Marine cargo insurance protects companies against damage and loss during the transportation of goods by and across the sea.
Marine cargo insurance can also cover salvage and rescue costs that may be incurred in the event of an accident.
The insurance can be taken out by either the shipper or consignee of the goods and covers various risks, including damage, loss, theft or robbery.
Insurance companies offer different types of marine cargo insurance, such as all-risk insurance that provides comprehensive protection or specific insurance that covers only certain risks. The insurance should also take into account the local laws and regulations that apply in the country from which the goods are being shipped, as well as in the country where they are being received.
Companies that transport goods by sea should purchase marine cargo insurance to protect their business and goods. Industries such as retail, consumer goods, industrial, manufacturing, technology and mining are particularly vulnerable to damage during transit. However, even companies that only occasionally transport goods should purchase ocean cargo insurance to protect themselves from unexpected damage and costs. The amount of insurance coverage depends on various factors, such as the type of goods transported, the distance, the means of transport and the risks associated with the shipment.
Marine cargo insurance is particularly important for companies that operate internationally and transport large quantities of goods. It also makes sense when goods are transported via inland waterways or in combination with other means of transport such as trucks or aircraft.
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