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Is marine insurance mandatory for a person for a cargo booked on ship from one port to another by any law?
Wiki User
∙ 14y ago
HI, For a person, whenever he travels in a bus, train, ship or airplane, insurance is mandatory and is always included in the fare. Whereas for cargo it is optional. Taking insurance for the cargo consigned is at the option of the Consignor. There is no law imposing insurance on the goods consigned. In the International Trade, sometimes the importers insist on not having insurance included in the quotations. As per international commercial terms also there is a clear differentiation between shipment with insurance(Cost, Insurance and Freight) and without Insurance(Cost and Freight). The shipping company is held responsible, for any sort of damage caused to the cargo because of negligence by the shipping company though there is no insurance involved. The shipping company is bound to pay the penalty. In case the damage is due to natural calamities or circumstances beyond the capacity of the shipping company, in the absence of insurance, the consignor cannot hold the shipping company liable.
Wiki User
∙ 14y ago
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