Mechanism Of Premium To Be Paid On Single Voyage Marine Cargo Insurance?
Question by Shanza | Posted in Insurance
I am importing some equipment to my country, and I want to know how will the insurance company charge me for the single voyage cargo insurance, i.e. for how many periods I will have to pay premium, I am not interested in open cargo policy as I have to import the equipment only once.
Answer: You want to purchase a Trip Transit policy. This is the coverage form used for a single shipment of property. The coverage remains in effect from the time the shipment is picked up for delivery, while it is in temporary storage, and while it is in transit. When the shipment is delivered to you the coverage ceases.
Marine Insurance Covers A Loss Or Damage To The Cargo During The Transit From An Exporter To An Importer.?
Question by Chloe | Posted in Other - Business & Finance
Marine insurance covers a loss or damage to the cargo during the transit from an exporter to an importer. However, it does not cover any financial loss incurred to an importer from a late shipment or non-shipment. How can an importer protect himself from these types of losses?
Answer: You are quite correct marine insurance is intended to protect the cargo interests against risks in the actual voyage.
With regards to late shipment your contract should include an arbitation clause that would enable you to seek redress if you were not able to make an amicable solution. If the supplier is considered not trustworthy then enforcement is a matter for local courts , which may be of little use.
You can also protect yourself by using a letter of credit. Your supplier will then only get paid if he presents shipping documents in full conformity with your instructions, ie no shipment no payment. This will protect your capital but not the financial losses
Answer: Paul
Sadly none till now but I know of site that will pop up in a month where they planning to build a forum on insurance topics the site would be www.insurancetalk.in
What is duty insurance policy in marine cargo insurance?
what is seller's contigency policy ?
Answer: I know it isn't proper to answer a question with a question, but are you selling or buying this coverage? If you are buying, then have your agent answer this for you--it is much to complicated to go into here. If you are an agent and selling this to a client, you should get with your carrier and get a sample policy. It will have all of the definitions in it.
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Marine Cargo Insurance for Commercial Exports
Marine cargo insurance is also called freight insurance, maritime insurance, ocean marine insurance or simply marine insurance. Marine Insurance Exclusions Most marine cargo insurance policies do not reimburse for losses caused by improper packing or when customs officials reject the delivered goods. Marine cargo insurance is a form of export insurance that covers goods during their shipment to a foreign country overseas. Marine cargo insurance companies provide financial reimbursement for financial losses if exported goods are damaged or destroyed before delivery to the importer....
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