MEANING OF MARINE CARGO INSURANCE


MEANING OF MARINE CARGO INSURANCE


MEANING OF MARINE CARGO INSURANCEAccording to Marine Insurance Act, cargo insurance is an insurance cover for marine goods, air cargo and post parcels. The purpose of cargo insurance is to protect goods against physical loss or damage, during transit.

All export consignments should preferably be insured even if the terms of contract do not provide for it. Exporter should insure the goods sent on consignment.

Contract of Indemnity

Cargo insurance is a contract of indemnity whereby the insurance company (Insurer) undertakes to indemnify the owner (Insured) of a ship or goods, against risks that are incidental to Marine insurance (Section 3 of the Marine Insurance Act, 1963). The underwriter insures the goods against loss and damages caused by perils specified in the contract for a stipulated consideration, known as 'Premium'.

 

 

Import General Manifest (IGM)

Importance of Bill of Lading

Introduction to this web site.

Is Airway bill a documents of title?

Is Customs House Agents (CHA ) required to be appointed mandatory? 

 

Is DP terms of payment safe in export business?

Is Letter of Credit LC safe for an Importer?

Is ON BOARD CERTIFICATE required for LC negotiation 

 

Is Received for shipment Bill of Lading sufficient for LC negotiation?

Is Risk Management System (RMS) simplify import? What is RMS in import.

Is sales tax applicable on shipments effected under high sea sales

Is Seaway bill a document of title? What is Seaway bill

 

 

Registration procedures and formalities to obtain GSTIN

How many digits in GSTIN under Goods and Service Tax registration

Would multiple registration be allowed under Goods and Service Tax (GSTIN)?


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