MEANING OF MARINE CARGO INSURANCE
According 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.
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