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What are the underwriting considerations for marine cargo insurance?
BNyagwaya
it will depend whether you are using a proposal form or not
but the intitive information are :
Name of the insured :
Type of cargo : details,
Packing: contanierized or not
annual turnover :
Maximum value per shipment ( sea, air, truck ).
name of the carrier:
Delivery terms :
Loss history for the past five years :
Further details might be required upon receiving
you can contact me at anytime
tamerhaddadin@gmail.com
trust the above is in order
Wiki User
∙ 10y ago
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What is Difference between marine cargo and Marine hull?
marine insurance
Difference between marine and non marine insurance?
Marine insurance covers the loss of ships, cargo, terminals, and the loss of cargo. Non-marine insurance does not cover any of these things and would include all other types of insurance.
Who is a likely candidate for marine insurance?
"Well Marine insurance covers the cost of cargo, terminals, and ships. Therefore, ship owners or those who transport cargo by different means are good candidates for marine insurance since Marine insurance would provide them with coverage for their goods."
Where can one purchase insurance for marine cargo?
Insurance for cargo being carried at sea can be obtained from various specialist insurance companies such as CG Cargo, Nacora, or Blackmer Insurance Agency.
What is the person behind the name of the Lloyds Insurance Company?
Lloyd's of London was a public house or "pub" where owners of ships or cargo met and paid to ensure that the ships and/or cargo reached their intended destinations despite weather conditions, pirates or war. This was how the first "marine" insurance came to be. All other insurance came to be known as "Inland Marine" insurance. Lloyd's was the first and therefore the most prestigeous..and still is.
What is a marine insurance policy?
It is a contract between insurer and insured where by the insurer undertakes to indemnified the insured in a manner and to the interest there by agreed against marine losses incident to marine adventure. According to section 2 (13) A of the insurance act 1938 defines Marine insurance as " the business of effecting contracts of insurance upon vessels (ship) of any description, including cargo's freights and other interests which may be legally insured in or in relation to such vessels, cargo's and freights, goods, wares, merchantiles and property of whatever description insured for any transits by land or water or both ".
About how much is cargo insurance?
how much is 1,000,000 cargo insurance per year per truck
What was Aviva by 2004?
seventh-largest insurance group in the world, offering commercial, marine cargo, health-care, and personal-insurance products and long-term savings and fund-management services to 25 million customers
How would one register a cargo carrier?
One would have to register a cargo carrier by purchasing insurance on your car which protects you if any accidents happen due to the cargo carrier and you would also need cargo insurance.
What insurance companies offer cargo insurance of 50000 or more?
Cargo insurance above 50k limit isn't uncommon and there are tons of insurance carriers who will write it. What might make it more difficult to find an insurance carrier for this would be if the cargo was high theft risk, high fire risk, etc. An insurance broker should very easily be able to help you buy cargo insurance. We have previously written cargo insurance up to 2M limits with no issues on high risk items, so it shouldn't be tough for you to line up 50k worth of coverage.
How do you calculate the insurance cost on for export of cargo?
how to calculate export insurance
What is marine insurance?
Marine insurance refers to a contract of indemnity. It is an assurance that the goods dispatched from the country of origin to the land of destination are insured. Marine insurance covers the loss/damage of ships, cargo, terminals, and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination. Marine insurance is required in many import-export trade proceedings. Admitting the terms, both parties are liable for the payment of goods under insurance. However, the subject matter of marine insurance goes beyond contractual obligations, and there are several valid arguments necessary for buying it before dispatching the export cargo. Marine insurance best transfers the liability of the goods from the parties and intermediaries involved to the insurance company. The legal liability of the intermediaries handling the goods is limited to begin with. The exporter, instead of bearing the sole responsibility of the goods, can buy an insurance policy and get maritime insurance coverage for the exported goods against any possible loss or damage. The carrier of the goods, be it the airline or the shipping company, may bear the cost of damages and losses to the goods while on board. However, the compensation agreed upon is mostly on a ‘per package’ or ‘per consignment’ basis. The coverage so provided may not be sufficient to cover the cost of the goods shipped. Therefore, exporters prefer to ship their products after getting it insured the same with an insurance company.
