Brexit has been in the news almost constantly over the last few months but as a specialist in the insurance industry, one article in particular has caught our eye. The news that Majestic wine are set to stockpile more than 1million extra bottles of wine from its European supplier countries including France, Spain and Italy. It is thought that this could equate to between £5-8milion worth of extra stock likely to be bought in early next year. This is reportedly part of their planning in case of a no deal Brexit outcome and the potential for supply chain issues in March 2019 once the Brexit deadline is reached. Concerns mostly rest with the potential for transport delays as a result of possible border checks once the UK leaves the EU.
Majestic wine is not the only company known to be planning a stock increase – other reports suggest drug makers, food and car manufacturers are all considering or already working to stockpile.
If your business is in the same position of sourcing products from European countries and are planning to increase your stock holdings due to Brexit concerns, then please do bear in mind the impacts this may have on your business insurance coverage or other insurance products.
Insurance policies will typically define a sum insured amount in the policy wording so please do check this to ensure any additional stock holding will still leave you within your insured limits. You do not want to find yourself in the position of being underinsured something which could put your business under significant strain if you were to need to make a claim.
If you have a policy with Anthony Jones and are planning any changes to your stock levels and have any concerns or question about your insurance coverage please do give us a call or get in touch and we will be more than happy to help.