Export and Import cargo insurance meets contractual requirements that may oblige you to protect buyer's or their banker's interest. This is an important aspect while shipping goods CIF and CIP.
This Marine Insurance cover offers overall protection to your cargo because freight forwarder and carriers' liability in the event of loss is limited. Also, they are not legally responsible for the most common causes of loss.
Export import cargo insurance can be customised specifically to your requirement. For instance, damage to cargo due to heating, breakage, leakage or damage due to extraneous causes can be covered.
Export insurance follows internationally accepted principles of total and average loss while estimating loss value. Total loss is when the cargo is completely destroyed while the average is when a part of it is damaged.
An Export and Import Insurance is designed to provide compensation to the exporters or importers for the loss or damage to the goods, whilst in transit, due to perils associated with transport. It covers for all possible damages to the cargo either onshore or offshore. This insurance policy can provide cover for the commercial risks (such as faults and delays in payment, bankruptcy) and political risks (such as war, riots, etc.); if they are covered under your policy. This policy can provide cover for multiple export or import shipments and also cover for damage against a lot of named and unnamed perils.
It is the contract between the insurer and the insured, tailored for the insured, for the reimbursement of damages caused to cargo due to various covered perils.
Some of the common types of import export insurance are:
Exporters should carefully evaluate various types of export insurance policies available and select the one that is most suitable to their needs
Wide Risk Coverage
Legal Requirements Cover
Reduced Exposure to Financial Loss
Export Import Insurance Policy is a type of insurance policy that protects businesses engaged in international trade against the risks associated with exporting and importing goods. This policy provides coverage against loss or damage to goods during transit, including sea, air, and land transportation. The policy also covers risks such as non-payment by foreign buyers, political risks such as war or civil unrest, and regulatory risks such as changes in import/export laws. Export insurance coverage provides protection for goods shipped from one country to another, while import coverage provides protection for goods received from another country. Both types of coverage can include risks such as loss, damage, and delay in transit.
Export Import Insurance Policy typically covers three types of risks : marine insurance, credit insurance, and political risk insurance. Marine insurance provides coverage against damage to goods during transportation. Credit insurance covers the risk of non-payment by foreign buyers. Political risk insurance provides coverage against losses due to political events such as war, expropriation, and nationalization.
The coverage under this policy can be tailored to the specific needs of the exporter or importer. This policy provides peace of mind to businesses engaged in international.
Below are the exclusions under an export import policy.
Note: This is just an indicative list. The policy copy will have details of the exclusions mentioned in it.
Insurers offer various types of plans under an export import insurance plan in India based on the needs of the traders. A few common types of export and import insurance policies are:
There are several export insurance companies in India that offer various types of export insurance policies to cover the risks associated with exporting goods from India. A few examples of the export insurance companies in India are:
A marine policy designed for export and import is a very personalized product which depends on the needs of the policyholder/trader. SecureNow can offer you help with buying an insurance that best suits your needs by providing you a platform to compare on the coverages and benefits offered by various insurance companies. We urge you to submit your details on the form above, check for the coverage and submit a purchase request, and an export import insurance expert will get in touch with you within 24 hours to help you identify the best insurance.
Obtaining an export import insurance policy doesn't require a lot of documentation. Two major requirements are:
As soon as the loss is known this should be intimidated to the insurer. Insurer will appoint a surveyor to assess the loss. This would be followed by a list of documents required to establish cohesion and assess the actual loss. After reviewing the document, the insurer would provide a claim assessment. Typically, any marine loss entails disposal of the salvage as well. This could be retained by the client or could be sold to a third-party.
We have specialized marine underwriters and tie-ups with international experts.
We work with all insurers to get you the best options- both in terms of price and features.
Cover notes are issued within hours of request. This ensures that your goods don’t sit idle at any stage.
We manage all aspects of your claim - from survey appointment to documentation to insurer follow-up.
We will advice you on risk management best practices.
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