Why is Marine Cargo insurance so important?
Your cargo can be damaged on exposure to a wide variety of risks, including an accident of the vehicle carrying the cargo, failure of the stevedores in the port area, and damage to the container that can be washed overboard. Importers and exporters are exposed to countless financial risks when they don’t insure their international shipments. Trying to recover losses from carriers is difficult and time consuming. The best way to protect their financial interest is with Marine insurance coverage. Marine insurance relieves them of their financial exposure from physical loss or damage to their goods while in transit, since carriers have limited liability. The Carrier pays for loss only when the Carrier causes damage. Again, the Carrier is only required to pay a limited amount per package and not for the full value of the cargo. This is another reason for insuring your cargo. Who can buy a Marine Insurance policy? The contract of sale would determine who buys the policy. The most common con
