficient insurance coverage is in place to guard against risk such as transit risk. Buyers and sellers should also conduct business in the same currency to minimize foreign exchange risk in addition to entering into a forward or option foreign exchange contract with a bank. The seller should also ensure that sales contracts or documentary credits do not contain ambiguous or erroneous terms and conditions that are subject to dispute.
The insurer will pay, as well, extra expenses that you incur to avoid or minimize the suspension of operations. Such extra expenses often include costs to relocate, and to equip and to operate replacement premises, as well as expenses to repair or to replace property and to restore lost information on damaged valuable papers and records.
The SGLI Online Enrollment System (SOES) allows Servicemembers with full-time SGLI coverage to make fast and easy changes to their life insurance coverage and beneficiary information any time without completing a paper form or making a trip to their personnel office.
People who have valuable jewelry should visit their insurance agent, taking either sales receipts or a current appraisal by a member of the American Society of Appraisers and arrange for coverage against loss and theft. Because few companies insure jewelry alone, the protection will probably take the form of a rider to a homeowners' or renters' policy.
What would you do if your organization's valuable papers and records were damaged a flood or fire? This article presents the types of insurance coverage available for valuable records and suggested methods of protecting them. Also includes a case study.
More Coverage for Valuable Papers and Records – As part of your loss control plan, to the extent feasible, you should keep backup copies of records in a separate location and valuable papers in a fire proof safe or a bank safety deposit box.
Provides coverage for direct physical loss or damage to the Post home or its contents. In addition, the policy covers equipment breakdown coverage, property in transit, business personal property of others, property off premises, accounts receivable and valuable papers. Optional coverages include: business income, glass and computer.
Homeowners insurance is much more than coverage for your residence, it also provides protection for your jewelry, furs, important papers, antiques and other valuables. Coverage is available for watercraft and sports equipment as well.
For the purpose of this definition, valuable papers include written, printed, or otherwise inscribed documents and records, including books, maps, films, drawings, abstracts, deeds, mortgages, and manuscripts.
For some businesses, however, it may be in the nature of the business that certain valuable papers and records are vulnerable to property loss. Should you lose valuable papers and records as the result of a covered cause of loss, your basic BOP will pay the expense, up to your policy limit, to reconstruct the records.
"Valuable papers and records" usually is defined to include almost all forms of printed documents or records except money or securities; data processing programs, data, and media are usually excluded.
If needed, you may add more coverage to your BOP for the cost to reconstruct valuable papers and records, including those that exist on electronic media. The covered property includes documents, manuscripts and records (including abstracts, books, deeds, drawings, films, maps or mortgages). It also includes electronic data processing, recording or storage media; data stored on such media; and programming records used for electronic data processing or electronically controlled equipment.