Tokio Marine Kiln (TMK) and Rezylient Insurance Agency, a wholly owned subsidiary of FloraTrace, have launched a new trade disruption product aimed to improve ethical practices in global supply chains.
With new regulations such as the UFLPA in the US, requiring greater transparency around the origins of imported goods, the new Rezylient product was created to provide financial protection against disruptions to supply chains, alongside a suite of risk management tools.
According to the announcement, Rezylient will ensure that fair working practices have been upheld at every stage of the supply chain and will provide cover for the financial costs, often significant, which can occur when goods are subjected to stringent border checks to ensure compliance with new regulations.
Businesses will also benefit from the product’s proactive, scientific risk management tool – powered by FloraTrace tracing technology. These will allow them to better interrogate their supply chains and, where necessary, change or improve their supply chain partner network.
Additionally, the tools enable importing businesses to showcase the responsible business practices undertaken at every stage of goods’ manufacture enabling swift resolution of delays at checkpoints.
Rob Jarvis, Head of Innovation at Tokio Marine Kiln, commented: “Rezylient Trade Disruption Insurance is a game changer for importers and a testament to Tokio Marine Kiln’s commitment to driving positive change and ethical business practices.
“Businesses relying on global supply chains have a responsibility to ensure that their goods are responsibly sourced, but a patchwork of regulations and reporting standards around the world can make this difficult to verify.
“Rezylient Trade Disruption Insurance helps importers make the necessary background checks, provides cover should their goods be delayed for inspection as well as the evidence to showcase that all required standards have been met.”
Jarvis highlighted that an innovative product such as Rezylient Trade Disruption Insurance represents the best of the market as it provides “an innovative solution which addresses a new and evolving client need while helping businesses attain new standards in social responsibility and ethical business practice.”
CEO, Terje Gloerstad, FloraTrace added: “We’re proud to have the backing of Tokio Marine Kiln – one of the leading insurers at Lloyd’s with fantastic reputation for innovation and service – in bringing this product to market. Rezylient’s Trade Disruption Insurance is more than just a policy; it’s a strategic asset for importers, in today’s volatile global trade environment, businesses need to be prepared for risk.
“ Any company importing products, can incur huge costs from detentions at the border. Rezylient offers them a crucial tool of evidence for speedy resolution and the financial protection they need, along with the intelligence to navigate the complexities of international trade.”
