FloraTrace, Rezylient Offer New UFLPA Detention Insurance
FloraTrace is launching new insurance coverage for importers facing unforeseen expenses due to enforcement of the Uyghur Forced Labor Prevention Act, it said in a March 4 news release. Offered through its subsidiary Rezylient, the coverage will be triggered by…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
receipt of a UFLPA detention notice, with covered losses potentially including storage of a detained entry, attorney fees, consultant fees, demurrage, drayage fees, exam fees, and extra costs and expenses including supply chain tracing subject to agreement by underwriters, Rezylient said on its website. The insurance may also be paired with FloraTrace’s origin testing and verification services, providing “financial protection against unforeseen detentions and disruptions in the supply chain, while also offering importers a proactive tool for risk management,” the news release said.