Are you a business owner who relies on sensitive stock or inventory that’s prone to deterioration? Do you worry about the financial impact of spoilage, damage, or decay of your valuable goods? Look no further than GoldStar Insurance Company Ltd.

Our Deterioration of Stock Insurance policy is a specialized type of insurance designed to cover losses that occur when stock or inventory deteriorates due to various specified risks. This type of insurance is particularly important for businesses that deal with perishable goods, such as food and beverage manufacturers, cold storage facilities, and pharmaceuticals.

It’s the perfect follow-up to our Machinery Breakdown insurance policy. No need to worry about your fruits, vegetables, fresh meat, dairy products and other goods requiring cold storage. 

This policy is designed to protect your goods from the risk of deterioration in cold storage following a machinery breakdown.

Here are some key coverages under the Deterioration of Stock Insurance:

Deterioration Due to Equipment Breakdown

This covers losses resulting from the breakdown of refrigeration or cooling equipment, leading to spoilage or deterioration of perishable stock.

Power Failure

This provides coverage for stock deterioration resulting from a failure of the public power supply, causing refrigeration or cooling systems to stop functioning.

Contamination

This protects against losses due to contamination of stock caused by refrigerant leakage or other substances that render the stock unusable or unsafe.

Accidental Damage

This covers deterioration of stock resulting from accidental physical damage to refrigeration or cooling equipment, such as from a collision or impact.

GoldStar Practical Examples

Below are some key scenarios that could be covered by our comprehensive Deterioration of Stock Insurance policy:

Refrigeration Breakdown

A cold storage facility experiences a refrigeration unit breakdown, causing the temperature to rise and resulting in the spoilage of thousands of dollars’ worth of frozen food. Deterioration of Stock Insurance would cover the loss.

Power Outage

A grocery store faces a prolonged power outage due to a storm, leading to the deterioration of refrigerated and frozen goods. The insurance policy would compensate for the loss.

Contamination Incident

A refrigerant leak contaminates a pharmaceutical company’s stock of vaccines, rendering them unusable. The insurance would cover the cost of the spoiled stock.

The GoldStar Deterioration of Stock insurance policy covers you against losses or damages due to fluctuations in temperature, unforeseen escape of refrigerants into the cold storage rooms, or improper storage atmosphere resulting directly from any material damage.