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.
Export and Import Insurance provides compensation to exporters or importers for loss or damage to goods during transit. This coverage applies to perils associated with transport. It covers for all possible damages to the cargo either onshore or offshore.
This insurance policy can cover commercial risks, including faults, delays in payment, and bankruptcy. It can also cover political risks like war and riots if specified in your policy. This policy covers multiple export or import shipments and protects against various named and unnamed perils. This tailored contract between the insurer and insured helps reimbursing damages to cargo caused by covered perils.
Some of the common types of import export insurance are:
Exporters should assess different export insurance options and choose the one that best fits their requirements.
Wide Risk Coverage
Legal Requirements Cover
Reduced Exposure to Financial Loss
Export Insurance offers safeguards to businesses from financial setbacks when long-term clients fail to pay. By covering accounts receivable, it ensures a stable cash flow, and understanding how credit insurance works is crucial. Diverse modes of transportation further support seamless operations.
Import Export Insurance protects businesses in international trade from risks associated with exporting and importing goods, providing essential coverage for security.
This policy provides coverage against loss or damage to goods during transit, including sea, air, and land transportation. The policy provides protection from non-payment, shielding against financial losses.
Additionally, It protects against political and regulatory risks, including changes in import/export laws started by foreign buyers. Export insurance covers shipped goods, while import coverage protects received goods. 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 resulting from political events such as war, confiscation, and state control. One can tailor the coverage under this policy to meet 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 in India provide different plans under export-import insurance to meet traders' specific needs. A few common types of export and import insurance policies are:
Multiple Indian export insurance companies provide diverse policies covering risks associated with exporting goods from India. Kindly assess and select the most appropriate option. A few examples of the export insurance companies in India are:
SecureNow helps you find a personalized marine insurance for export/import. Compare coverages and benefits from different insurers on our platform to make an informed decision.
Submit your details on the form above, check the coverage, and submit a purchase request. An export-import insurance expert will contact you within 24 hours to assist in identifying the best insurance.
Obtaining an export import insurance policy doesn't require a lot of documentation. Two major requirements are:
As soon as the insured becomes aware of the loss, they should notify the insurer. Insurer will appoint a surveyor to assess the loss. A list of documents required to establish cohesion and assess the actual loss will follow. After reviewing the document, the insurer would provide a claim assessment.
Typically, any marine loss entails disposal of the salvage as well. The client can retain this or sell it to a third party.
Export and import insurance policies protect businesses and cover them against various risks. This policy helps the business owners to secure against a variety of perils involved in export and import transactions. An export and import insurance has various types of policies for different users.
And yes, a customs duty cover can be bought....
The cargo insurance policy is specially designed insurance cover for goods in transit. It offers coverage to freight against all types of losses or damages from external causes during transportation whether by land, sea, or rail.
Usually, cargo insurance policies are freely assignable. However, in the case of insured goods being personal....
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.
See all your contracts renewal information in one place. Place service requests on PAM.