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.
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:
Wide Risk Coverage
Legal Requirements Cover
Reduced Exposure to Financial Loss
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.
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.
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.
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