Firstly, transporting commodities from one country to another over seas and oceans poses the consequent risks such as dakoits or damage. So, there's a need to insure both the vessels and the cargo to keep the sense of safety to do business favourably.
Secondly, we have many ways to do this insurance, but each has its disadvantages. One way is to avoid the risks, it means you do not do anything and so, do not gain anything. The second one is to prevent the risks by using precaution and damage reducing methods, this way also cannot stop accidental risks. The third way, you insure yourself (risk assumption) by save an amount of money to compensate for the loss if it happens, but not everyone have enough money.
Another way is to get the insure by an organization specializing in insuring so that by doing many cases of same business, they have enough money to compensate for your property loss. This organization is a marine insurance company. By marine insurance, businessmen can do their business favorably but not have to worry about the risks.
Therefore, marine insurance is the main objective demand of people offshore.
impotance of marine insurance for international trade?
International trade is important because they provide a plate form for doing business at international level.
No. There is no commerce in Antarctica, so it is not involved in international trade.
Exploration and trade were important as they formed the basis of trade routes and international trade. This is what has resulted into globalization.
S. S. Huebner has written: 'Life insurance; a textbook' -- subject(s): Insurance, Life, Life Insurance 'Property and liability insurance' -- subject(s): Fire Insurance, Insurance, Fire, Insurance, Liability, Insurance, Marine, Insurance, Property, Liability Insurance, Marine Insurance, Property Insurance 'Report on legislative obstructions to the development of marine insurance in the United States' -- subject(s): Insurance, Marine, Marine Insurance 'The main feature of the present foreign trade of the United Kingdom' -- subject(s): Commercial policy, Statistics, Commerce 'Property insurance' -- subject(s): Accessible book, Fire Insurance, Insurance, Marine Insurance, Property Insurance
It is important as international trade improves or sustains relations between nations and "international trade accounts for a good part of a country's gross domestic product. It is also one of important sources of revenue for a developing country."
Answer this question...why is international trade important for south africa?
The reduction of trade barriers.
The reduction of trade barriers
Ports are important to international trade because they enable large ships to carry large amounts of cargo across large expanses of Ocean to trade with foreign countries.
In an international trade, the seller and the buyer are situated far apart and it is necessary to use mechanism to transport the goods through air, water or rail or use all the three. These transportation have inherent risk of loss in the transit. Hence it is necessary that insurance is obtained to cover the loss in transit due to natural perils.
International banks play a very important role in international trade. Banks make the transfer of money possible between international trading partners.
Because Pakistan can never do the needful.
for sa to extract gold
Trade was important to Ghana in the means that trading across the world gave Ghana strong international relations in the developmental projects.
There a variety of insurance companies that offer motor trade insurance. Such insurance companies include Allstate, Statefarm, and Motor-Trade-Insurance.
Trade insurance is common known as credit insurance. These types of policies are purchased by private businesses who wish to insure their assets and accounts receivable from extended credit risks such as default, insolvency, bankruptcy, and the like. Private insurance agencies and export credit agencies offer these policies, which are a subtype of property and casualty insurance. Political risk insurance also falls into this category and insures businesses against non-payment by foreign buyers due to currency problems, political unrest and other unforeseen international situations. Trade insurance also helps cover longer term trade financing.
Globalization is important in very many ways especially for purpose of trade and commerce. This opens up the market scope and countries can engage in international trade.
even i don't understand anything about this question :/
The FX currency exchange is essential to international trade. It allows for the conversion of currency, USD to Yen to Euro to GBP, you name it, they convert it.
1 International trade in illegal drugs @ $ 400 Billion (source: UN stats) 2 International arms trade @ $ 390 Billion 3 International energy (oil & gas) @ $ nnn? Insurance industry is in fact the world's largest.
English is the International Trade Language.