Dear Friends, We will be starting a series of "What is xxx Insurance" posts over the coming weeks. These will give you our friends a basic understanding of this class of insurance and lets you consider if you or your business is impacted by it. First Up What is Marine Cargo Insurance ? Goods of all description are constantly being transported not only from one country to another but also within a country. The goods may be carried by sea, by air, by rail or by road. They are exposed to hazards normally associated with such transportation. Marine Cargo Insurance, therefore, provides the insured with indemnity for loss or damage to the goods during transit A Marine Cargo Insurance policy includes cover for land transit commencing from the moment the goods leaves the place of storage until they arrive at the final warehouse. For administrative convenience, most insurers cover air cargo, inland transit, parcel post & carryings by courier within Marin Cargo Department. For the above reasons, the term "Marine Cargo Insurance" is often loosely used to refer to all terms of Cargo Insurance, regardless of how the cargoes are transported. It is sometimes said that this type of insurance should be more appropriately called "Transit Insurance" The Need for Marine Cargo Insurance ? Modern trade & commerce cannot function without Marine Cargo Insurance. The movement of raw materials & manufactured goods between countries & the internal movement within the country itself involve credit and cash transactions worth millions of dollars. Serious loss or damage to a cargo can create financial difficulties for the buyer, seller or any other party having an interest in the goods Thus, such contingencies need protected against via some form of transportation insurance, essentially Marine Cargo Insurance Source : Singapore College of Insurance Limited
Posted on: Tue, 08 Oct 2013 09:45:45 +0000
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